Plans for the $27 million renovations and upgrade of Richford Arms, an affordable housing building on 515 State Street in Erie City were announced by Beacon Communities. The Boston-based real estate company partnered with Erie Insurance financing on the project and has already begun preliminary work on the northern side of the building. A kick-off event was also held recently at the Erie Art Museum on 20 E. Fifth St, to officially mark the start of the project’s construction phase and the delivery date is set for this December.
The mayor of Erie, Joe Schember and other community leaders were excited about the makeover project for the Richford Arms building. The major said these are the types of housing improvements that are needed in the downtown area. According to Josh Cohen of Beacon Communities the renovations will not affect the residents living there and none of them will be displaced.
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The Richford Arms Apartment will undergo several upgrades which include the elevation of the outdoor terrace, with new seatings, planters, lighting, and the construction of a new entrance for residents. Improvements will also be made to the ground floor retail storefronts, new common areas for wellness programs, and renovations to various apartments and corridors. The renovation project will also cover the addition of a new two-story building towards the North side of Richford Arms, at the site of its existing parking lot. The new building will house a fitness center, support offices, a kitchen, television room, new laundry room, and six new apartments.
Richford Arms to be funded by $12 M in tax credit from Pennsylvania Housing Finance
The majority of the Richford Arms project will be funded by $12 million in tax credit from the Pennsylvania Housing Finance Agency spread across 10 years with $1.2 million to be provided annually. According to Cohen, funding for the project will also come from Cleveland-based Key Bank and national housing financing giant Fannie Mae. Erie Insurance will be contributing a $3 million low-interest loan for the Richford renovation project as part of their commitment to downtown. The City of Erie is also offering financial support in the form of two approved loans, worth $2.45 million in total.
