Norristown Calls For Development Proposals On Downtown Property

King of Prussia PA

03 December, 2020

1:24 PM

Description

NORRISTOWN, PA — Norristown and Montgomery County officials are on the hunt for a qualified developer to give purpose to 10 contiguous tracts of undeveloped land in downtown Norristown. The county's redevelopment authority last month issued a request for proposal (RFP) calling on real estate developers to "acquire, design, finance, construct, manage, and market" the infill site composed of approximately 4,000 square feet. In the RFP, the redevelopment authority said the property was held for years by a speculative owner "whose actions impeded development or acquisition." It was only recently acquired by the county. Now, officials hope to create a transit-oriented development to give the property meaning and add value to Norristown's Town Center zoning district. Municipal Administrator Crandall Jones told radio station WHYY the initiative aims to "create some additional density in the town to help diversify our tax base," Jones said. According to the RFP, the property is located in a census tract that is eligible for new market tax credits. Further, it has been designated a federal opportunity zone. "We also want to create and stimulate more commercial activity in our downtown," he added. Would-be developers have until Dec. 14 to submit questions to the redevelopment authority. All proposals must be submitted by Feb. 15.