187 mixed used development is a "multi-year" plan and far from final approval
The first set of preliminary plans have been made public for a 187-acre mixed use project in nearby New Garden Township, Pa.
On Monday night, representatives from JP Morgan Chase and developers Wilkinson Homes unveiled the first sketches and provisions for White Clay Pointe.
Bill Romanelli, of Wilkinson Homes, said that the plans are the earliest version and subject to change throughout the process.
According to the proposed plans presented on Monday, Dec. 16., the details include:
87 active adult homes, detached, with a community clubhouse
64 non-age restricted townhouses
95 non-age restricted single family detached units
114 apartments on top retail/office space
65,000 square foot grocery store
55,000 square foot indoor/outdoor recreation center and area
84,000 square feet of mixed use retail/office/commercial space
There is also a spot along 41 for a “proposed Wawa,” as well as open space, walking trails, and a town center surrounded by retail and residential units.
The current plans also call for an additional two lights along Route 41 (Gap/-Newport Pike), which runs right into what is essentially downtown Hockessin.
The project is also expected to connect to the existing public sewer system.
Romanelli said that, like other aspects of the plan, the number of lights is subject to change.
“We’re basically at PennDOT’s beck and call, so we can’t really tell,” Romanelli said. “We’re asking for two lights along 41 – they may say more or less.”
Romanelli said that developing firm Wilkinson Homes working with the owner for entitlements and an interest in building the residential portion.
Romanelli added that this was the first public presentation of the plan and had no idea when the actual building process would start.
“This is our first meeting with preliminary sketch plans for what will be a multi-year project,” he said.
He added that the next steps are “digesting comments received and determining if or how they can be addressed.”
Public opinion is welcomed, and, he noted, could influence the plan.
The property was formerly owned by the Pennsylvania Real Estate Trust (PREIT) group, which proposed a similar mixed use retail/commercial/residential project.
The proposal met with much public consternation, and was met with several lawsuits before languishing in nonproduction.
Although multinational financial giant JPMorgan Chase acquired the property from PREIT last spring for roughly $11 million, the applicant listed for the project is M Capital Partners owner Navid Moshtaghi.
According to their website, M Capital Partners, Inc., is a “Los Angeles based real estate company founded by Navid Moshtaghi that acquires, operates, and redevelops properties throughout the western U.S on its own account and also provides specialized asset management and advisory services for some of the world’s largest financial institutions.”
A LinkedIn listing for Navid Moshtaghi shows that he was Executive Director for JPMorgan Chase & Co. from April 2007 to January 2014.