[Urbannizer]

My apologies, my statement of it being cancelled was premature.

Settlement reached over Seven Tower bankruptcy

A settlement has been reached in a Chapter 11 bankruptcy proceeding that involves an entity overseeing the development of Seven Tower Bridge, a proposed office building in Conshohocken, and a company that lent money to help fund the project.

After going through mediation, Seven Tower Bridge Associates, the debtor in the bankruptcy, along with the Redevelopment Authority of Montgomery County, R&J Holding Co., and the borough of Conshohocken have come to terms that will allow the Seven Tower Bridge Associates to proceed with the development.

“We’re back in business like it never happened,” said Don Pulver of Oliver Tyrone Pulver, who controls Seven Tower Bridge Associates. “It’s all resolved and we're back to business as usual.”

Seven Tower Bridge Associates, a limited partnership formed to develop the proposed office tower, has had plans since 2010 to build a 14-story, 250,000-square-foot structure on 2.3 acres at 110 Washington St. The project would have 10 stories of office space atop a four-story parking garage.

Over the last eight years, Seven Tower Bridge Associates invested $22.6 million in site work, designing the building and garage, legal fees, permits and other expenses. All of that was in preparation to secure a tenant for the building and starting construction. Those leasing efforts have been unsuccessful and the building has never gotten out of the ground.

Pulver is confident he will be successful in finally developing Seven Tower, which would cost around $100 million to build, and will be able to do so in the next two years. He believes the market and tenants are in a better position to have the project move forward.