He confirms that Franklin Mint is putting together adjacent parcels, which could aggregate as much as 150 acres, for a potential agreement of sale. The property fronts W. Baltimore Pike in Delaware County and contains several office, light manufacturing and distribution facilities. Preliminary discussions regarding redevelopment of the now-vacant property include a combination of residential, office, retail and entertainment facilities.
"We first have to reach a settlement agreement, and zoning changes would be needed," McKeown says. Regarding any timing for the start of negotiations, he says, "it could be within days, weeks or months."
Local entrepreneur Joseph Segel founded Franklin Mint as the National Commemorative Society in 1964 to make and sell commemorative coins. It later expanded to encompass thousands of products in the rising "collectibles" market, which earned him billing as "the king of kitsch," before selling the company in 1980.
In February 2004, the current management abruptly ceased operations, closing down the buildings, which included Franklin Mint museum. Rising competition, especially from eBay, was blamed for the change of fortune, and Franklin Mint began selling only over the Internet.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.