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Old Posted Jul 10, 2018, 11:48 PM
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Urbannizer Urbannizer is offline
Join Date: Jan 2009
Location: SXSW
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*March 26th, 2018

Seven Tower Bridge Associates, a limited partnership that was formed to develop a new office tower in Conshohocken called Seven Tower Bridge, has voluntarily filed for Chapter 11 bankruptcy protection.

The filing in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania stems from a lawsuit filed April 2017 in which R&J Holding Co. of Trappe initiated a mortgage in foreclosure proceeding against Seven Tower Bridge Associates in the Montgomery County Court of Common Pleas. The land subject to the mortgage is 110 Washington St. in Conshohocken, which is where Seven Tower Bridge Associates plans to develop the office building. There had been a March 23 court hearing for arguments in Montgomery County on a motion for judgment on the case and Seven Tower Bridge Associates filed for bankruptcy on March 22, putting an automatic stay on that litigation.

R&J Holding said in court documents it lent the Seven Tower Bridge Associates $8 million in a first mortgage in February 2010 that was ultimately scheduled to mature March 1, 2017. On March 3, 2017, R&J Holding sent a notice of default and demanded payment within seven days. “Pursuant to the terms of the note and the mortgage agreement, the note and the mortgage have been in default since March 1, 2017. To date, Seven Tower has failed to cure the default,” court documents filed by R&J Holding said.

Donald Pulver of Oliver Tyrone Pulver Corp. (OTPC) is in charge of Seven Tower Bridge Associates and has had plans since 2010 to build a 14-story, 250,000-square-foot structure on 2.3 acres at 110 Washington St. The project would have 10 stories of office space atop a four-story parking garage.

Conshohocken redevelopment

OTPC has been one of the dominant developers in Conshohocken and West Conshohocken having built two Marriott hotels and eight office buildings as part of its Tower Bridge office campus totaling 1.3 million square feet. The development of Seven Tower Bridge would have completed the vision for that campus and though the building has yet to be realized, it hasn’t been for lack of trying. Over the last eight years, Seven Tower Bridge Associates has invested $22.6 million in site work, designing the building and garage, legal fees, permits and other expenses, according to the bankruptcy filing. All of that was in preparation of landing a tenant for the building and kickstarting its construction. Those leasing efforts have been unsuccessful.
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