The existing building stock includes modern office and retail space and unique and attractive historic buildings appropriate for adaptive reuse as live-work space as well as commercial, residential and mixed-use developments.
New Residential Housing Underway
There are currently over 500 residential units in the planning or pre-construction phases - from new residential units downtown, senior housing, and market rate housing on the outskirts of downtown - new market rate residential housing is happening now!
Construction of 24 luxury condominiums is underway on the 4th and 5th floors of the former PNC Bank building.
Real Estate Values
The economy is heating up in Norristown - the medium home sale price increased nearly 36% in just three years - from $115,000 in 2012 to $157,000 in 2015. And yet, residential and commercial real estate is relatively inexpensive offering opportunities for both investors and homeowners to purchase properties within walking distance of downtown and transit.
Capital Improvement Plan
Municipal Counsel recently adopted an aggressive Capital Improvement Plan (CIP) for fiscal years 2017 to 2021 which includes improvements for:
Economic Revitalization Projects
Municipal Facilities and Equipment
Council has committed to funding ten million of the approximate fifteen and a half million CIP now to complement the current federal, state and county investments in Norristown.
Montgomery County Campus Redevelopment Plan
Montgomery County is investing over 280 million dollars into the County Campus Redevelopment Plan (PDF) which consists of six projects in downtown Norristown including a 220 million dollar Justice Center, and renovating and expanding Hancock Square park.
The park will be reconfigured and expanded as a public destination for Norristown and the county and promises to compliment Norristown’s own retail redevelopment efforts along Main Street. Construction is estimated to begin in the spring of 2019 and be completed in the spring of 2021, according to the county.
Norristown provides information and access to numerous tax incentive programs for prospective businesses and developers. Detailed information can be found on the Committed to Your Success page.