After years of planning, Landmark Developers has closed on the purchase of the iconic Elkins Estate in Cheltenham Township. Based in Jersey City, Landmark plans to spend between $20 and $25 million renovating the 42-acre campus that previously served as a retreat home for the Dominican Sisters of St. Catherine de Ricci.
The new owner’s plan calls for a hotel and event center with 110 hotel rooms, five guest cottages, an indoor and outdoor restaurant, wellness center and spa, and helipad. Landmark’s purchase of the project hinged on Tax Increment Financing, which was passed by the Cheltenham Township School Board in February. The TIF phases in real estate taxes for the property owner over a 20-year period. Previously owned by a non-profit, the property was exempt from property taxes prior to the latest sale.
“In addition to adding to the vibrancy of Cheltenham Township and its tax base, our investment into Elkins Estate will create 120 new jobs within the community,” said Scott Grogan, Chief Financial Officer of Landmark Developers. “This is a transformative project that the township will be proud to call their own.”
The Elkins Estate, built in 1898, was once the home of wealthy American businessman and inventor William Elkins, and was designed by the famed Gilded Age architect Horace Trumbauer. Landmark plans to honor the history of the estate by preserving six of the seven original buildings.
The sale of the Elkins Estate was brokered by Adam Gillespie, Ben Elderkin and Patrick Kelley of Avison Young. The team is also marketing for sale the former Temple Tyler School of Art, which is adjacent to the Elkins Estate.
“Landmark Developers’ investment in the site will be a catalyst for additional investment in Elkins Park,” said Gillespie, Principal at Avison Young. “Landmark has a storied history of restoring properties and breathing new life into neighborhoods.”
Landmark has redeveloped the Logan Inn and Hotel Du Village in New Hope along with additional hospitality sites in New York and New Jersey.
About Avison Young
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 124 offices in 20 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
About Landmark Developers
Landmark Developers is about innovation. We are revivalists. As developers, we transform unique or abandoned properties into vibrant residential, retail, office, or hospitality spaces. We envision spaces at their full potential, and our planning expertise and construction experience bring these structures to life. Landmark Developers builds iconic, ground-up developments that become centerpieces of neighborhoods. We strive to build upon the existing urban infrastructure of mixed-use, pedestrian-friendly communities with existing transportation options.
