(For more retail coverage, click GlobeSt.com/RETAIL, and to read more about multifamily, click here.)
YORK, PA-A proposal by locally based Kinsley Construction and Baltimore-based Enterprise Homes Inc. has won the bid to redevelop the Northwest Triangle. The project-site is a nine-acre, triangular-shaped light-industrial parcel located Downtown.
Kinsley is investing $18.4 million to construct and renovate approximately 137,000 sf of retail and office space. Enterprise will invest about $18.3 million to build up to 125 market-rate townhouses. In addition, the state has provided $7 million in Redevelopment Assistance Capital Project grants. To round out the capital stack, the JV is expecting another $6 million or so in private investment and government funds, raising the overall cost to nearly $50 million.
The York County Economic Development Corp. obtained federal funding from the Environmental Protection Agency for site-assessment. Blanda Nace, the corporation's redevelopment manager, tells GlobeSt.com the first-phase assessments are complete.
The City of York is buying the land, which contains numerous buildings, for a total acquisition cost of about $5 million, according to Matt Jackson, economic development director and redevelopment authority coordinator for the city. He tells GlobeSt.com it will transfer the property to the Kinsley/Enterprise JV under an agreement that is yet to be determined. "It will include a revenue-sharing dynamic with the city," he says, adding, "the commercial space will consist primarily of renovated and converted existing buildings."
Barbara Sardella, Kinsely's in-house counsel, tells GlobeSt.com her company plans to begin this fall, starting with the conversion of a single historic building on the land that it already owns. "The commercial portion will be primarily office, in order to create jobs along this central core," she says. "There will be limited retail, primarily devoted to serving the office and residential components."
Enterprise could not be reached by deadline. The firm's specialty lies in creating affordable and rental housing.
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