>>> Prior Experience
» Former Eastern State Hospital located at the intersection of Route 1 and the PA Turnpike in Trevose, Pennsylvania
» Office, Retail, Restaurants, Services and Hotel
» Major tenants include: Strayer University, Wal-Mart, Lowe's, Wachovia, Wendy's, Red Robin, Cracker Barrel, and Starbucks
Best Real Estate Deals 2004
Philadelphia Business Journal, Oct. 2004
PROJECT: Horizon Corporate Center
ADDRESS: 3600 Horizon Blvd, Trevose
DESCRIPTION: Redevelopment of the former site of the Eastern State Hospital, a 101-acre brownfield, which is being converted into a corporate office park with a retail component. Phase I is complete.
SIZE OF SPACE: 128,000 square feet
VALUE OF DEAL: $3.9 million
TENANTS: International SOS, Strayer University, Sanford Brown Institute, Full Spectrum, Newark-InOne, Wachovia Bank
LANDLORD: Hampton Bucks County Associates L.P., an affiliate of O'Neill Properties, King of Prussia
LANDLORD'S BROKER: Patrick Kelly, Binswanger/CBB, Philadelphia
LANDLORD'S LAW FIRM: Pepper Hamilton LLP, Philadelphia
DEVELOPER: O'Neill Properties, King of Prussia
ARCHITECT: Thomas E. Hall & Associates
GENERAL CONTRACTOR: A&E Construction Inc., Upper Darby
COMPLETED: July 2003
HIGHLIGHTS: O'Neill Properties acquired the 46-building brownfield site in 1997. The next year, the developer worked with state and local officials to clean up the site. “It had antiquated infrastructure, contamination and was not zoned properly,” said Len Poncia, development principal at O'Neill. The approval process was finished in 2002 and the actual construction then got under way. A new building on the exact site of the old hospital, was completed in July 2003. O'Neill continues to demolish buildings and improve the infrastructure.
SIGNIFICANCE OF THE DEAL: The derelict complex was “obviously not a tax-generating entity,” Poncia said. The new office park will create jobs and generate revenue, as well as serve the community with a retail component that includes restaurants. In addition, the new building sits at a high point that can be seen from miles around. “It sits at the gateway to Bucks County,” Poncia said. “As a lifelong resident, I was happy to see us take this eyesore and create this beautiful office.” He emphasized cleaning up the environment and giving back to the community. “This project itself speaks to the very mission of what O'Neill is all about,” Poncia said.
GETTING THE DEAL DONE: “A project like this is an enormous undertaking,” Poncia said. “There is no way we could do these kinds of projects without this public-private partnership.” According to Poncia, integral officials were Joseph DiGirolamo, the mayor of Bensalem; Bucks County Commissioners Michael Fitzpatrick, Charles Martin and Sandra Miller; State Sen. Tommy Tomlinson; State Rep. Gene DiGirolamo; past governors Tom Ridge and Mark Schweiker; and Gov. Ed Rendell. Poncia also praised the Pennsylvania Department of Transportation. “We all worked together to make this dream of revitalizing what is the gateway to Bucks County a reality.”