Golden Triangle Redevelopment Moving Forward
The Watchcase building is a treasured landmark in Riverside Township and the Township has made the redevelopment of the Watchcase building a top priority. The Watchcase redevelopment is a priority because the Township feels once this project begins, this will spur further redevelopment and economic growth within the Township. However, unfortunately, economic conditions combined with a legal dispute between the owner of the building and the designated redeveloper have delayed the Watchcase redevelopment. This legal dispute progressed to the point where the property owner and redeveloper were unable to complete the sale of the Watchcase building.
In an effort to salvage this project, the Township proposed a solution whereby the Township would act as an intermediary. Under this proposal, the Township would purchase the building from the owner and simultaneously sell the building to the redeveloper. This solution is entirely risk-free to the Township as this arrangement is solely contingent upon the redeveloper depositing the full purchase price with the Township. Quite simply, if the redeveloper fails to deposit the purchase price, the Township cannot purchase the building. This solution is also free from any potential liability to the Township, as under redevelopment law, the Township remains free from liability when purchasing property solely for the purposes of advancing redevelopment.
It took a lot of “outside the box” thinking, but through this unique and risk-free arrangement, the Township was able to salvage the redevelopment of the Watchcase building and now looks forward to the start of this project and others which will follow.