The abandoned high school in Pennsylvania was listed for sale in 2019.
The sellers were asking for less than a million dollars.
After buying the school, the real estate agent reached out to a friend who connected him to Adam Colucci, who owned an audio-video business.
I wasn't sure what to do with the building after I was aware of the school. For that price, I had to acquire it and hoped we could come up with a better option in the future.
Wig and Colucci had differing opinions on what to do with the structure. They considered a beer garden and a wedding venue.
Colucci said that all the professionals told them that all roads lead to residential eventually.
They connected with DanSpanovich, a 41-year-old full-time developer and apartment property manager.
The abandoned high school was purchased by three people in 2019.
Jesse Wig and Adam Colucci are related.
The old buildings can be difficult to convert. We were willing to take a risk, no matter what. We knew that we could find a use for it that would satisfy everyone.
The auditorium became a shared space and the old high school classrooms became apartments with washers and dryers. They added a full gym with weights and bikes on the ground floor.
The professionals told us that all roads lead to residential eventually.
50,000 square feet is the size of the high school that hadn't been used in a long time. The partners wanted to get about 60 apartments.
Due to the large hallways, staircases, gym, and auditorium, they only had 25,000 square feet of leasable space.
It was important for the building to retain some elements of the school. He said that they worked closely with the National Park Services to make sure it stayed historical. We went out of our way to make sure the school stayed historical.
The partners received historic tax credits from the federal and state levels, but they wouldn't say how much.
Construction on the building began at the beginning of 2020 and finished in October 2021.
The high school was turned into apartments.
The name of the person isAlexis Zakis.
There are 28 one-bedroom apartments and four two-bedroom apartments. The partners put solar panels on the school's roof.
After just six months, the building became fully occupied.
Rent for a 1-bedroom unit in the building was up to $1,400 a month, while a 2-bedroom unit cost up to $1,650 a month.
Colucci said that he, Wig, and Spanovich split the profits and expenses according to the share of the building.
The school across the street from Colucci's property was put up for sale by another investor.
He told the guys that if the deal didn't go through, they needed to buy the building.
Thirty-nine one-bedroom apartments and two two-bedroom apartments were created at the high school.
The name of the person isAlexis Zakis.
Colucci andSpanovich were ready to leave, even though Wig was hesitant at first. I think it was an amazing move that we acquired it. Colucci said that they have been very lucky.
They spent $90,000 on that second school.
Their experience with this school has been different, according to Spanovich. The first property needs to be renovated completely.
It looked like a haunted house when the second one didn't.
When the buildings look nice, you get a lot of people bidding on them, so you want them to look like haunted houses, so you don't have as much competition.
The property needs a lot of repairs, including a leaking roof. Despite years of water damage, the structure of the building needs to be studied to make sure it's in good shape.
It has been found to be worse off than the first school and will be a more difficult renovation.
The second high school will have 33 residential units with one-bedrooms and studios.
Colucci said that someone once told him that if he fell in love with a beautiful old building, he would break. Dan was able to figure out how to get it done.
The game plan is for residents to have access to the amenities from both buildings, like the auditorium in the first school, the double-decker parking garage, and a rooftop deck.
The apartments in the second building will look similar to the ones in the first building.
The Jesse Wig is a man.
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