ALLEGANY COUNTY, Md.—Developer PennTex Ventures is closer to starting up a long awaited retail/food strip center on land of a shuttered funeral home in LaVale.
PennTex finalized its purchase of the Hafer Chapel of the Hills Funeral Home at 1302 National Highway on Dec. 16, according to a deed filed with the Allegany County Clerk.
PennTex, through its subsidiary PTV Capital Partners LaVale Route 40, paid $700,000 and also took out a $1.76 million mortgage from First National Bank of Pennsylvania, according to the mortgage filed by the clerk’s office.
The mortgage likely signifies money being spent for improvements to the land to prep it for development. As of Feb. 21, the funeral home still stands and fencing has been going up to secure the area for pending demolition.
It’s been a long time coming just to get to this point. It’s surprising that a sign has been up for months in front of the funeral home advertising a future retail development from PennTex before a deal closed. Maybe it was a way to see if they’d get any prospects to finalize a deal, which isn’t unheard of, but still risky.
Typically what you would see is a deal set in place upon approval of plans by local government.
I last wrote a bit on this property in May 2016 before taking a break from writing on this blog and haven’t followed up since now. (Turns out no one else has either in medialand.)
No leases are popping up for the places yet, and probably won’t until the shell is completed.