 Hmm… Purchase an upscale condo in Wilkes-Barre, in an established Keystone Opportunity Zone (KOZ), and pay no property taxes for 10 years? Not a bad perk. Empty-nesters, young professionals, and single dwellers, this may well be worth looking into.
Elevations Lofts on Main, at University Corners— as the refurbished, once-blighted buildings are now known— will soon boast a total of 21 completed, upscale, loft condominiums, and they’re ripe for the picking. To date, 10 have been sold or have been reserved pending completion, which is anticipated by October of 2010.
The East Northampton and Main complex is part of an ongoing revitalization effort in Downtown Wilkes-Barre. Following the sale of the properties to private developers in 2008, the commercial component of the $6 million project included approximately 3,000 square feet of first floor commercial and garage space. Carlsberg Management Company, of Los Angeles, California, has assumed control of the commercial component, which is anchored by the R/C Movies 14; other businesses housed in the complex to date are Quizno's, Januzzi’s Pizza, Tilbury’s Knob, and Blue Chip Gourmet. The 120,000-square-foot theater complex, which opened in the Summer of 2006, currently attracts more than 500,000 patrons per year.
Work on the $31.8 million University Corners project began in 2001 and was facilitated through the use of land grants, loans, and other contributions from the state, Luzerne County, and Wilkes-Barre taxpayers, as well as the Greater Wilkes-Barre Chamber of Business and Industry.
Following the completion of the commercial aspect of the project, however, the residential component remained.
“In late 2006 and early 2007, the Chamber searched for a partner with urban housing experience and did a national RFP (Request For Proposal). In the Summer of 2007, we selected Susquehanna Real Estate to be that partner because of their experience doing this kind of development in other small cities in Pennsylvania— York, Lancaster, Harrisburg and State College,” said Greater Wilkes-Barre Chamber President Todd Vonderheid.
The additional 30,000 square feet on the second and third floors of the complex is where construction of the loft condominium residences is presently underway. Each of the 21 one- and two-bedroom, maintenance-free units, designed specifically to minimize sound, features high ceilings, large windows to maximize natural light, natural teak wood floors, and designer kitchens, with no-slam cabinetry, granite countertops, and stainless steel appliances. Prospective buyers can also look forward to the addition of a 20-by-40-foot rooftop community deck and a residential lobby with secure access.
The location of the project lends much to its overall success: the Wilkes and King’s campuses, with their combined 6,500 student population, act as bookends for the retail district. An approximate 14,000 daytime employees work downtown, providing business for retailers such as Boscov’s and an array of restaurants. And, the nearby YMCA contributes yet another facet of the urban lifestyle. With the completion of the Elevations Lofts condominiums, the downtown area will have been transformed into a complete live, work, and play area.
“The new owners will enjoy all the modern conveniences of urban living without any maintenance or work,” said Peg Torbik, of Lewith & Freeman Real Estate, in Kingston. “Elevations lofts offer secure, carefree living just minutes away from Wilkes and King’s, the YMCA, and the beautiful new River Common. Plus, they will receive covered parking privileges, and much more. These condos are in a Keystone Opportunity Zone– a must see.”
Prospective buyers will be sure to enjoy the biggest perk of living in a KOZ- the enjoyment of 10 years of tax forgiveness for all property taxes.
Defined as a “bold, economic, and community development program”, the KOZ has contributed to the development of communities’ abandoned, unused, underutilized land and buildings into revitalized business districts and residential areas. KOZs are designated by the local communities and approved by the state and reflect a partnership among state and local taxing bodies, school districts, economic development agencies, and community-based organizations.
By eliminating certain state and local taxes, communities within Pennsylvania are experiencing economic growth and investment. Since the KOZ program’s inception in 1999, it has led to the creation of new jobs and produced capital investment in real estate. Due to the tremendous success of the initiative, additional zones were added in 2001, 2003, 2004, and 2009. For more information about KOZs, visit http://koz.newpa.com.
The cost to purchase the units range from $119,000 to $259,000, offering from 789 to 1,655 feet of living space, with an additional$295 a month in Association fees that include dedicated parking.
For more information about Elevations Lofts on Main, visit www.elevationslofts.com or contact Peg Torbik or Virginia Rose at (570) 288-9371. |
