The property is the former site of Bensalem Youth DevelopmentCenter, which was closed by the state's department of welfare in2000. Under the terms of the agreement, Realen, which plans tobuild homes on the parcel, will devote 30 acres to public openspace. The Department of General Services negotiated thetransaction for the Commonwealth. The proceeds go into the state'sgeneral fund.

Donald T. Cunningham, general services secretary, says hisdepartment was determined "to get the best business deal for thetaxpayers of Pennsylvania while still moving unneeded property intothe hands of the private sector to generate economic growth. Thepeople of Bucks County benefit from new jobs and new dollars on thetax rolls," he notes, while the state gains funding for education,health care and other services.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.