A development group of rock stars from the midstate plans to redevelop the former Bi-Comp building near Sovereign Bank Stadium into a technology-firm campus and recording studio, local officials and the group said this morning.
The entity, Think Loud Development, is part of the Think Loud family of companies that includes Chad Taylor, Patrick Dahlheimer and Chad Gracey of the rock band Live.
The multimillion-dollar redevelopment will be transformative for the area around the 200 block of York Street, York Mayor C. Kim Bracey said.
The property also formerly housed operations of The Maple Press Co., said Kevin Schreiber, York community and economic development director.
The project represents an estimated $45 million investment in the city, he said. The $10 million building project is expected to lead to an additional $35 million in tenant build-out, Schreiber said.
Think Loud's plans include turning about 80 percent of the building into space for a yet-to-be-named technology firm and about 20 percent into a recording studio and corporate apartments for artists who come to use the studio, said Bill Hynes, president and CEO of Think Loud Development.
Crews are preparing the site for construction and the group expects to break ground in 45 to 60 days, Hynes said. The work should take about a year, he said.
About 80 to 90 employees would be based out of the property within about five years, Hynes said. There will be about 170 jobs coming to the York site and another Think Loud project in Reading, he said.
120 York LLC recently acquired the nearly 62,000-square-foot warehouse property on 0.63 acres at 210-236 York St., according to York-based Rock Commercial Real Estate.
The technology company working with Think Loud originally had looked at Lancaster, but the band mates wanted to do something good for their home community, Hynes said.