BOROUGH COUNCIL CONSIDERS BIDS FOR THE INTERIOR PORTION OF THE BROAD THEATER PROPERTY

Written by Laura Office on . Posted in Front Page, News

Souderton Borough Council received two formal bid proposals to purchase the interior parcel of the former Broad Theater properties. The Broad Theater was located within the corner parcel, which is not part of this sale. Broad Entertainment, LP purchased the Broad Theater and the adjoining parcel known as 30 W. Broad Street for the purpose of renovating the theater with an adjoining full service restaurant and lounge. Renovations began around 2008 but structural challenges and resulting financial difficulties stalled the project for the past several years. The building interiors on both parcels have been completely gutted and significant structural improvements completed. The Borough of Souderton took possession of the Broad Theater properties through Sheriff Sale on April 26, 2017 due to default on an economic development loan.

Front view along West Broad Street

 

On September 18, 2017, Borough Council received two qualified bid proposals to purchase the interior section of the property. Both proposals suggest commercial use of the property, but their approach and proposed design is distinctly different.

  1. Davood Sowhangar, owner of Broad Street Pizza, submitted the highest purchase price proposal at $250,000. They propose to relocate the Broad Street Pizza restaurant into the first floor space of the property with a second commercial rental unit on the first floor. Office suites are proposed on the second floor with a third floor residential rental unit. Click here to view Davood’s Proposal.
  2. Barbara Smith-Johnson, t/a 30 West Partnership, LLC submitted a purchase price proposal of $200,000. They are proposing to create a vibrant public market place throughout all three floors of the building. The market concept will feature a mix of retail, restaurant and gathering spaces on the first and second floors with a roof top garden and restaurant space on the third floor. Click here to view Barbara’s t/a 30 West Partnership’s Proposal.

The bid documents state that Borough Council will base their final award, not only on price, but also in consideration of the proposed concept plans and ability of the bidder to carry out the intended project. Borough Council met with both bidders at the September 18 Administrative Work Session and will be considering a final award at their November 6, 2017 Borough Council meeting. The bid proposals are above in this article for your review.

Borough Council will be looking to advertise the Theater section of this property following this decision.