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East King St Project - will it increase or decrease property values?

The East King Street Project - will it increase or decrease your property value? The jury is out.

As the East King Street building is going up, those living close to the project are left wondering if it will increase or decrease their property value.  If it does well, for some it will surely increase.  But for some residents on East Broad Street, it's not likely.

Homeowners on East Broad Street (across the tracks from the project) who thought we were going to look at a very large wall are now wondering why we are staring at a parking garage.  A TWO-STORY parking garage which will have lights on 24/7 and a public view of our backyards.  It's so close that the construction workers standing on the building appear to be standing on top of our yard.  What was communicated to us and many neighbors during a meeting with the engineers/landscape architect, that took place in the alley, was that we would be looking at a large wall and maybe part of the courtyard - with no resident's windows facing our homes.  There was no mention of the parking garage.  And there was no clarity that the "underground" parking was not at all underground from our view, but rather the first floor of what will be a five story stucture - not four.

Living in a twin on the train tracks is one thing, but living in a twin on the train tracks behind a parking garage will destroy our property value.  At least the old warehouse was private.  With four children we personally can't afford to move and take a loss on this house, we've put too much of our own sweat into it as well.   We want to stay, we love Malvern borough, but now we are stuck and even though we are excited for the entire town with this project, it seems to be horrible for some of the families on East Broad Street financially, personally, and privately in our now public backyards.

The lights, even down lit and/or on sensors, will be on 24 hours a day.  Would you want to live 180 feet from the Paoli Hospital Parking Garage?  The lights are a concern, but even more than the lights we are concerned about the public view of our yard.  While some may not think that the public (strangers) will peer out of a parking garage into our yard, I disagree.  If I parked my car and heard the loud and infectious laughter of children playing I would certainly glance in that direction as I closed my door next to the window. Our children, and the 17+ other children who are elementary school age and younger on our street, play outside in yards a lot and they play loudly.  If we had an open backyard to neighbors we could at least get to know those neighbors.  But we can't possibily get to know the thousands of patrons and 290 renters (yes, it's now 100% renters) who will use the parking garage behind our yard.  As our children and our neighbors children swing on our swings, or run in our sprinkler, or play t-ball in the yard - strangers can now glance at them or watch them or look into our children's bedrooms at night when our four-year-old forgets to close his blinds.

Just look at the photos and you will understand our concern.  It's close, very close.

Not to mention the traffic that will cut through on our "No thru traffic" street when Bridge St backs up.  Making the walk to Rubino Park's playground on a street with no sidewalks even more unsafe.

The home we bought in 2005 in this small town with a private backyard on a "No Thru Traffic" street will be anything but this in 2013.  We may have to take that loss after all or ask the builder to do something to help conceal the parking garage windows.  Either way, the value of our home and our neighbors homes are not going up any time soon.  

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B Kirker February 24, 2013 at 05:16 AM
I'm excited about it ...but what retail is going in there? Seems like the retail in malvern kinda struggles now a bit...and the building is a bit imposing . I've heard rumor that the 2 bedrooms are like 2300 a month..no granite and stainless in a 700 square ft apt is worth 2300. I moved to the Boro 7 years ago and was happy to move to Mayberry this project seems to big rant over
Kristin Thomas February 24, 2013 at 05:23 AM
The only confirmed business is Kimberton Whole Foods, which we are excited about.
Kristin Thomas March 20, 2013 at 06:12 PM
Check out the photo I just posted of "the city" as my kids call it.
Tom Fox May 31, 2013 at 11:53 AM
Looked at Trader Joe's web site. They list their upcoming locations. Malvern, PA is not one of them. Is that store out the window too?
Kristin Thomas May 31, 2013 at 12:19 PM
Kimberton Whole Foods is moving in. They will be at the far east end, not behind us. We are excited for this market of local whole foods. They are doing hard hat tours now. Check out the Eastside Flats facebook page. We are getting used to the view from our particular property in the summer - winter is still a bit shocking. Our neighbors really need trees. The construction workers had a great view of 4 boys slip and sliding yesterday.

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