14
Rethinking Institutional Properties
Embracing Our Past and Investing in Our Future
The Royersford Borough Hall occupies the
former Royersford Trust Company building.
Real Estate Market
Recent residential conversions in Montgomery
County have targeted the growing real estate
market of downsizing empty-nesters and
Millennials who want to live in established,
walkable neighborhoods that are close to transit
and have access to shopping and restaurants.
Demographic forecasting indicates this is more
than just a short-term fad and that the demand
for redevelopment will continue to grow.
Special Financing
There are many federal, state, and local
incentives that encourage the preservation
and reuse of existing or historic structures
such as Tax Increment Financing, Community
Development Block Grants, and Façade
Improvement Grants. Local conservation
groups can purchase easements to ensure
preservation of certain elements, which can
provide an infusion of funds to the developer.
Property Tax Revenue
The conversion of a tax-exempt institutional
property into private property puts it back on
the tax rolls. Many of the established boroughs
in our county, such as Jenkintown, Narberth,
Royersford, and Ambler, have experienced an
economic boost in part due to the preservation
and adaptation of older, historic buildings and
institutions. Both municipalities and school
districts see the benefit from the increase in
revenues from redevelopment.
