Location: 118 N Water St, Lancaster, PA
Landis Communities and a Pittsburgh developer will convert a city warehouse into 36 loft apartments for active adults age 55 and up.
The project, announced today, will redevelop the former Radel & Stauffer building at 118 N. Water St., on the corner of West Marion Street.
Costing more than $8 million, Steeple View Lofts is set to open in spring 2013.
Landis Communities is the umbrella organization that operates Landis Homes Retirement Community on East Oregon Road.
Its partner is Zamagias Properties, which will buy and renovate the historic building, then lease the apartments to Landis Communities. Landis Communities, in turn, will re-lease the apartments at about $1,000 to $1,500 per month apiece, plus electric. “This will be a great living option for active adults who enjoy a great walkable city,” said Larry Zook, president and chief executive officer of Landis Communities.
The city Urban Redevelopment Authority board Thursday approved $900,000 in financing for a 34-unit apartment building on Harrison Street in Lawrenceville.
The Locomotive Lofts will be developed from a renovation and expansion of a four-story vacant building that was a nursing home until 10 years ago. Previously, it was a property of HK Porter, a company that made compressed air locomotives.
Locomotive Development proposes doubling the size of the 20,000-square-foot building into one- and two-bedroom apartments to rent at a market rate of $1,115 and $1,860.