The commercial real estate known as the Stockham Building in Morrisville, Pennsylvania, has been sold by the previous owner, Stockham Interests LLC to Morrisville Redevelopment LLC. Specific development plans for the four floor structure have not yet been revealed.
The masonry structure is widely regarded as a historic building, as it was built in 1927. It is located across from the Robert Morris Plaza on the southeast corner of Pennsylvania Avenue at its intersection with Bridge Street. The county Redevelopment Authority had been investigating the possibility of purchasing the property when the sale was announced. The building was reportedly encumbered with a debt estimated at over $1 million.
The specifics of the purchase price were not contained in published accounts of the sale. It was thought that a substantial amount of taxes were owed on the property. The developer who purchased it must pay back all owed taxes. The developer did indicate that at least the first floor would be devoted to various commercial tenants, while there have been some preliminary plans drawn up for the construction of as many as 15 residential apartments on the upper floors of the building. All of that must wait for approval, however, as well as the obtaining of financing.
Putting together such projects requires good legal advice and experience to guide a developer through the maze of zoning, regulatory, licensing, and financing requirements. Anyone contemplating a similar project would be wise to involve an experienced commercial real estate attorney at the earliest possible stage of the process.
The prior owner of the property, Stockham Interests LLC filed for bankruptcy protection in 2010 under Chapter 112, listing $2.08 million then owed to creditors, including $74,440 for 2008 and 2009 back property taxes. The filing of the bankruptcy held off a planned sheriff’s sale of the building.
PhillyBurbs.com, “Stockham Building still a big question in Morrisville” Gema Maria Duarte, Aug. 12, 2013