Tower Health Executes Agreement of Sale on Portion of its Broadcasting Road Property to Support Current and Future Community Needs
Tower Health announced today that it has executed an agreement of sale to a partnership consisting of The Goldenberg Group and TCH Realty & Development Co., LLC, for the sale of 80 acres of a 103-acre parcel owned by Tower Health on Broadcasting Road. The parcel, currently undeveloped, is bordered by Broadcasting Road, Paper Mill Road, and Route 222, and located in Spring Township, Berks County. Tower Health will retain ownership of 23 acres for future healthcare related services.
The parcel is located in a growing area of mixed residential, commercial, and institutional uses. "This portion of our service area is experiencing tremendous residential and business growth," said Clint Matthews, president and CEO of Tower Health. "We are excited about the economic and community benefit that will come as this property is developed."
The transaction is expected to be finalized after due diligence by the developer and necessary Township approvals. Development plans and timetables have not been determined but are expected to include a mixture of big-box retailers as well as high-end retail shops and restaurants. Tower Health anticipates that the 23 acres it retains could be developed to improve access to a variety of outpatient and ambulatory services.
"As this area has grown, we are seeing increasing demand for convenient access to outpatient healthcare," Mr. Matthews said. "Development of this location will allow Tower Health to better serve the community, and we look forward to working with the community and the Township as our plans move forward."