Two teams were dropped from the short list, announced last December. They are locally based Binswanger/CBB and Realen Properties, which is based in Berwyn, PA; and Malvern, PA-based Liberty Property Trust and Nolen Cos., from King of Prussia, PA.

The site, which opened as a state mental hospital in 1907, has been closed for the past 13 years. In July 2003, the state transferred ownership to the Philadelphia Industrial Development Corp. for $850,000 on the provision that PIDC would develop a master plan with the approval of the surrounding community. PIDC prepared a conceptual master plan that includes a mix of low-density, market-rate housing; suburban office development, and 25 acres of deed-restricted open space.

As a result, this January, the state completed the sale, transferring ownership to the Philadelphia Authority for Industrial Development (PAID), which is an agency managed by PIDC. PIDC will now select a development team to prepare a detailed master plan that meets the community-approved criteria. There are approximately 20 buildings on the property, which will have to be demolished at an estimated cost of $15 million. Demolition and traffic improvements work is scheduled for later this year.