The Montgomery County Redevelopment Authority is seeking bids for three high-profile properties in the heart of Conshohocken, Pa.
The redevelopment authority issued a request for proposals from prospective developers to buy and redevelop:
• 402 Fayette St., a 65,000-square-foot building that sits on nearly two acres and used to be occupied by Verizon Communications. It also has 49 parking spaces. A local partnership bought the building for $7.5 million in early 2007. A few months later, the borough purchased the 54-year old property for more than $3 million.
There are some requirements under the RFP, most notably that any redevelopment would entail Conshohocken leasing 20,000 square feet for its borough offices and police department. It also requires the winning developer to “provide for a means” for the borough to get out of its current lease without any financial penalty.
The Times Herald reported that Keystone Property Group of Bala Cynwyd, Pa., and Brandywine Realty Trust of Radnor, Pa., submitted proposals to buy the Verizon building but the redevelopment authority declined to make them public.
• 15 West Hector St., which consists of vacant land and the historic Washington firehouse, which dates back to 1874. A proposal must include the adaptive, commercial re-use of the firehouse as well as restoring and renovating it. It must also include 300 parking spaces.
• A vacant parcel near Fayette and Elm streets that totals more than 15,000 square feet.
The borough expects to review any submissions next week and the redevelopment authority anticipates striking a development agreement by Aug. 14.
Source: Philadelphia Business Journal
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