COURT HOUSE – The controversial subdivision on 1-19 Patsy’s Way has a new owner.
The unimproved, 12-acre, single-unit residential parcel was last in the public eye when developer Ron Ruckerstein sued Middle Township for construction permits to build a handicapped housing complex on the land off of Fishing Creek Road.
The permits were issued but the developer had difficulties with his financing and the project stalled.
The legal settlement with the township required that the developer maintain an $800,000 bond supported by Horizon Bank, a financial institution that subsequently became insolvent. The township recently passed a resolution requiring a similar bond from anyone expecting to develop the subdivision.
The FDIC (Federal Deposit Insurance Corporation) assumed ownership of the non-performing asset and offered the land for sale in December. Although the FDIC’s asking price was $245,000, real estate records indicate that the subdivision recently sold for less than half of that amount, $100,000.
The new owner’s plans for the site are not known. Township Solicitor Marcus Karavan said the township would not permit development of the site without a new bond.
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