Fox Rothschild Assists Metropolitan Development Group in Purchase and Resale of Mermaid Lake PropertyAugust 7, 2020 – Press Releases
Fox Rothschild Real Estate attorneys Robert Gundlach and Kimberly Freimuth assisted Metropolitan Development Group in the $8.2 million sale of the Mermaid Lake Property to Whitpain Township just 14 months after Metropolitan closed on its purchase of the same property from the prior owners for $3.2 million.
The sale, which closed on August 7, 2020, marks Metropolitan's successful exit from a plan to develop the 63.5-acre property.
Fox was initially retained to assist in Metropolitan in its plan to purchase the property and obtain all required permits and approvals to develop through its related home building company, Foxlane Homes.
The agreement of sale for the initial purchase was contingent upon Metropolitan’s obtaining all required permits and approvals for the development of the property. Fox later assisted Metropolitan with a renegotiation of the terms to change it from a “fully contingent” transaction to an “as-is” transaction with a 30-day closing.
Fox then assisted Metropolitan with zoning and land use applications for a “by-right” development of 56 single-family homes. In response, the neighbors who surround the Mermaid Lake Property came out in full force to Whitpain Township meetings to oppose the development of the property. Notwithstanding the fact that the pending plans were designed in strict compliance with the terms of the Zoning Ordinance, the township passed a resolution to condemn the property after several contentious municipal meetings.
Fox then represented Metropolitan in the negotiation of an agreement of sale with the township, in lieu of condemnation, whereby the township agreed to purchase the property from Metropolitan.
If Fox Rothschild can be of assistance with any of your real estate projects, please contact Rob Gundlach at 215.918.3636, [email protected] or Kimberly A. Freimuth at 215.918.3627, [email protected].