<body><div><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=3JlCgZ_1GuqPtiy00" alt="https://img.particlenews.com/image.php?url=3JlCgZ_1GuqPtiy00" width="1047" height="630" >Federal program could make long-discussed apartment building ‘a viable project’LANSDALE — A tactic could be coming to Lansdale to spur downtown redevelopment and revive one of the most controversial projects of the 2010s.The town’s Economic Development Committee gave an update this week toward designating a Qualified Opportunity Zone.“This is a program that was extended under the ‘One Big Beautiful Bill,’ and helps designate a census tract for some incentives,” said EDC chairman Mike Yetter.Over the past year the EDC has begun working with David Cohen, the town’s newly-hired Main Street Manager, to building relationships with local businesses, working toward formal Main Street designation from the nonprofit PA Downtown Center, and explore a Business Improvement District where an annual fee could be assessed and funds put toward joint beautification efforts or other projects to focus on that area of town.An application for state grant funds that could help create that BID district has been submitted, Yetter told council on Nov. 4, and a decision could come in early 2027 on whether funds have been awarded, while the committee has turned its focus to another tactic: the Federal Qualified Opportunity Zone designation for part of the town.“This federal program creates a significant redevelopment incentive, by sheltering investors from capital gains (taxes), by providing for federal capital gains tax deferrals, capital gains tax reductions, and federal capital gains eliminations,” Yetter said.Since talks on the program by the EDC in mid-October, Yetter added, borough officials have contacted state and county lawmakers to enlist their support, and have applied to the federal Department of the Treasury for the designation for the town’s census tract 2009-02, roughly the northeast quarter of town between Fifth and Line Streets — “Just draw a big rectangle on the east side of Main Street,” Yetter said.“This should be a significant incentive to bringing investors into that census tract for property redevelopment efforts,” he said. Cohen added that the designation is scheduled to take effect on Jan. 1, 2027 and would last for a ten-year period, and was among those confirmed by the Treasury Department on Thursday.Councilman BJ Breish thanked Cohen and Yetter for their work on pursuing both the Main Street and Opportunity Zone designations, and councilman Andrew Carroll asked if that new zone could mean a fresh look at a long-discussed project.“I know the previously proposed project at Third and Walnut was, to my understanding, more or less fully approved. How long does that approval last? Is there a drop dead date on that?” Carroll said.Starting in late 2015 developer Ross Ziegler put forward plans for a six-story apartment building with roughly 200 units to be built on the block surrounding the corner of Third and Walnut streets. Plans for a smaller building secured conditional use approval in late 2017, before the developer added two more properties next to the first, and in early 2019 presented an expanded version with 204 apartment units, energy-efficient fixtures and utilities, and an automated parking system below the building. The expanded building was vetted throughout 2020, received approvals from council that October, and secured time extensions in 2021 citing delays caused by the pandemic and costs for building materials, with the last update from staff in 2024 that the developer was working on an update to that plan.Public Works Director Jason Van Dame said the answer to whether those approvals still hold may be a complex one.“It’s my understanding that land development approval generally has a five-year window. However, I’ve been advised that, due to a number of factors, it would be challenging to go back on that approval,” he said.“So, the developer would have a legal argument to pursue his development, even post- that five-year mark, given complications such as Covid and other escalating cost factors outside of his control,” Van Dame said.Carroll then clarified: “Perhaps this could create a mechanism where that might become a viable project?” and Van Dame said he agreed.As for the ‘Main Street’ designation, the main street manager has contacted dozens of local business owners and residents and developed a list of nearly 60 initiatives they’ve suggested be tried, and will narrow that list “down to a very manageable number” for EDC and council to consider, Yetter said.“The designation brings access to grant dollars that can assist with investments that we make in our Main Street program,” he said, and a formal resolution to proceed with that designation could be before council in December or January for formal approval: “It is a rolling application process, so there is no specific deadline.”Other discussion topics by that committee in October included a mission and vision statement for the town, which are required for the ‘Main Street’ designation, and a proposed budget for that committee for 2027. The committee also saw a preview of an interactive map being developed by borough staff that could be used as part of the ‘Main Street’ application and will help market properties available for interested businesses.“It includes Main, Broad, our downtown business overlay, and it also extend beyond there if you want to look at other key facts: the demographic, property ownership, assessed value, and other things across the borough. A really nice asset that David has created for us to leverage and use,” Yetter said.Lansdale’s borough council next meets at 7 p.m. on Nov. 18 and the economic development committee next meets at 6:30 p.m. on Nov. 23, both at the borough municipal building, 1 Vine St. For more information, visit www.Lansdale.org.This article appears courtesy of a content share agreement between Fideri News Network and The Media News Group. To read more stories like this, visit https://www.thereporteronline.com/.</div></body>

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LANSDALE — A tactic could be coming to Lansdale to spur downtown redevelopment and revive one of the most controversial projects of the 2010s. The town’s Economic Development Committee gave an update this week toward designating a Qualified Opportunity Zone. “This is a program that was extended under...

Lansdale committee backs ‘opportunity zone’ designation

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LANSDALE — A tactic could be coming to Lansdale to spur downtown redevelopment and revive one of the most controversial projects of the 2010s. The town’s E

Lansdale committee backs ‘opportunity zone’ designation

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