Perkasie Borough Council is expected to vote in June on a final land development plan for townhouses on the long-awaited redevelopment plan for the former Delbar Products Inc., property located at West Spruce and Fifth Street.
Vacant for about two decades, Delbar was an automotive lighting and mirrors manufacturing plant and a major employer in the downtown.
Two residential projects are planned for the site, developed by Cassidy Projects of Ivyland, doing the project as 601 Spruce Street Investment Partners, LLC.
Ed Moser is co-developer and partner with Stephen and Jim Cassidy of Cassidy Projects. Moser of The Moser Group in Chalfont said once land development was approved, the townhouse portion could be available for sale in 2019.
Estimated pricing starts at about $275,000 for a three-story house with three-bedrooms, two-bathrooms and a two car garage, he said.
A homeowners’ association would own and maintain the property surrounding each townhouse, Moser said.
Council reviewed a sketch plan for a larger apartment development plan on the site, being developed by the same group.
The former Delbar manufacturing building dates from the early 20th century and includes roughly 230,000 square feet.
This project includes 90 apartment rentals from studio to two- bedroom units. Moser said monthly rentals were estimated from $900 for studios to $1,800 for the largest units.
Cassidy specializes in repurposing commercial and industrial buildings into modern living spaces while honoring historical details and elements.
Other Cassidy projects include Hatboro Lofts located at 237 Jacksonville Road in the historic Stoveworks complex and Jacksonville Green at 301 Jacksonville Road, currently under construction.
Last year, council voted to grant a developer’s request for a Local Economic Revitalization Tax Assistance Act, or LERTA application.
Borough officials recently confirmed the application had been put on hold with Pennridge School Board and Bucks County. All three taxing bodies must approve a LERTA application for it to be valid and to trigger tax benefits.
LERTA is a state tax relief incentive program which helps offset developer’s costs by spreading out taxes on improvements. It aims to stimulate rehabilitation efforts for disadvantaged or blighted commercial or industrial properties.
Last year, Councilman Scott Bomboy said the Delbar site is on the National Register of Historic Places and therefore eligible for tax credits.
“This is our role model for historic tax credits,” Bomboy said at the meeting.
Once the site is remediated for Trichloroethylene (TCE) solvent contamination, it will be served by public water and sewer utilities.