Turnpike, as well as competitive rents. He would consider acquiring more properties if there’s an opportunity. Aside from the flooding incidents, the manager said the FWOP needs better leadership to successfully carry it from industrial park to corporate center. There also needs to be more amenities for employees. He has little concern over flooding, as his tenant has not expressed particular concern. He said 1005 Virginia Drive has always been leased despite the flooding since he acquired the property as manager/broker. He thinks there should be an effort to remove all of the signs falsely advertising space availability. Often the space is not available, according to the manager, and it just adds to the perception that the FWOP is mostly vacant and undesirable. Since the tenant at 1005 Virginia Drive appears content, he has no interest in relocating.
1240/1250 Virginia Drive Property Description:
Ownership: Liberty Property Trust
Contact: Tony Nichols (manager)
Parcel Size: 4.2 acres
Building Size: 45,252 square feet
Current Use: Office, light industrial
Current Tenants: Jaguar Printing, Bassman Laserow & Co., Vantage Point Bank
Assessed Value: $2,616,600
1240/1250 Virginia Drive is a multi-tenant building located at the intersection of Virginia Drive and Office Center Drive, opposite the PA Turnpike slip ramp. The property was thought to be severely flood-prone, but will be in the 100-year floodplain upon completion of the dams and less of a major flood threat. The building is owned and managed by Liberty Property Trust. Liberty Property Trust owns several other properties in the FWOP, which they have completely rebuilt or are in the process of rebuilding (usually involving raising the level of the property with fill out of the floodplain). Therefore, they have a keen interest in (and confidence in) the success of the FWOP. The manager said location is the biggest advantage of the FWOP. Like some of the other major landowners in the Office Park, he feels that the flooding issue is a little overblown and feels the Temple study is somewhat subjective. He says some of his tenants want specific floors out of the way of any potential flooding, but mostly because of the press and perception. None of his tenants has not renewed their leases because of flooding. The property manager says that Liberty Property Trust is interested in the concept of higher density mixed-use development in the FWOP and they believe there needs to be a balance between development and amenities. He says the Township is making a good effort to improve the Office Park, but perception still hurts the FWOP as a premier office location. Because of Liberty’s commitment to the FWOP and the favorable location of 1240/1250 Virginia Drive, they plan to tear down the building and completely redevelop it at its existing location. The building is being vacated slowly as leases expire; they are not renewing any long-term leases for the property. Liberty incorporates green building practices into their development projects, and says this property will be LEED-Certified once the redevelopment is complete because discriminating tenants are increasingly demanding green office space.
While there are four potential scenarios regarding the 18 highly flood-prone properties in the FWOP, the Township should focus its resources first on the properties that are most likely to lead to results, starting with the two vacant parcels – 514 Pennsylvania Avenue and 522 Pennsylvania Avenue – and/or the two
Technical Memorandum #1UDT: Characteristics of Flood-Prone Parcels