WEST GOSHEN >> A development project to construct 598 homes at the 433-acre Jerrehian property is shovel ready.
The township has approved the project, Woodlands at Greystone, at the former Sharpless Estate, with the potential developer still seeking an OK from supervisors to establish a Neighborhood Improvement District.
The property stretches from Phoenixville Pike on the southeast, the Route 322 Bypass to the south, near Pottstown Pike on the northwest and Greenhill Road to the north.
Through the NID, future homeowners would foot the bill for 30 years to pay off a bond issue financing almost $21 million of infrastructure improvements.
Lou Colagreco Jr., of law firm, Riley, Riper, Hollin and Colagreco, said that only individual residents of the community would be charged with an assessment still to be determined. Colagreco said that the NID would allow construction of public improvements, within a year to 18-month time frame, rather than the usual seven years for such a project.
Infrastructure construction might begin before the end of the year, Colagreco said.
The total acreage of the township’s public parkland would more than double. One hundred eighty-four acres of open space would be created. One hundred sixty-three acres would be dedicated to the township.
As part of the NID proposal, the township would receive $1 million for future upkeep and maintenance of the park.
A homeowner’s association would maintain 21 acres.
A connector road is planned to cross the property and link Pottstown Pike to Phoenixville Pike.
“The road is a long desired improvement,” Colagreco said, “The township has always wanted that connector.”
The original zoning called for a “standard cookie-cutter” single family home subdivision with no open space, no connector road and no public park, Colagreco said.
“I give West Goshen Township and the Jerrehian Family a lot of credit for having the foresight,” Colagreco said. “They came up with this development which creates the connector road that the township could not afford.
“The family has been working with West Goshen Township for 10 to 12 years on various projects.”
Colagreco noted that the “beauty of the project” is that it will serve as open space for passive recreation, with no playing fields.
“It’s more for hikers walking through the wilderness,” Colagreco said about more than six miles of proposed trails and restoration of two lakes.
Plans call for developer Reiser Land Development to build roads, sewer and stormwater infrastructure, and perform park improvements.
The developer will then sell individual parcels to builders. One, or possibly several, builders would construct homes.
Builders would individually adjust the square footage and price of homes depending on the market.
Four hundred forty-single family detached homes, 110 single family semi-detached townhomes and 48 single family attached townhomes are planned for the property.
Included is an age restricted, over 55 community, of 261 single family detached homes.
Township Supervisor Ray Halverson asked Colagreco at the September board meeting whether the township could be held financially responsible if the economy falters and the project sputters out midway through.
Colagreco said “No.” Under the NID program, bond holders would be left with any financial ramifications.
“It sounds pretty ingenious to me,” Halverson said about the NID.
Supervisor Chris Pielli said establishing a NID seems like a “win-win situation.”
Greystone Manor will continue to operate on its own 35 acre lot.
“It is not part of the sale of property,” Colagreco said. “The manor is a popular venue for various social functions and events including wedding receptions and the family intends to continue its operation as such for the foreseeable future.”