Two of the partners at Harrisburg-based GreenWorks Development LLC have started a new company called Lift Development LLC.
Company president and CFO John Tierney and senior vice president Matt Tunnell said the new real estate development company will focus initially on student housing opportunities around Penn State Harrisburg.
Both remain partners at GreenWorks, though a transition away from the firm, known for its urban revitalization projects in Midtown Harrisburg, will occur over time, Tunnell said.
"There is still work to be done in Midtown," he said. "There are really strong projects."
Lift Development has purchased a 14-acre tract contiguous to the college between Middletown and Lower Swatara Township. Tunnell said they will continue to manage GreenWorks' student housing portfolio, which includes about 300 beds.
The Middletown-based firm plans to development up to 800 more beds near Penn State over the next three to five years, Tunnell said.
"That may include some commercial retail and uses that are compatible," he said. "We are not limiting ourselves to student housing."
Tunnell said the transition has been discussed by the partners for about six months.
GreenWorks CEO Doug Neidich said he expects the two companies will complement each another nicely.
“It’s going to be very cooperative,” he said. “We are going to try to help each other and move the area forward.”
GreenWorks remains committed to doing more in Midtown through multi-institutional academic partnerships, Neidich said.
“The only way to improve the city is through the educational framework,” he said.