Two teams were dropped from the short list, announced lastDecember. They are locally based Binswanger/CBB and RealenProperties, which is based in Berwyn, PA; and Malvern, PA-basedLiberty Property Trust and Nolen Cos., from King of Prussia,PA.

The site, which opened as a state mental hospital in 1907, hasbeen closed for the past 13 years. In July 2003, the statetransferred ownership to the Philadelphia Industrial DevelopmentCorp. for $850,000 on the provision that PIDC would develop amaster plan with the approval of the surrounding community. PIDCprepared a conceptual master plan that includes a mix oflow-density, market-rate housing; suburban office development, and25 acres of deed-restricted open space.

As a result, this January, the state completed the sale,transferring ownership to the Philadelphia Authority for IndustrialDevelopment (PAID), which is an agency managed by PIDC. PIDC willnow select a development team to prepare a detailed master planthat meets the community-approved criteria. There are approximately20 buildings on the property, which will have to be demolished atan estimated cost of $15 million. Demolition and trafficimprovements work is scheduled for later this year.