Plans coming together for big Coatesville project

Coatesville, Pa., once a thriving steel town in the rolling hills of Chester County, has struggled over the years to attract developer interest and investment dollars but Jim DePetris believes its time has finally arrived.

DePetris and his family run Legend Properties, a commercial real estate brokerage. The company's affiliate, DEPG Associates, is making a bet on what he believes is Coatesville's long-overdue revival. In fact, he believes that a $15 million to $17 million project that spans a block long at the intersection of Route 30 and Route 82 could be just the right catalyst for additional development and investment.

DePetris closed on buying the former Lipkin furniture store and is in the midst of acquiring other structures to make way for his vision. The development would have 20,000 square feet of retail at street level and 44 market-rate apartments.

"Other developers have talked about doing something in Coatesville but nothing ever happened," DePetris said. "We're really committed to this and we're going to see it through. We're already deeply invested."

DePetris' commitment seems unlike other developers who have either walked away from doing something big in Coatesville or simply didn't have the guts to even consider it. Oliver Tyrone Pulver Corp. did manage to construct a $36 million Marriott. The developer is also trying to attract tenants to an 80,000-square-foot office building but it hasn't been easy.

The Coatesville Redevelopment Authority issued a request for proposals last July on 28 acres on Route 30 just west of Route 82 on land commonly referred to as "the flats." Thirty-three developers were contacted but none responded.

Newly elected state Rep. Harry Lewis grew up in Coatesville and is hopeful his new position could somehow help push the community toward revitalization. DePetris said he will seek state funding to support a portion of the cost of his development and absent of those funds, it would be very difficult to get the project out of the ground.

"We want to give them support from the state level and see what we can do as far as assistance and grants," Lewis said about Coatesville. "We will do all that we can do. There are a lot of complexities involved in this revitalization process."

Aside from the RDA, the Chester County Economic Development Council has been involved in identifying and supporting projects it believes will help Coatesville. For example, the economic development council is working with Amtrak, the RDA, PennDot and other stakeholders on the construction of a new train station, parking and other development that would give the city a new anchor and economic boost. One idea is to incorporate office space in one or more buildings next to the new train station.

Abandoned for more than 20 years, the Coatesville train station at 3rd Avenue and Fleetwood Street was built in 1865. A development team has been selected to move forward with that project.

If things go as planned and financing lined up, DePetris estimates ground could be broke September 2016.

"It's a good project to start the ball rolling," he said.

Source: Philadelphia Business Journal