RDA enters plan to bring 20k square feet of commercial space, 40-60 apartments
By Kyle Carrozza, Staff Writer, The Times
COATESVILLE – Marking a sign of real progress on the city’s redevelopment, city officials announced a deal that would bring new retail space and apartment units to currently vacant building sites on Lincoln Avenue — and construction could begin as early as 2015.
This announcement came just hours after City Council approved a sale of nearby properties to the RDA — said to be likely targets for additional redevelopment if the mixed-use project goes as planned.
In a press release on Wednesday, the Coatesville Redevelopment Authority announced an agreement with DEPG Coatesville Associates LP that will see the sale and development of 101-109 Lincoln Highway for commercial use and 40-60 market rate apartments.
Related:
City Council agrees to sell parcels to RDA
The RDA entered the agreement with DEPG in their May meeting last week.
RDA Chairman Joseph DiScillo believes the development of the property could be an important step in the city’s plans to revitalize downtown Coatesville.
“The Authority is very pleased to be able to help the City of Coatesville take this critical first step towards a new vision of downtown. When you add this project to the new train station, we are definitely moving in the right direction,” he said in the press release.
City Council President Joseph Hamrick agreed, particularly noting the tax benefits that such a project would provide for the city.
“This is the kind of development that will build our tax base and bring new commercial and residential opportunities for downtown Coatesville,” he said.
DiScullio said that DEPG will work with the city on completing commercial viability studies, designing and engineering the buildings, and acquiring the proper building and zoning approvals.
Throughout the past year, city officials have been looking to capitalize on the economic opportunities that the renovation of the train station could bring. DiScullio and Hamrick both expressed optimism that this project will bring those hopes to fruition, as did Jim DePetris, Managing Member of DEPG and CEO of Legend Properties.
“DEPG is very enthused about developing this exciting mixed-use project in Coatesville,” he said, noting that the company has also been active in Phoenixville, Manayunk, and West Chester. “With the new train station coming to the city, we are sure that the market-rate apartments will be a success.”
RDA Member Jack Burkholder said that the project is currently in its 90-day due diligence planning period. Construction could begin in 21 months.
