MRA Group to Re-Develop Former Historic Inn and Restaurant in Horsham into Medical Office Building

PLYMOUTH MEETING, September 15, 2009 - MRA Group (MRA) announced plans to renovate the former Homestead Inn and Restaurant site in Horsham, PA into a multi-tenant medical office facility.

The Plymouth Meeting-based real estate firm, specializing in the development and management of healthcare-related assets throughout the Philadelphia region, purchased the facility in July 2009, and began immediate renovations on the existing building.

Located at 3 Village Road, off Welsh Road (Route 63) in Horsham, the original portion of the 16,000 square foot building dates back to 1737, with expansions in the latter 1700's and mid-1800's . Originally the farmhouse for the Walsh Farm, it evolved into the centerpiece Homestead Inn and Avelon Grill Restaurant in the mid 1980's with the development of the Horsham Business Center. The restaurant closed its doors closed in 2001.

"The Homestead Inn has served the Horsham community in various capacities since 1737. Proposals to demolish this incrediable fieldstone structure were unacceptable. With vision and planning we will restore this amazing structure and save it for future generations, said Lawrence J. Stuardi, MRA Group president. "Unfortunately, the building was vacant and vandalized for the past eight years. MRA will recycle this underused facility and place it back into the community as a medical building; reaching out to doctors in nearby Abington and Doylestown Hospitals to bring vital services closer to the region."

Anchoring the Homestead Professional Building will be Highland Urological Group (formerly Suburban Urological Group), associated with Doylestown and Abington Hospitals.

As part of the redevelopment, MRA will modernize the building's electrical system, install energy-efficient HVAC and lighting systems, update the space into sunny, spacious suites, improve the exterior façade, and professional landscape the grounds, especially around the onsite pond.

Said Stuardi, "Although we are making significant improvements to the site, MRA is committed to maintaining Homestead's historical integrity by keeping original building features, like the wood floors, millwork, fixtures and other hardware; unique touches which have helped make it such a treasure in the area for decades."

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