After a year of study, regional developer Derek Dilks has
decided not to pursue plans to develop the former Citizens Bank building on
York's Continental Square.
The Harrisburg-based developer and his company, York
Redevelopment Associates LLC, made the announcement Thursday regarding the 1 N.
George St. redevelopment project.
“We’ve invested a significant amount of time and capital
in due diligence and have come to the conclusion that it is best to step
aside,” Dilks said in a news release.
“It is time for another developer to make a run at this
project, and I hope that someone steps forward that can make it happen,” Dilks
added.
York’s Redevelopment Authority owns the building, and the
RDA had set a Sept. 16, 2016, deadline for Dilks' York Redevelopment Associates
to sign a purchase agreement.
But Dilks and his firm “determined that the terms and
time frame associated with the project are not feasible for the company’s
vision for the property, given current conditions,” the news release said.
Dilks also said his company may consider developing at
the site again if the conditions become right, and that he sees York's downtown district as "a thriving hub for
redevelopment. We are looking forward to continuing to invest in
downtown York."
His current York City projects include: renovation of the
22-unit Pullman Apartments and retail space on North George Street; townhouse
renovations and other work at a site along the 300 block of South George
Street; and renovation of three buildings on the 100 block of South Beaver
Street. He’s also working on an “adaptive reuse” redevelopment at 751 S. George
St.
York City officials, meanwhile, are “confident that
another developer will step in to help turn 1 N. George to a landmark in the
heart of the city,” city Redevelopment Authority Chairman David Cross said.
Source: Central
Penn Business Journal
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