Bellefonte borough, IDA seek to hire broker to market properties

The Bellefonte borough and Bellefonte Area Industrial Development Authority are looking to hire a commercial real estate broker or firm to market two properties.

The properties in question? The Bellefonte armory and the waterfront business district.

The IDA has been overseeing both properties, and it felt it needed assistance with marketing the armory, said Ralph Stewart, Bellefonte borough manager.

Stewart said the decision was made to also add in the waterfront property as a “safety net measure” even though there’s “healthy” activity on that property.

While it’s not a done deal, Stewart said there have been serious discussions with a developer who’s interested in the waterfront property.

“Our goal is to see economic development take place on these properties,” Stewart said.

The borough and IDA envision having as much of the armory go back on the tax rolls as possible, he said. They want something healthy for the community that draws people to the area.

An informational meeting will be held Feb. 16 for interested parties.

The broker would market the property — ideally to the mid-Atlantic region — and possibly do market analysis, Stewart said.

He said hiring a broker wouldn’t be an out-of-pocket expense; payment would be in a commission on the sale of the properties.

This story was originally published January 31, 2017 at 1:23 AM with the headline "Bellefonte borough, IDA seek to hire broker to market properties."