Hatboro Moves Forward with Wachovia Bank Building Assessment

In what will be the third attempt to sell the borough-owned former Wachovia Bank building, the Hatboro borough council is taking steps to find out how much the 26,702-square-foot facility is worth. 

The borough council has hired real estate appraiser Craig W. Gleason, at a rate of $2,500, to conduct a thorough appraisal. Gleason is expected to issue a report to council within a month, meaning the vacant property could begin to be marketed - again - this fall. The only difference this time is that the borough is not required to carry out a public bidding process.

“We need to have the property assessed to determine how much it’s worth,” Hatboro Borough Manager Steven Plaugher said. “Before we accept some award to make an offer we have to know at this date and time what is the property worth?”

According to a bid packet from February, which was prepared in conjunction with the borough’s , the structure is assessed at $767,000. Hatboro had hired CresaPartners to carry out two marketing efforts earlier this year, both of which failed to garner any bids for purchase. 

Borough officials had been , particularly because the signs it posted promoting the property did not offer a Web site address as an alternative for prospective buyers to garner more information.

Plaugher said the governing body will be taking a look at a company to market the property following the assessment, which is due early September.