Beautiful Former Department Store Built in 1931, Converted to Apartments in 1997. 27,659 Square Feet of Retail Space
– Approximately 72% Occupied. Average Residential Occupancy of 92% Last 3 Years. Higher Demand For Market Rate – Upside in
Long Term Conversion to Market Rate or Student Housing.
125-unit Low Income Housing Tax Credit (“LIHTC”) historic project in downtown Erie, Pennsylvania. The property was originally constructed in 1931 as The Boston Store, the preeminent department store in Erie. Through a mix of low income and historic tax credits, the building was converted to apartments in 1997.
Arguably the most prominent building in Erie, this beautiful brick building has a first floor that houses over 27,000 square feet of commercial space with high ceilings and an extraordinary central lobby area with five floors of apartments above. Units are very large, averaging over 1,200 square feet and feature high ceilings, large windows, in-unit washer/dryer hookups and central A/C. The building offers tenant store spaces, on-site laundry facilities, elevator access and on-site parking.
Arguably the most prominent building in Erie, this beautiful brick building has a first floor that houses nearly 27,000 square feet of commercial space with high ceilings and an extraordinary central lobby area with five floors of apartments above. Units are very large, averaging over 1,200 square feet and feature high ceilings, large windows, in-unit washer/dryer hookups and central A/C. The building offers tenant store spaces, on-site laundry facilities, elevator access and on-site parking.
Named for the lake and Native American tribe that resided along its southern shore, the city of Erie, Pennsylvania, is the fourth largest in the state and is the principal city of the Erie, PA Metropolitan Statistical Area, which has a population of approximately 280,000. Also known as the Gem City for its “sparkling” waters, Erie is a community that is steeped in history and replete with natural beauty. Each year over a million visitors descend upon Erie to enjoy a wide variety of cultural and recreational events, ranging from a performance by the Erie Philharmonic Orchestra, to an Erie SeaWolves baseball game, to watersports and sailing around the picturesque Presque Isle Bay and State Park.
Critically, with Pennsylvania owning just 51 miles of the Lake’s shoreline, the Port of Erie provides the state with its primary access point to Lake Erie, the Great Lakes, and the Saint Lawrence Seaway. Once an integral part of the heavy manufacturing and steel production industry boom of the early and mid-twentieth century, Erie is situated between three iconic Rust Belt cities. Pittsburgh is a roughly 130 mile drive south down I-79, while I-90 connects Erie to Cleveland and Buffalo, 100 miles to the southwest and northeast, respectively. The region is serviced by the Erie International Airport, which received an $80 million upgrade in 2012 and is located five miles west of the city. There are multiple freight railroad lines traversing Erie, as well as the Amtrak Lake Shore Limited passenger line, which offers daily services to New York City and Chicago. Locally, the Erie Metropolitan Transit Authority (EMTA) operates the city’s transit bus system, known as the “E”.
The city of Erie first emerged as a maritime center after the American Revolution and soon became a railroad hub as the country expanded west. Erie was then a crucial city for iron and steel manufacturing during the Industrial Revolution and continued to thrive as heavy industry boomed before its eventual decline in the mid 1960’s. Erie was home to the corporate headquarters of General Electric (GE) Transportation Systems until 2005, although it still maintains a facility in Erie and is the region’s largest employer, responsible for more than 5,300 jobs. Fortune 500 company Erie Insurance Group, which is the second largest auto insurer in Pennsylvania and twelfth in the county, was founded 1925 and employs more than 4,300 individuals locally.