The Stehli Silk Mill is an 1890’s industrial property that was once home the world’s largest silk manufacturing facility. It is located on over 10 acres of land with a footprint in both the City of Lancaster, PA and Manheim Township. There are several brick buildings that add up to about 175,000 square feet of indoor space. The property was well-suited for redevelopment and offered for sale as such.
After a lengthy effort, the prior owners had not found a buyer who was able to deal with the complexity of the property which included approvals from both the City and the Township, environmental issues, creative use of historic tax credits, challenging design considerations, title issues and storm water management complications to name just a few. We became aware of the opportunity through a relationship with a local developer who could see the opportunity presented by the property but did not have the ability to make it a reality. We ultimately identified an adaptive re-use investor with substantial experience in the mid-Atlantic region with just this sort of property. After a quick site visit and short contract negotiation our buyer-client was able to tie up the property and begin the re-development process.
Construction is now under way on conversion to over 150 market-rate apartments and several commercial spaces that will eventually be home to office and retail tenants