Stockham Building
The Stockham Building in Morrisville. Its former owner, Stockham Interests LLC, has sold the historic property to Morrisville Redevelopment LLC, which hasn't made its development plan clear. Bucks County Courier Times file photo.
Posted: Friday, August 9, 2013 4:15 pm | Updated: 9:08 pm, Fri Aug 9, 2013.
Posted:
Posted on August 9, 2013
The future of the Stockham Building remains uncertain.
The former owner — Stockham Interests LLC — has sold the historic property to Morrisville Redevelopment LLC, which hasn't yet made its development plan clear to Morrisville officials, said Robert Seward, assistant borough manager.The Stockham Building, a four-story masonry structure built in 1927, is at the southeast corner of Pennsylvania Avenue and Bridge Street, across Pennsylvania Avenue from the Robert Morris Plaza.
The Bucks County Redevelopment Authority is also waiting for development plans.
Bob White, the authority’s executive director, said the county agency was lining up its ducks to purchase the building when Morrisville Redevelopment LLC bought it -- to everyone’s surprise, since the building carried a debt of more than $1 million.
“I’m not upset that they beat us to it,” White said. “What I’m annoyed about is that nothing is being done with the building. We don’t know what they are planning or their timeline; if there’s anything even in the planning.”
In a June letter to the borough, Morrisville Redevelopment’s lawyer, Steven Tarshis, explained that the new owner is taking steps toward a development plan, but first, needs to deal with back taxes and other issues.
“As you are aware, there are significant real estate taxes outstanding on the properties and in an effort to compromise that obligation, we had been in contact with the Bucks County Tax Authority for the purpose of attempting to reverse the denial of a recent tax appeal prosecuted by the title holder of the property,” reads the letter. “Unfortunately, we were told that the tax authority did not have the authority to reverse the earlier denial and we were directed to discuss the matter with the Bucks County Commissioners, who declined to hear the matter.”
Tarshis’ letter to the borough stated that since all past due taxes must be paid in full, and the county has upheld the assessed value of the property, Morrisville Redevelopment LLC is preparing to move forward with its development plan.
“We are in the final stages of closing a loan with Fulton Bank of New Jersey,” read the June 25 letter to the borough. “The proceeds of the loan will be utilized to acquire title to (the Stockham Building) from Stockham Interests LLC rather than allow the property to fall into foreclosure.
“Subsequently to the closing of title on 3 E. Bridge Street, we will proceed with the planned Sheriff’s sale of 10 S. Pennsylvania Avenue,” the Tarshis letter continued. “Should the liens on the property not be satisfied at the sale, we will obtain the deed from the Sheriff.”
At that point, the letter said, the owner will drill test ports in the building's roof to ensure the building is structurally sound. If so, the sidewalk can be reopened, Tarshis said. It has been closed because of concerns about the soundness of the building.
Then, Morrisville Redevelopment LLC will start work on the first floor for its pending commercial clients, the letter said. Preliminary architectural plans have been completed for 15 residential units on the upper three floors as negotiated by the borough in its settlement with Stockham Interests LLC, according to the letter.
“We are currently seeking a residential developer to either joint-venture or sell the residential portion of the property,” the attorney stated in the letter.
The newspaper was unsuccessful in reaching Tarshis for comment this week.
Seward said the borough's next step is for borough officials to meet with Morrisville Redevelopment representatives and White. The authority director said if the new owner is serious about rehabilitating or redeveloping, the county redevelopment authority would be happy to help.
“That’s what we are here for,” he said. “But we can only help those who want our help.”
Stockham Interests LLC, of Trenton, filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in New Jersey on March 11, 2010 the day before a scheduled sheriff's sale of the property. That sale was postponed due to the bankruptcy filing.
The company had $3.26 million in assets (the Stockham Building), according to the bankruptcy court filings. Of the company’s $2.08 million in liabilities to creditors, $74,440 was owed in county, school and municipal back taxes for 2008 and 2009, according to the Bucks County Tax Claim Bureau.
Nineteen months before the filing, Stockham Interests filed a lawsuit in U.S. District Court in Philadelphia, claiming that Morrisville’s ordinances prohibit First Amendment-protected expression. The company wanted to use that freedom of expression to bring a strip club to the Stockham Building.
The strip club proposal was killed in May 2008, when the borough's zoning board denied the company variances to operate such a business.
The Bucks County Redevelopment Authority is also waiting for development plans.
Bob White, the authority’s executive director, said the county agency was lining up its ducks to purchase the building when Morrisville Redevelopment LLC bought it -- to everyone’s surprise, since the building carried a debt of more than $1 million.
“I’m not upset that they beat us to it,” White said. “What I’m annoyed about is that nothing is being done with the building. We don’t know what they are planning or their timeline; if there’s anything even in the planning.”
