Suburbia Shopping Center
Thursday, July 2, 2009 at 4:53PM Suburbia Shopping Center, North Coventry Township, PA
CLIENT: Harleysville National Bank and Trust Co.
OWNER: Gambone Brothers Development Company
BIA's Construction Services Department provides construction observation for banks and other financial institutions to secure their interests in large construction loans.
For Harleysville National Bank and Trust Company (First Niagara) BIA performed a construction document and cost review and offered an opinion on a proposed construction budget of a large-scale project--Suburbia Shopping Center--under consideration by the bank's commercial loan department. BIA's review included the developer's cost breakdown and loan budget as well as a review of local and state permits, approvals, and agreements.
The 161,000-SF neighborhood shopping center owned by the Gambone Brothers Development
Company was developed on the site of an older, existing center, which was demolished to make way for the new "L" shaped center.
Anchored by a 62,000 SF Clemens Market, it has 79,000-square feet of additional retail space and four pad sites to be used for offices, a bank, or restaurants.
During the construction phase, BIA staff made site visits to observe the general conformance of construction. Bank officials reviewed BIA's reports prior to authorizing the release of construction payments.