[Source: Bucks County Herald;]
In Newtown Township, community members have voiced significant opposition to the proposed sale of a 17.5-acre property to the developer DeLuca.
The property is located on Lower Silverlake Rd and is being offered for sale by the Newtown Sewer Authority, which had to abandon plans to build a sewer treatment plan on the site due to opposition by local residents.
The builder intends to construct townhomes on the site, a move that would require a zoning variance for the land previously designated for a wastewater plant. Residents at a local board meeting cited concerns regarding increased traffic, lack of transparency, and the potential waste of public funds already spent on the site.
The potential $11.5 million transaction remains in its preliminary stages, pending official municipal oversight and further public debate.
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In order to make DeLuca's plan profitable, the developers need to recoup the $11.5 million sale price plus closing costs plus building and promotion costs. I estimate that each townhome would cost at least $2 million, making it the most expensive development in Newtown. This, of course would be a windfall for the township, which benefits from the property taxes and Earned Income tax of the residents of the townhomes.