More apartments coming to downtown York
A York-based real estate developer will open almost two dozen high-end apartments in the city by September 2018, continuing a residential renaissance in the city.
More apartments coming to downtown York A York-based real estate developer will open almost two dozen high-end apartments in the city by September 2018, continuing a residential renaissance in the city. Check out this story on ydr.com: http://on-ydr.co/2nEzldt
Gary Haber, ghaber@ydr.com Published 1:55 p.m. ET March 31, 2017 | Updated 2:59 p.m. ET March 31, 2017
The Community First Fund awarded Royal Square Development and Construction an allocation of New Market Tax Credits to help pay for renovations to RSDC's building at 101 E. Market St.(Photo: Jason Plotkin, York Daily Record)Buy Photo
Non-profit lender Community First Fund said Friday it has awarded RSDC, the company formerly known as Royal Square Development & Construction, $7 million in federal New Market Tax Credits.
RSDC will use the money to renovate buildings it owns at 101 E. Market St. and 335-351 W. Market St. The tax credits will amount to about $2.3 million in funding, said Dylan Bauer, an RSDC vice president
RSDC plans to refurbish the 10 apartments on the upper floors of 101 E. Market St and the 13 apartments at 335-351 W. Market St. Renovations are slated to begin in August.
The apartments will have hardwood floors, granite countertops and stainless steel appliances. Once completed, they will rent for between $800 and $1,200 a month, said Josh Hankey, RSDC's president and CEO.
Twenty percent of the 23 apartments will have a lower rent and be set aside for people with low-to-moderate incomes, Hankey said.
RSDC's plans to bring more apartments online comes as other developers add modern apartments in the city's downtown. These include developer David Yohn's One West building on Continental Square and Distinct Property Management's Color Works building in the Northern Triangle.
Separately, Baltimore-based developer The Time Group has an option from York's redevelopment authority to build apartments at the Northern Triangle.
Friday's announcement is not the first time Lancaster-based Community First Fund has backed an RSDC project.
In 2015, it awarded RSDC more than $8 million in tax credit allocations for buildings RSDC is redeveloping on West Market Street including the former F.W. Woolworth and Weinbrom Jewelers buildings. Isaac's recently opened a restaurant on the ground floor of the Weinbrom Jewelers building.
More:Watch: Isaac's on the Fly brings fast casual to downtown York
As for RSDC, it is also renovating the first-floor retail spaces on the Duke Street side of 101 E. Market St., which is known as the Haines Building.
The plans call for H&R Block remaining as a tenant. RSDC will move its real estate and property management operations to the building from East King Street, where the office is now located.
At 335-351 W. Market St., York Emporium will remain a tenant there, Bauer said. Crossfit York, a gym, will relocate to the building from its current location in the former Met-Ed steam plant building, Bauer said. York County History Center plans to redevelop the former steam plant into a history museum.
Earlier this week, RSDC bought the Cobblestone's building at 205-209 S. George St. at auction for $300,000.
More:Cobblestone's sold to Royal Square Development
RSDC plans to renovate the building and seek a tenant that would operate it as a restaurant-night club.
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