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TAMIMENT, PA-A joint-venture partnership between the Wolfington Cos. and O'Neill Properties Group bought the Mountain Laurel Center for the Performing Arts for "just under $21 million," John Wolfington tells GlobeSt.com. The purchase adds 675 acres to the JV's $65-million acquisition of Tamiment Golf Resort in 2005 and literally sets the stage for its proposed 2,521-acre Highland Village mixed-use community. Tamiment, a long-time Pocono resort, closed in 2005.

Wolfington, president of the Conshohocken-based company that bears his name, says the partnership has negotiated a $1-per-year ground lease with Mountain Laurel Center for the 2,500-seat venue and the 41 acres on which it sits. The $35-million center has been struggling with financial difficulties. This deal, Wolfington says, saves the center, while creating a unique amenity for Highland Village.

Highland Village is master-planned for 5,850 residential units in a mix of single-family, townhouse and condominium facilities along with Main Street retail--including a supermarket--office space and a medical center. "We've obtained a $100-million loan for acquisition of the land and engineering," Wolfington says. "The entire cost will reach to several hundred million dollars."

"Calculations for the total amount of commercial space are not complete," Wolfington says. Del Webb, the active-adult housing division of the Bloomfield Hills, MI-based Pulte Homes, will join Wolfington Cos. and King of Prussia-based O'Neill in developing the residential portion of the project. Home prices will be in the mid-$200,000s to the mid-$500,000s, according to Wolfington, with the majority at the lower end of that spectrum. "They will be a mix of active-adult and market-rate units," he says, "with between 50% and 60% targeted to active adults. We think this location will appeal to aging baby boomers who want to be near family and friends in Philadelphia, New York and Northern New Jersey."

Instant Insights /

$21M Arts Center Buy Sets Stage for 2,521-Acre Highland Village

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