Conshohocken Office Building Will Proceed After Bankruptcy Settlement
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With bankruptcy in its rearview mirror, Seven Tower Bridge can now proceed with development.
Seven Tower Bridge Associates, a limited partnership formed by Oliver Tyrone Pulver to develop the eponymous building, entered into bankruptcy in March to avoid foreclosure by its lender, R&J Holding Co. But Oliver Tyrone Pulver, R&J Holding and the Redevelopment Authority of Montgomery County have reached a settlement, the Philadelphia Business Journal reports.
The development has been in the planning phase since 2010, with the current 250K SF proposal containing 10 floors of office sitting on top of a four-story parking garage at 110 Washington St., just off Conshohocken's well-known bridge that crosses the Schuylkill River, separating its downtown from the interchange of Interstate 476 and I-76.
Oliver Tyrone Pulver manages the rest of the Tower Bridge cluster of office buildings that have been built in the past couple of decades and can proceed with the last building it has announced as part of the project — but it won't be alone.
As perhaps the most desirable Philadelphia suburb for office development, Conshohocken was selected by AmerisourceBergen as the site of its new headquarters. Its build-to-suit tower will anchor Keystone Property Group's SORA West development just next to the Conshohocken regional rail station.
Seven Tower Bridge Associates entered bankruptcy to stave off foreclosure from R&J Holding, but the terms of the settlement state that if the developer defaults again, R&J can seize the property without another hearing.