In a June letter to the borough, Morrisville Redevelopment’s lawyer, Steven Tarshis, explained that the new owner is taking steps toward a development plan, but first, needs to deal with back taxes and other issues.
“As you are aware, there are significant real estate taxes outstanding on the properties and in an effort to compromise that obligation, we had been in contact with the Bucks County Tax Authority for the purpose of attempting to reverse the denial of a recent tax appeal prosecuted by the title holder of the property,” reads the letter. “Unfortunately, we were told that the tax authority did not have the authority to reverse the earlier denial and we were directed to discuss the matter with the Bucks County Commissioners, who declined to hear the matter.”
Tarshis’ letter to the borough stated that since all past due taxes must be paid in full, and the county has upheld the assessed value of the property, Morrisville Redevelopment LLC is preparing to move forward with its development plan.
“We are in the final stages of closing a loan with Fulton Bank of New Jersey,” read the June 25 letter to the borough. “The proceeds of the loan will be utilized to acquire title to (the Stockham Building) from Stockham Interests LLC rather than allow the property to fall into foreclosure.
“Subsequently to the closing of title on 3 E. Bridge Street, we will proceed with the planned Sheriff’s sale of 10 S. Pennsylvania Avenue,” the Tarshis letter continued. “Should the liens on the property not be satisfied at the sale, we will obtain the deed from the Sheriff.”
At that point, the letter said, the owner will drill test ports in the building's roof to ensure the building is structurally sound. If so, the sidewalk can be reopened, Tarshis said. It has been closed because of concerns about the soundness of the building.
Then, Morrisville Redevelopment LLC will start work on the first floor for its pending commercial clients, the letter said. Preliminary architectural plans have been completed for 15 residential units on the upper three floors as negotiated by the borough in its settlement with Stockham Interests LLC, according to the letter.
“We are currently seeking a residential developer to either joint-venture or sell the residential portion of the property,” the attorney stated in the letter.
The newspaper was unsuccessful in reaching Tarshis for comment this week.
Seward said the borough's next step is for borough officials to meet with Morrisville Redevelopment representatives and White. The authority director said if the new owner is serious about rehabilitating or redeveloping, the county redevelopment authority would be happy to help.
“That’s what we are here for,” he said. “But we can only help those who want our help.”
Stockham Interests LLC, of Trenton, filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in New Jersey on March 11, 2010 the day before a scheduled sheriff's sale of the property. That sale was postponed due to the bankruptcy filing.
The company had $3.26 million in assets (the Stockham Building), according to the bankruptcy court filings. Of the company’s $2.08 million in liabilities to creditors, $74,440 was owed in county, school and municipal back taxes for 2008 and 2009, according to the Bucks County Tax Claim Bureau.
Nineteen months before the filing, Stockham Interests filed a lawsuit in U.S. District Court in Philadelphia, claiming that Morrisville’s ordinances prohibit First Amendment-protected expression. The company wanted to use that freedom of expression to bring a strip club to the Stockham Building.
The strip club proposal was killed in May 2008, when the borough's zoning board denied the company variances to operate such a business.
34 comments:
"a four-story masonry structure built in 1927"
I guess the "Stockham Building 1911" cornerstone inscription wasn't enough of a clue.
Ron Burgundy: Discovered by the Germans in 1904, they named it San Diego, which of course in German means a whale's vagina.
Veronica Corningstone: No, there's no way that's correct.
Ron Burgundy: I'm sorry, I was trying to impress you. I don't know what it means. I'll be honest, I don't think anyone knows what it means anymore. Scholars maintain that the translation was lost hundreds of years ago.
Veronica Corningstone: Doesn't it mean Saint Diego?
Ron Burgundy: No. No.
Veronica Corningstone: No, that's - that's what it means. Really.
Ron Burgundy: Agree to disagree.
Something's got to change soon, or "demolition by neglect" is its fate.
Something's got to change soon, or "demolition by neglect" is its fate.
You can say that again.
Who are we kidding? We're watching the entire boro of Morrisville undergoing "demolition by neglect".
Who are we kidding? We're watching the entire boro of Morrisville undergoing "demolition by neglect".
and the embarrassment for the citizens of this borough continues...
"We're watching the entire boro of Morrisville undergoing "demolition by neglect".
If you believe this then you surely must be disgusted by the 3 now 4 obstructionist on council and our veto crazy mayor.
I sure am.
why does the mayor veto everything?
Because she can? Big fish in a little pond syndrome? Always feels unless it's her or a loyal buddy's idea that somebody's trying to put one over on her due to the fact she's not the sharpest knife in the drawer and she has a defensive chip on her shoulder? To deny success to her enemies is a benefit to her and her cronies? Just thinking out loud.
