Developer drops plans to buy, revitalize former Citizens Bank building in downtown York
YORK, Pa. – Three weeks after reaffirming his commitment, developer Derek Dilks says he will not pursue the 1 N. George redevelopment project in downtown York. Dilks released a statement last Thursday afternoon:
After an extensive review over the past year, York Redevelopment Associates has determined that the terms and time-frame associated with the project to revitalize the former Citizens Bank building are not feasible for the company’s vision for the property given current conditions.
“The vision for redevelopment of the Citizens Bank building is something that we’ve been dedicated to for the past year. We’ve invested a significant amount of time and capital in due diligence and have come to the conclusion that it is best to step aside,” said York Redevelopment Associates owner Derek Dilks. “It is time for another developer to make a run at this project, and I hope that someone steps forward that can make it happen. The property does hold certain potential, just not in line with our vision for the space.”
York’s Redevelopment Authority owns the building, located on Continental Square. The RDA had set a September 16, deadline for York Redevelopment Associates to sign a purchase agreement. The Authority had agreed to sell Dilks the building in November 2015. The Authority had bought the building in 2014 for $515,000.00.
“We appreciate the work Derek and his team do to promote urban renewal in York,” said Redevelopment Authority Chairman David Cross. “We’re confident that another developer will step in to help turn 1 N. George to a landmark in the heart of the city.”
Although the project is not currently a fit for his company, Dilks said he is open to considering it again in the future if conditions are right.
“We remain focused and committed to several other active projects in York City and see the downtown district as a thriving hub for redevelopment. We are looking forward to continuing to invest in downtown York,” said Dilks.
Current York City projects include renovation of the 22-unit Pullman Apartments and retail space on N. George Street, new infill construction, pocket park and townhouse renovations on the 300 block of S. George Street and renovation of three buildings on the 100 block of S. Beaver Street.