From Abandoned to Apartments: A $3.3 Million Transformation
Real estate investors Jesse Wig, Adam Colucci, and Dan Spanovich bought an abandoned high school in Homestead, Pennsylvania for $100,000 and converted it into a 31-unit apartment building, which cost $3.3 million to renovate. The project qualified for historic tax credits, but the partners also reused some of the original materials found in the school. Leasing started in October 2021, and the former high school reached 100% occupancy within six months. The partners are reinvesting profits into a second abandoned school across the street, which will have 33 apartments and amenities like a rooftop deck and indoor parking. Renovations for the second school are expected to be completed in July 2023.