The developer of the former Lancaster Stockyards has sold the site but become a minority owner of its incoming anchor business.
Tim Harrison, who’s been working on the stockyards project for 10 years, used most of the undisclosed sale proceeds to acquire a stake in Aspire Smart Health Lancaster.
Aspire Smart Health Lancaster is proposing a $35 million, 144,000-square-foot health-care facility that will create at least 100 jobs. The venture is considering a second building there too.
Aspire Smart Health Lancaster would join Cargas Systems and CoreSource on the 18-acre property at Marshall Avenue and Lititz Pike, on the northern edge of Lancaster city.
Harrison, a Staten Island developer, said he didn’t want to sell the property. But the only way that Aspire Smart Health Lancaster would come to the site was if it could own it.
“It’s not something I ever expected or wanted to do, but to bring the project to the city of Lancaster, it had to be done this way,” Harrison explained on Tuesday.
“I believe in this project, so I’m going to do everything that I can to make it happen.”
Harrison has been a developer in the mid-Atlantic states for decades. Locally, he’s best known for developing the Covered Bridge Marketplace shopping center on Lincoln Highway East. That mall is anchored by the county’s first Target store.
Harrison called the stockyards project the highlight of his career, having taken “the largest blighted property in the city” and transformed it into “a beacon at the northern gateway of the city.”
Harrison said in addition to becoming a minority owner of Aspire Smart Health Lancaster, he also became one of seven members of its board of managers.
And in a roundabout way, Harrison still has some ownership of the property.
Harrison sold the land to an investor group led by local developer Robert Redcay. The investor group includes Aspire Smart Health Lancaster.
Also in the group are some of the individuals who've invested in Aspire, such as Redcay.
The transaction, completed Friday, was handled by Jeff Herr of Bennett Williams Commercial.