Bristol Borough Council on Monday night approved an amended land development deal for the Island View Crossing land development project.
The project, which started in early 2000’s borough officials said to build 96 homes along the riverside on Radcliffe Street had been tied up in bankruptcy court and other legal issues.
Borough Solicitor William Salerno explained the need for the new land development approval.
“So as most people know the developer filed for bankruptcy. The trustee is operating the project and he got it moving. if you go over there all the townhouse buildings are up, though they are not completed. I think over 50 percent of the units have been sold, And many more under agreement.
Salerno said the trustee is very close to finishing that portion of the development with street lights installed along the entire path and is now working along the embankment.
The trustee, he said, never intended to do the whole project, his job was to find other developers to finish the project but has purchased the condo side, to build 96 condos. In order to do that, we have to reallocate the escrow, and make sure all of the escrows will cover all of the public improvements.
Borough engineers have been at the site for the last four weeks, Salerno said, working on new deal in order to proceed.
“We want to make sure everything between the new owner and trustee is going to be covered. In the next couple weeks we will be negotiating new agreements and amended agreements…because the buyer is interested in going to settlement very quickly,” hoping to break ground late this summer.
The original developer for the project, filed for Chapter 11 bankruptcy protection from its creditors in July of 2017, according to court documents.
Developers Renato J. Gualtieri and affiliated firms Americorp Homes Inc., Island View Crossing II LP and Island View Properties Inc., of Newtown Borough, purchased the Island View Crossing development in 2011 and planned 73 townhomes and 96 condominiums for the 17.5-acre site along the Bristol Borough riverfront on Radcliffe Street, according to a report from the Bucks County Courier
The developer was also tied up in a Philadelphia Court of Common Pleas case also, according to Courier report.
This is really good news, he said, after 16 years the project will now be completed.
Approving an amended land development deal is the first step in the process, Salerno said.
Any changes from the original plans, officials said, would have to be approved by the Council.
Council approved the resolution unanimously.
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