A soccer stadium, minor league ballpark, and community center were pitched by different developers for 68-acres at the Norristown State Hospital.
These details, released to Montco 30% as part of a right-to-know records request with the Montgomery County Redevelopment Authority, also show that the winning bidder is willing to pay $4.7 million for the property. According to Aliyah Furman Stanger, executive director of the RDA, negotiations on the final purchase price are ongoing. The sizable budget infusion for the municipality of Norristown will be outlined later this year during budget hearings.
In late December, Norristown Council selected PRDC’s Preserve at Stony Creek – which would include a restaurant, 26,000-square-foot grocery store, daycare center, and housing. Lots of housing – just nothing below market-rate. In total, 717 units, including 288 apartments and over 400 owner-occupied townhomes are planned.
Below is a recap of four of the five proposals. The fifth proposal was withheld by the unknown firm. We are exploring options under Pennsylvania's Open Records law.
1.)
Company: DP Partners (in collaboration with FC Delco)
Headquarters: Malvern, Chester County
Idea: “Stony Creek Sports Complex” – A soccer stadium for FC Delco, along with a youth soccer venture and community access.
Investment: $50 million (offer not listed)
2.)
Company: General Sports Baseball Holdings LLC
Headquarters: Rocester, Michigan
Idea: 4,000-seat Minor league baseball stadium for two new teams in the United Shore Professional Baseball League (four to six team expansion), along with 1,050 to 1,400 market-rate apartments along Stanbridge Street.
Investment: $10 million + (offer not clear)
3.)
Company: Urban Atlantic, in partnership with RAR Capital and Genco Development Partners
Headquarters: Maryland
Idea: 70,000 square-foot Community Recreation Center; 17 acres of open space; 1,200 units of market-rate multi-family housing (apartments, plus townhomes – both for rent and ownership); creation of an “Elmwood Park District”
Investment: $400 million
4.)
Company: PRDC (Preserve at Stony Creek) * above
Headquarters: Philadelphia
Offer: $4.7 million
How We Got Here
Beginning around 2016, discussions between state, local, and county officials began concerning the largely shuttered Norristown State Hospital grounds. Pennsylvania gave the 68 acres of land to the Montgomery County Redevelopment Authority for free. The RDA, which still holds the land on behalf of Norristown, oversaw an open bidding process that was shrouded in mystery for months. Last December, Council announced their selection from a list of five finalists who pitched their visions for mixed use development in a largely residential part of the municipality.
The commonwealth of Pennsylvania also spent up to $30 million for the demolition of buildings and site remediation. This included the demolition of the county’s only homeless shelter for single adults (CHOC), which closed two years ago after the municipality of Norristown decided it would not renew the lease and pursue redevelopment for tax “ratables.”
At Montco 30%, we strongly believe there should have been a generous set aside for affordable, below-market housing because the land was essentially a gift from taxpayers and we are in the midst of a housing crisis.
Public hearings related to land development approvals are anticipated in the coming months.
Comments