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HARLEYSVILLE PA – TH Properties (THP), a Harleysville-based builder that until recently was marketing new home construction in a dozen different communities – including Pottstown, Gilbertsville, Royersford, Harleysville, Pennsburg, Macungie, Souderton and Skippack PA, and parts of New Jersey – has suspended its operations and hopes to restructure its business.
A sign found taped Tuesday evening (April 21, 2009) to the window of THP’s sales center at its Kingston Hill development, the company’s project closest to Lower Pottsgrove (PA) Township, confirmed the substance of a news article published online earlier in the day by The (Lansdale PA) Reporter newspaper.
Kingston Hill is located on the east side of North Charlotte Street (PA Route 663) just north of Bleim Road. The sign in the window of its Victoria model home there, which doubles as a sales center, announced the company’s unhappy news:
“T.H. Properties, a Harleysville, PA, based developer and home builder, has temporarily suspended its operations and is actively exploring options to restructure its business operations. Like other homebuilders across the country, the recession and the collapse of the housing market have had a negative impact on the company’s operations. The company remains committed to an orderly restructuring of its obligations in order to continue its construction and development efforts throughout the region. T.H. Properties would like to thank its loyal vendors, valued employees, existing and prospective homeowners, and the communities with which it has been operating during this difficult period.”
Neither the THP website or its Twitter account, both of which were checked Tuesday at 3:30 p.m., alluded to any problems at the company or made any mention of a business suspension. However, “employees were seen moving office items out of the THP design center” in Harleysville Tuesday afternoon, The Reporter said, and paper covered the windows. (See Editor’s Addendum at bottom).
The company was sued last month by a major lender, Wachovia Bank. The bank is seeking to recover $19.7 million in three separate lawsuits filed against THP and company principals and brothers Todd and Timothy Hendricks.
Financial problems within THP will only heighten the angst felt by some home owners who bought into its developments.
One complained Monday on a public comment website of “dumpsters overflowing, garbage flying around, muddy streets, over flowing storm sewers, (and) no street lights” at the company’s Biltmore Estate project in Skippack PA. Another, writing April 10 at the same website, predicted “we here at Biltmore are convinced it is only a matter of time before THP is out. They stopped all construction, they stopped cleaning the construction areas, they are not servicing the residents.”
Editor’s Addendum: As of Tuesday at 9:30 p.m., the bottom right corner of the THP website home page included an announcement about the suspension, identical to one posted in the Kingston Hill sales center window.