New Mixed-Use Building in Downtown Altoona
New mixed-use urban housing options are a key part of our economic development efforts. Thanks to our local development team at Pennsy Properties, there is more good development news on the horizon for our mountain main street in downtown Altoona. Look for this project to begin to take root next year.
We are proud to be working with the Pennsy Properties team on planning and financing this project. ABCD Corp. acquired the property in 2016, conducted environmental cleanup, razed the building, which had been vacant since Reese Bros. telemarketing left 12 years earlier, then prepared the lot for development. “It played out just the way we hoped,” said Patrick Miller, executive vice president of ABCD. The multi-use plans align with a model that has become common in urban areas throughout the U.S., according to Miller.
Pennsy Properties intends to build an approximately $1.5 million, three-story, multi-use facility on the former site of the Downtowne Drug building on 11th Avenue at 15th Street. The 12,000-square foot, “beige and bronze” structure, clad in epoxy stucco, stone veneer and metal sheathing, will be commercial on the first floor, with six to eight “high-end” market-rate apartments on the upper stories, according to Brian Irwin, whose partner is John Horell — and, for this project, possibly Randy Green, a member of the family that owns Solarshield Home Improvement.
Helping to fund the project will be $150,000 in Enterprise Zone tax credits allocated by the state Department of Community and Economic Development as part of its Neighborhood Assistance Program, according to a news release from the Senate Republican Communications Office.