Map of Pennsylvania highlighting Montgomery County (Photo credit: Wikipedia)
NORRISTOWN, PA — The project to transform an old Norristown shopping center into a movie studio was supposed to bring the glitz and fortune of Hollywood to the sagging seat of Montgomery County.
Build it and filmmakers will come. Build it and jobs will come and lift Norristown to prosperity.
That dream fizzled like a box-office bomb last May, when the project’s investor filed for foreclosure against the developer.
The forlorn shopping center, Logan Square, sits half-empty, its fate likely to be announced in the coming weeks. The county is grappling with how to recoup the $25 million it sank into the project — including $10 million in federal funds it must repay — and its lawyers are preparing a lawsuit against the developer. And prosecutors are scrutinizing the deal to see if more than bad luck and poor judgment were to blame.
Read more: http://www.pottsmerc.com/general-news/20140218/failed-movie-studio-in-montco-cost-taxpayers-millions