What TCH plans to do with the 111-year-old property, however, remains to be seen.

TCH head Timothy Harrison could not immediately be reached for comment.

Built in 1895 and once the biggest stockyard on the East Coast, the property is bounded by Lititz Pike and Marshall Avenue.

The sale was finalized Tuesday by the Stockyards' 40 shareholders, and TCH has made a down payment on the undisclosed selling price, said Charlie Diller, Stockyards vice president, treasurer and property manager.

Diller said Harrison has yet to finalize plans for the tract, but whatever the developer intends to do will hinge heavily on obtaining the proper city approvals.

"The city's cooperation will be very important to (the project's) success," Clarence Kegel, an attorney for the shareholders, said Wednesday. "The city will be a partner."

The property is zoned for central manufacturing, which permits limited retail space. Diller said plans to develop the site likely will mean changing the zoning to mixed use.

The shareholders have a vision for the property, Diller said, and Harrison has indicated he would be open to considering their suggestions.

Diller said he hopes the developer will build housing for people over 55 on the site in a nine-story building named Stockyards Tower, with commercial offices on the first floor.

Diller also said he would like to see a central office building for doctors' offices, a main parking lot and additional office buildings.

Harrison was one of three potential buyers for the property over the past year, Diller said.

Beaux Lange, a New York developer who was affiliated with a failed bid to place a slots parlor in Lancaster city, made the shareholders an offer that almost went to closing.

His offer got held up in legal red tape, and Lange lost interest, Diller said.

Diller said the shareholders were unaware Lange wanted to use the property for a slots parlor.

Lancaster developer Richard Welkowitz also made an offer but backed out, Diller said.

Harrison stayed interested in the project and earned rave reviews from stockholders.

"He likes our area of the country," Diller said. "He had some connections with Harrisburg, and he was familiar with our general landscape and the kind of people that live here."

TCH developed Covered Bridge Marketplace, which includes a Target store, on Lincoln Highway East last year.

Kegel said the shareholders did extensive checking on Harrison's record and were impressed by what they saw.

"The shareholders concluded he is an individual of the highest integrity and ability," Kegel said. "The Stockyards owners are very concerned, not just about selling property, but about having a project that's good for Lancaster City. (Harrison) realizes it's a gateway to the city."

Diller said Harrison had not indicated how much he plans to spend on the Stockyards' transformation. blog comments powered by Disqus