A 35-acre development site in Bensalem is slated for sheriff’s sale after its owner filed for bankruptcy. The property at 2201 Street Road, formerly the Armstrong Middle School, has been eyed for a large-scale, mixed-use project. It was purchased from the Bensalem Township School District in 2020 for $6.3 million by 2201 Street Rd LLC — a company controlled by Jignesh “Jay” Pandya, who is also the owner of national restaurant chain Boston Market. 2201 Street Rd LLC filed for Chapter 11 bankruptcy protection on June 13. Bensalem Township Council approved a land development plan for the site in November 2021 that included more than 150,000 square feet of space to be built across 11 buildings. Called The Hub at Bensalem, the plans included 40 residential units, a grocery store, an office building, a bank, a convenience store, and restaurant and retail space. The property is scheduled for sheriff’s sale on Aug. 9. 2201 Street Rd LLC estimated the value of the parcel at $20 million in its bankruptcy filing. Executive director of the Bensalem Economic Development Corporation Bob Norkus said if the mixed-use project can't be revived, he believes a large sports facility could fit well at the site.
Source: Philadelphia Business Journal; 6/30/2024