Agreement of Sale signing ceremony jumpstarts Norristown development project

NORRISTOWN — Municipal and county officials Monday signed an agreement of sale with Pinnacle Reality Development Company (PRDC) to start the long-awaited Norristown development project on land conveyed from Norristown State Hospital.

The formal signing ceremony at Norristown Municipal Hall grants PRDC the ability to begin construction plans for a mixed-used development on 68 acres of the former state hospital grounds.

“This project is being called the largest and most transformative development project in Norristown’s history,” said Kevin Tustin, the borough’s public information officer.

Dubbed the Preserve at Stony Creek, the proposed development includes 720 market-rate homes, over 200,000-square-feet of office, flex and tech space and over 60,000-square-feet of commercial space, with the goal of securing either a regional or national grocery store. The development will also connect to local amenities, including the Norristown Farm Park and Elmwood Park Zoo, said Tony Maras, founder and principal of PRDC.

“It would look in some ways like a mini version of the town square in King of Prussia, just a little lower in scale,” said Maras.

After a years-long conveyance plan and land planning study by the state to analyze feasible future uses of the property, 68 acres of hospital land, worth $4.7 million, was deeded to the Montgomery County Redevelopment Authority (RDA) on behalf of the municipality in November 2022.

The RDA issued Requests for Proposals to solicit plans to develop the site, receiving five proposals that were reviewed by council and RDA, said officials. In April 2024, council unanimously approved PRDC’s Preserve at Stony Creek proposal.

At Monday’s signing ceremony, Maras, alongside Norristown council President Rebecca Smith and RDA Executive Director Aliyah Stanger Furman, hailed the project as an economic boon to the borough.

“For decades, this section of the Norristown State Hospital property sat largely unused, its potential not fully realized,” said Smith. “The PRDC will transform this space into a well-planned neighborhood with retail, market rate and workforce housing. It expands opportunities for families who can put down roots in Norristown and also connect some of the Norristown area’s greatest assets.”

“This project also builds a stronger financial foundation for Norristown,” Smith continued. “By adding new homes and businesses, we’re expanding the number of people contributing to our shared success. That means more resources for roads, municipal services and helping everyone grow in a way that benefits us all.”

Maras expressed hope that the development will help improve Norristown’s reputation and draw in new residents and businesses.

“For too long, people would want to build something and skip over Norristown,” said Maras. “It’s part of our responsibility to help change that perception. This is a place you want to build, live and work in.”

PRDC will begin presenting conditional use plans for the property to council over the next couple of months, said Maras. The officials stressed that the signing ceremony is just the first step in a long process.

“There’s a long road. This is just the beginning,” said Furman. “We’re looking forward to getting started, and next time we’ll see you at the groundbreaking hopefully.”

For more information about the Preserve at Stony Creek, visit preserveatstonycreek.com.