Source: Philadelphia Business Journal Natalie Kostelni
A Florida developer who set his sights on King of Prussia, Pa., several years ago has bought another property along DeKalb Pike and has worked out plans for a new building on the site.
Hector Viñas of Hollywood, Fla., paid $4.1 million for 611 W. DeKalb Pike, a property that is just shy of an acre and had Gino’s Burgers & Chicken on it. The restaurant closed in June 2013 and the building that housed Gino’s was scheduled to be demolished Thursday. Viñas bought the site last month from Roland and Josephine Urbano, who had owned it since 1974, according to county property records.
Viñas has received approval to construct a two-story, 18,000-square-foot building that has a glass facade that will be fully occupied by Bassett Furniture.
“Bassett considered going to the mall but they wanted a billboard presence,” Viñas said in an interview. “There are those who want the foot traffic of the mall and others who want visibility.”
The mall has several stores that sells furniture including Pottery Barn, Restoration Hardware, Ethan Allen and Arhaus. Mitchell Gold + Bob Williams has also leased space in the mall and expected to open this fall. Crate and Barrel occupies a building on a parcel fronting the mall.
Viñas first came on the scene in King of Prussia around 2012 when he bought a closed Exxon at the corner of Route 202, which is also referred to as DeKalb Pike, and Allendale Road in King of Prussia, Pa., for $1.9 million. He developed a building that houses Chiptole and AT&T. He then moved south a tad on Route 202 and bought several properties that he ended up demolishing and constructed a building that now has Verizon as the tenant.
For a while he considered buying the Crown Plaza at 260 Mall Blvd., but he decided not to and an entity affiliated with Buccini Pollin Group bought it last November for $49.5 million.
The Florida developer, who represents national retailers who want to be in proximity to the mall but not enclosed in it, continues to scout out sites in the King of Prussia area.