She and her cronies are able to manufacture scandal and dirt out of whole cloth and make any idea sound sleazy, illegal, and tainted, as such, she believes her own B.S., so as a self-proclaimed agent of goodness, she must veto the evil?
She's a great person and an altruistic humanitarian who always pays her taxes on time and is merely looking out for the best interests of her one true love, the citizens of Morrisville?
She's not having the Labor Day Picnic this year because of financial reasons while she's suing everyone for $100,000.
What if she is right?
Should we be asking more questions?
In this instance the redevelopment authority purchased a building that was over a million dollars in debt, with no plan.
Does that make any sense?
What if she is right about what? Who is she, Ledger? I don't see any references to Ledger in this article about the Stockham Building.
You say:
"In this instance the redevelopment authority purchased a building that was over a million dollars in debt, with no plan."
The article says:
"The Bucks County Redevelopment Authority is also waiting for development plans. Bob White, the authority’s executive director, said the county agency was lining up its ducks to purchase the building when Morrisville Redevelopment LLC bought it -- to everyone’s surprise, since the building carried a debt of more than $1 million."
According to the article, the redevelopment authority didn't purchase the building. "Lining up its ducks to purchase" is not the same as purchase.
Who's right and who's wrong? I'm trying to remain objective, but it's very hard with so many unverifiable and/or inaccurate statements flying around.
I remember when the redevelopment authority wanted to put HUD housing in the upper floors of the Stockham Building.
The redevelopment authority also owns the cloverleaf property. Their idea of what was good for our town was six floor apartment type buildings. That was over five years ago and the property has been sitting ever since. Don't get me wrong, I'm thankful that project never came to be. I just don't think their participation in Morrisville has been positive.
" I'm trying to remain objective, but it's very hard with so many unverifiable and/or inaccurate statements flying around."
I agree. Separating the fact from the fiction can be an interesting task.
I believe the article said that the Bucks County Redevelopment Authority was preparing to purchase the property when the Morrisville Redevelopment Authority purchased it
Morrisville Redevelopment LLC
Yes, it's just a name. It doesn't mean the owners have any affiliation with Morrisville. The last owners had a similar name. I think it may have been Stockam LLC. I can't remember. Seems like it's a common practice.
Duh, sorry, it says right in the article that the prior owners were Stockham Interest LLC.
The Redevelopment Authority is County. County is Repub. controlled. Has been for many yrs. RA is therefore R controlled. When R's control M'ville, they try to push projects thru, which nearly happened with HUD in Stockham and Cloverleaf Towers. When the projects aren't very appealing, they have a hard time passing no matter who's driving the bus. When D's control M'ville, things undoubtedly get less cozy. I'm not praising this, it's toxic politics all around. I wish people could work together without massive layers of cynicism & mistrust. Don't bet on it; the track record is terrible.
"When the projects aren't very appealing, they have a hard time passing no matter who's driving the bus."
Agreed, but the Old Guard of Morrisville finds very few (if any) development projects appealing unless it's for Summerseat. Remember how they even dumped on upgrades at the Library? There is no pleasing them unless it's their idea executed by them.
Right now they are dumping on upgrades to the entire town - FOR FREE! Council only has 5 votes for this project. I'm guessing the mayor is going to veto the vote and council needs 6 votes to over ride her, which they don't have. If you would like to see this project move forward in spite of the obstructionists, think about speaking at the next meeting. It will be on 8/19 at 7:30pm, upstairs at borough hall. In the moment, it may sway the mayor into doing the right thing. (yes I know this is a long shot) This is going to be one of the biggest missed opportunities Morrisville has ever seen.
Conversely, they make bad things sound great. E.g. Ron Stout.
Wonder where the people from the upper floor apartments will be parking. The municipal parking lot behind that building is supposed to have no overnight parking.
Sound like the same thing the RDA wanted to do a couple of years ago.
OMG better end it now, insurmountable obstacle, how do towns that bustle and thrive do it, they should get out of the town business.
We should be so lucky as to have people living in that building, cars and all. So called Downtown is about as close to clinically dead as you can get.
I really feel that Morrisville has the lion's share of apartments, low income housing and group homes. I am not against any of these things. I know they are necessary and helpful. However, it seems as though Morrisville already has more than surrounding areas.
Not every idea is a good idea. Morrisville should never decide on something just because its something different or new.
Instead of making it up as we go along, why not wait to see what the plan is.
While not every idea is a good one, we have a penchant for not using critical thinking in evaluating them.
We tend to go by emotional appeals, outright lies, blatant misunderstandings, fear, and mistrust.
Not to mention that we have some council people and a mayor that votes no to every good idea that comes our way.
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