U S Steel redevelopment in Bucks County to begin this spring buckscountycouriertimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from buckscountycouriertimes.com Daily Mail and Mail on Sunday newspapers.
A massive redevelopment project in Falls moved forward as officials approved plans from NorthPoint Development for a 1-million-square-foot warehouse at a former U.S. Steel property.
Supervisors unanimously granted preliminary and final land development plan approval that will kick off what will ultimately be to 15 million square-feet of development on the 1,800-acre site bringing potentially 5,000 to 10,000 new jobs to Bucks County.
NorthPoint plans to carry out the multiple phase warehouse project with 20 or more state-of-the-art industrial warehouse buildings for various Fortune 500 companies.
Possible tenants include GM, Amazon, Chewy, Walmart, UPS, FedEx and more.
Supervisors approved a master plan for the site in December, but the new Keystone Trade Center project is spread across multiple plots requiring NorthPoint return to the township for individual plan approvals.
Developer finalizes $160M purchase of U.S. Steel site in Falls
Closing on its reported $160 million purchase of more than 1,800 acres of the U.S. Steel site in Falls puts NorthPoint Development a step closer to its planned $1.5 billion transformation of the property.
Northpoint plans to build 10 million square feet, and possibly more, of state-of-the-art warehousing on the property in phases over the next several years. Possible tenants include Amazon, Walmart, Chewy and others.
Officials from the developer could not be reached for comment, but Falls supervisors Chairman Jeff Dence said he s looking forward to watching the redevelopment take shape now that the purchase went to settlement.
A proposed $1.5 billion redevelopment of the U.S. Steel property in Falls got another boost recently when the township supervisors, Pennsbury School Board and Bucks County Commissioners all approved the creation of a Keystone Opportunity Investment Zone for more than 1,800 acres of the site.
If affirmed by the Pennsylvania Department of Community and Economic Development, the KOIZ designation will exempt the land from all property taxes normally paid to the three governmental bodies for a 15-year-period starting Jan. 1 and ending Dec. 31, 2035.
However, NorthPointe Development, which is purchasing the site, has signed on to a payment in lieu of taxes agreement that will require it to pay the equivalent of 110% of the property taxes on the land as currently assessed, before any improvements, Falls officials said. They had no estimate on the amount of the payments.