The former Times Chronicle building at 425 Johnson Street in Jenkintown has been sold to an architecture firm as of Friday, July 9.

On July 7, Glenside Local reported that the property was on the market for $1,850,000 and had received entitlements to become an apartment building with 17 units.

Seller Jamie Weiner of the Jenkintown-based Delphi Property Group, LLC said the property will remain an office.

“Many developers wanted to do it over the course of the past year. I had agreements more than once,” Weiner said. “Because of the time it takes to get approvals, it became an unattractive project because of the financial markets. When you have to go through a lot of bureaucracy, projects like this become unfeasible.”

Weiner noted that the new buyer’s plans for the project will be more modest than the initial plans and will not include the construction of a third floor.

“When interest rates are 10 percent, the less costly project is more likely to occur. You won’t do the grandiose development when rates are so expensive,” Weiner, a Rydal resident, said. “They’re going to use it as is.”

We will be in touch as we learn more.

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Photo: Loopnet.com