Montgomery County and Norristown officials are looking for developer proposals for ten adjoining tracts of undeveloped land in downtown Norristown, writes Payton Potter for the Patch.
Last month Montgomery County Redevelopment Authority issued a request for proposal where it calls on real estate developers to “acquire, design, finance, construct, manage, and market” the infill site that is composed of around 4,000 square feet.
The redevelopment authority said in the request that the property was previously held by a speculative owner whose actions prevented the development or acquisition of the property. The land was only recently acquired by the county.
The officials are now hoping that a new development, preferably transit-oriented, would give meaning to the property and add value to Norristown’s Town Center zoning district as a whole.
According to Municipal Administrator Crandall Jones, the initiative aims to “create some additional density in the town to help diversify our tax base.”
“We also want to create and stimulate more commercial activity in our downtown,” added Jones.
The property also sits in a census tract eligible for new market tax credits and has been designated a federal opportunity zone.
Read more about the search for a developer at the Patch by clicking here.
