PHOENIXVILLE - Property slated for the townhome development at French Creek Center transferred to the builder at a Thursday property settlement.
Builder S&S purchased the 15.77-acre tract on Vanderslice Street at the former steel site on Thursday from seller Phoenix Property Group-Pa. General Partnership (PPG) and plans to build 152 luxury townhomes.
The Townhomes of French Creek, L.L.C., a company also known as S & S Development Co., Inc., paid PPG $2,736,000 for the property.
The cost to the developer was $173,493.97 per acre or $18,000 per proposed townhome.
Builder Sam Dixon, of buyer S&S, said that the settlement went "very well."
"We plan to get started right away and start marketing in a couple of weeks," said Dixon.
Borough Council President Jim Lolli called the news "fantastic."
"This good news shows that more progress is being made on development of the steel site," said Lolli.
Prudential, Fox & Roach Marketing Specialist Scott McArdle brought the two principles together.
"With the transfer of the property, it's proof positive that we're moving forward," said McArdle. "We're moving forward to break ground and as soon as the weather permits we'll get started."
Dixon noted a price jump for the proposed townhomes to $179,900. As late as last summer Dixon had set a price of $159,900 per home.
PPG representative John MacPhee said that the proposed cost increase of the townhomes "clearly shows the value of Phoenixville and the value of French Creek Center."
"We are making serious progress exactly per the course of action outlined by The Delta Organization, a partner of PPG," said MacPhee.
"We at PPG are demonstrating that this project is coming to reality. We are progressing along this path with a public and private partnership. Along with the borough, we're going to make this happen one piece at a time."
With the S & S sale on Thursday, PPG has sold two major portions of the 123- acre former steel site. Another site at Wheatland Street was sold by PPG to Pennrose Properties and construction is underway for a 70- bed senior center.
PPG also plans to break ground for a 33,000-square-foot office building at French Creek Center sometime this spring, and plans to add retail space, 1.5 million square feet of office space and a train station for the proposed Metro rail line.