After years of vacancy, the bank located on Bank and Main streets was sold and will likely house the Pop Shop of Collingswood.
The purchase of the building is another step in the redevelopment of Main Street.
“It means there’s significant interest in the downtown area,” Economic Development Advisory Committee Chairman Mike Pagnotta said. “The building was vacant for five to seven years. Symbolically that was important. Selling it marks the end of recession.”
According to Pagnotta, the EDC has “big plans” for the downtown area, with the help of the “toolbox” township council is proving, including the new sign ordinance, which was passed earlier this year.
Additionally, the number of vacancies has been reduced with businesses looking at the available spaces.
According to Pagnotta, plans for other major changes on Main Street are currently being developed, but he was not able to release exact details.
Other enhancements will include sidewalk improvements on the streetscape and construction of the sidewalk to create a more “pedestrian friendly” area conducive to a shopping environment, in addition to creating better points of crossing for pedestrians, Pagnotta said.
The township, which continues to work closely with the EDC, has given the organization free rein to think outside the box, Pagnotta said.
“We’re trying to create an environment where businesses want to be here,” Township Manager Chris Schultz said. “We’re trying to make sure businesses who are inquiring and need information are given that information.”
One of the first steps in creating a good environment was listening to business owners’ needs, according to Schultz. The process began last year with the revamp of the sign ordinance.
“We got a lot of complaints that the sign ordinance was not good and it left a lot of room for improvement,” Schultz said.
According to Schultz, council threw out the amendment, which had been in the making with the planning board for several years, and started over.
The township hired a new planner to work with business owners and council members to create a new ordinance, which was adopted in March.
In addition to the ordinance, council has begun exploring the option of tax abatement in the rehab and redevelopment areas.
The council is deciding the threshold of spending renovation-wise to “trigger the abatement.” The businesses could receive a five-year tax abatement on the improvement value.
“There’s different theories, if they’re not paying the full taxes for five years, they’re using that money toward growing and investing in the five-year period that’s typically critical for a small business,” Schultz said.
According to Schultz, the businesses would be taxed 20 percent incrementally, until it has reached 100 percent, over the five-year period.
According to Pagnotta, brewpub professionals have shown interest in the village as well.
“State laws changed for brewpubs in 2012, which will have a boost in the economy in the long run,” he said.
The Medford Business Association is working to attract new business into Medford as well.
“We’re trying to use incentives, festivals and things to keep putting our best foot forward in the town,” Medford Business Association Executive Director David Vaughn said. “We’re getting a lot more interest than we used to.”
The interest comes from the change in economy and the stabilization in the loss of businesses, Vaughn said.
“There’s historic value. Medford is one of the key towns in South Jersey,” Vaughn said. “When you think of what towns are going to redevelop, you think Medford would be one of those because of its heritage, its history.”
The value of Main Street isn’t lost on Pop Shop owners Bill “Stink” Fisher and his wife Connie.
“I’ve always had my eye on Medford. It’s a great untapped community,” Fisher said. “These folks are just looking to move in the direction other towns have moved in as far as other Main Streets have gone. We’re all about the community and servicing the community.”
Fisher is a Cherry Hill native who feels a strong connection to the Medford area, spending his summers at Mountain Run Day Camp in Medford Lakes, owned by his parents.
“I always had an affiliation and love for Medford,” Fisher said.
The deal is not yet finalized according to Fisher, a lot of variables aren’t in place that are being worked on but, “the intention is there.”
“There’s no set timeline yet. We’re still looking at numbers, construction costs and general stuff like that. There are a lot of elements to this,” Fisher said. “So far we’ve been progressing to where it’s serious, we’re committed on both sides. We’re working on numbers to make sure the numbers work.”
Major cost concerns stem from the fortified concrete and bars inside the building, which could cost hundreds of thousands of dollars to renovate, according to Fisher.
“We’re not going to bring Collingswood into Medford. We’re going to be all about Medford,” Fisher said.
The two locations will have similarities, including colors and some menu items, but each will have discernable identities.
“We have plans to deliver the same consistency and quality,” Fisher said. “We don’t take it lightly with the Medford situation. We know what’s at stake here right from the get go, we’re looking forward for the challenge and we’re hoping to provide for those folks.”
Pagnotta expects more details involving Main Street to be available in the near future.
For more information on the Medford Business Association visit, medfordbusiness.org. To learn more about the Pop Shop visit, thepopshopusa.com.
