As AroundAmbler.com reported on February 26th, SEPTA awarded a contract to Korman Communities, Inc. and Benchmark Real Estate, LLC for the long-term ground lease of the parking lot at Ambler Station along the Lansdale/Doylestown Regional Rail Line.

According to SEPTA, the Korman/Benchmark will pay SEPTA $402,500 per year with annual increases of 3% for a total contract value estimated to be $236 million over a term of 99 years.

SEPTA’s Transit Oriented Communities (TOC) Program pursues joint development opportunities to “secure better returns on its real estate assets,” through revenue from ground leases and, according to SEPTA, new ridership revenue projected to grow to $10 million annually within the next decade.

“SEPTA is committed to strict fiscal discipline and finding innovative ways to generate new revenue streams beyond the farebox,” said SEPTA General Manager Scott A. Sauer. “Building housing and commercial space near our stations will boost ridership and bring economic activity to the communities that SEPTA serves.”

According to SEPTA, it worked with Ambler Borough since 2023 to develop a request for proposals that aligned with “the borough’s vision for the 3.4-acre parking lot located at 35 West Butler Pike.”

In SEPTA’s press release it states, “The Korman and Benchmark proposal closely reflects the development goals set forth by SEPTA and the community. It includes ground floor commercial; high quality open space and stormwater management; commuter and development parking; and multi-family housing with an affordable component.”

Korman/Benchmark will be responsible for all aspects of financing, zoning, permitting, design, construction, and maintenance of the project, and redevelopment of the parking lot is subject to SEPTA’s approval.

The apartment community is expected to have up to 170 units.

More to come.

Image – Rendering of the mixed use building from Korman/Benchmark via SEPTA