Lower Merion Township Commissioners vote in favor of entering into negotiations with Dranoff Properties for the Ardmore Transit Center and Business District Revitalization Project.
Ardmore Stakeholders: Two new documents have been posted this afternoon to the Ardmore Transit Center area of the Township’s web site. One is a PowerPoint Presentation from BET Investments; the other is a PowerPoint presentation from Dranoff Properties. You can find these presentations by going to “Topical Issues” on the Township website – www.lowermerion.org.
EBL & S Withdraws from Negotiations for Ardmore Transit Center and Business District Revitalization: The EBL & S development team, which had been chosen in January by the Board of Commissioners to enter into negotiations with the Township for the Ardmore Transit Center and Business District Revitalization Project, has withdrawn from the negotiation process. The recent downturn in the credit markets was cited by EBL&S as the reason to discontinue talks with the Township.
"It is with great disappointment that we have learned about EBL&S' decision," stated Bruce D. Reed, Board President. "Our Board was impressed with the bold vision presented by Edward Lipkin and his team; however, the Township's goals for Ardmore's revitalization remain the same and will continue to move forward."
The suspension of negotiations with EBL&S will be discussed at a special meeting of the Township's Economic Revitalization Committee on March 5th. The Township's plans to create a process that ensures continued public process and momentum for Ardmore's revitalization will be outlined at that time.
"From a business standpoint, our decision was a difficult one to make," remarked Edward Lipkin, EBL&S President. "Perhaps more difficult was to withdraw from a project so important to me personally. I couldn't have been more satisfied with the Township's negotiating team and the Township's approach as a whole to this process. I have the highest regard for the elected officials, Township staff, and citizens involved with the Ardmore process during these recent weeks. I encourage the other development teams to take advantage of this turn of events and reaffirm their interest in helping Ardmore realize its potential."
The Township's goals for the Ardmore Transit Center and Business District Revitalization are posted on www.lowermerion.org. Also posted are proposals by all development teams that responded to the Township's Request for Proposals (RFP) as well as the teams' responses to a list of questions posed by citizens and elected officials.
With the EBL&S announcement, the remaining three development teams that submitted comprehensive proposals for the Ardmore Transit Center and Business District Revitalization are:
- BET Investments
- Dranoff Properties
- Strategic Realty Investments
A fourth, Mariner Commercial Properties, responded to the RFP by submitting a single-site proposal for the Cricket Avenue lot in Ardmore.
"When the Township chose to enter into negotiations with EBL&S, we also noted the quality of submissions by the other development teams," remarked Commissioner Elizabeth Rogan, Chair of the Economic Revitalization Committee. "Though the withdrawal of the EBL&S team is unfortunate, our Committee will review the comprehensive proposals of the other excellent teams to ensure that the best decisions for Ardmore's future are made." |
