$10M in tax credit financing to support Bulova renovations
A project to renovate a long-vacant building in downtown Lancaster is receiving another state-backed boost.
Harrisburg's Commonwealth Cornerstone Group is providing $10 million in New Markets Tax Credit financing to support rehabilitation of the former Bulova Technologies building on Queen Street, according to a news release from Gov. Tom Wolf's office.
The 150,000-plus-square-foot building has been empty since it was vacated in 2008 by Bulova, which used it for light manufacturing. Pittsburgh-based Zamagias Properties is working to rehabilitate the four-story space into a mixed-use office and residential complex.
The plan is to transform the first floor into a restaurant and retail space, and devote the upper floors to offices and 40 apartment units. Eight of those apartments will be rent-restricted for residents with low incomes.
The building is expected to open in 2019.
"This project has tremendous potential for continuing and multiplying the economic development already taking place in the blocks surrounding this site in Lancaster," Wolf said in the release. "A blighted outdated building that was stifling growth will gain a new, modern appearance and in the process can be a significant part of Lancaster’s revitalization."
This financing is not the first support the renovations have received from the New Markets Tax Credit program. Community First Fund, a Lancaster-based community development entity, allocated $8 million in tax credits to Zamagias for the project this past spring.