J.R.
McKinley Associates
Real Estate Investment & Development
York,
Pennsylvania
Contact |  | Development
Projects Include:
Station
House Condominium Project
250 N. George St. York, PA
Owner: 250 N.
George Street Associates, LP
Year Built: 1920
Current Condition: Shell/Vacant
Project Type: Residential
Units: 6
Average Size of Unit: 1,500 Sq.
ft.
Building Size: 9,000 Sq. ft.
Water: Public Shut off
Sewer: Public
Shut off
Electric: Met Ed Shut off
Gas: Columbia Gas Shut off
Cable:
Available
Project Summary: The development would be six mid market
rate condominiums with custom options available. This project is located directly
across from the York Codo Project and catty corner to the new baseball stadium.
Located right in the heart of the Northwest Triangle Project. Paving the way for
these special condominiums has been the Loft Project located directly behind with
an average price of $275,000 and premium lofts selling for over $500,000. The
exterior facade facing George has been restored to its early architectural luster
completed with re-pointed brick and stain glass windows. The rest of the building
is completely shelled with 90% of it being demolished for this project. The demand
is strong in this area as the Codo project was completely leased before construction
began and Kinsley Development plans on building and additional 180 townhouse units
directly behind our project. This project qualifies for the ReTap program offered
as a ten year real estate tax reduction.
Possible Investment Strategy:
-
Completely Develop
- Sell Package to Investor
Target Markets:
- Empty
Nesters
- Down Sizing
- Investors
Estimated Project Completion: Summer
of 2009.
Posey
Iron Works Project
560 S. Prince St. Lancaster, PA
Owner: J.R. McKinley
Group, LLC
Year Built: 1918
Current Condition: Shell/Vacant
Project
Type: Commercial
Units: 1-2
Average Size of Unit: 5,000-13,000 Sq. ft.
Building Size: 13,000 Sq. ft.
Water: Public Shut off
Sewer: Public
Shut off
Electric: Unknown Shut off
Gas: Unknown Shut off
Cable:
Available
Project Summary: This historical pointed building comes with
an approved land development plan and is the main entrance to a subdivided "KOZ"
Keystone Opportunity Zone located at the southern area of Lancaster City. Many
businesses and investors are taking advantage of these properties for their tax
advantages. This property was purchased well below market value from an estate
and is being marketed as a commercial flip or development project. We have already
done extensive clean up to the exterior and site. We currently are entertaining
a couple of concepts with interested buyers. This one shouldnąt last long with
its location, historic value, and tax advantages. Restoring the electric and HVAC
will allow this building to rent at a faster pace, because most tenants donąt
have the time to wait for improvements, especially with current state of the economy.
Tenants will make decisions based on sales and at the last minute.
Possible
Investment Strategy:
- Completely Develop
- Sell Package to Investor
Target
Markets:
- Companies Looking for KOZ tax incentives
- Unique Restaurant,
Residence, or Retail Location
- Investors Estimated
Project Completion:
TBD Based on Buyer or Tenant
Lancaster
Candy Factory Condominiums
323 N. Queen St. Lancaster, PA
Owner: 323
N. Queen St. Associates, LP
Year Built: 1900
Current Condition: Occupied
Project Type: Residential
Units: 18
Average Size of Unit: 1,700 Sq.
ft.
Building Size: 40,000 Sq. ft.
Water: Public On
Sewer: Public
On
Electric: Unknown On
Gas: Unknown On
Cable: Available
Project
Summary: The Keppel Candy Factory has been the remaining historic eye sore
for N. Queen St. in downtown Lancaster. The acquisition of this property has been
an off the market acquisition at below market value. It was purchased fully leased
below market rates and is currently going through the process of a new lease structure
and rate increase with all the tenants. This new format will increase the income
35% to 50% of what it was at the original settlement. This property also possesses
the attributes for a much in demand residential condominium development. Other
developments in the area include North Gate and the redevelopment of Highland
Crossing Apartments. In addition we have had multiple investors interested in
an as-is purchase option at market rate, which would be a generous return. Regardless
this property has the potential to be a corner stone acquisition and development
for McKinley Group in Lancaster.
Possible Investment Strategy:
- Hold
and Increase Cash Flow
-
Completely Develop
- Sell Package to Investor
Target Markets:
- Empty
Nesters
- Down Sizing
- Investors
Estimated Project Completion: TBD
Based on Buyer or Tenant
City
Corporate Center
116-118 E. Market St. York, PA
Owner: 116-118 E.
Market Street Associates, LP
Year Built: 1920
Current Condition: Shell/Vacant
Project Type: Commercial
Units: 3
Average Size of Unit: 7,000 Sq.
ft.
Building Size: 21,000 Sq. ft.
Water: Public Shut off
Sewer:
Public Shut off
Electric: Met Ed Shut off
Gas: Columbia Gas Shut
off
Cable: Available
Project Summary: Formerly the AAA building
in York City, this commercial acquisition is one of the remaining blighted buildings
along East Market Street within two blocks of the square. This property is considered
one of the prime locations for a satellite office for the United States Postal
Service and Federal GSA agency for the spring of 2009. We would like to move our
expanding headquarters to the third floor and establish a much need space for
our property management team and every growing real estate brokerage staff. We
are looking to obtain financing for a small phase of clean-up and renovation to
provide the professional image we need to market and deliver our services and
space to this community. It is positioned in the middle of lots of parking and
within walking distance to many businesses including: Yorktown Hotel, The York
Water Company, York Court House, and York County Offices.
Possible Investment
Strategy:
- Completely Develop
- Sell to Investor
Target Markets:
-
Companies Looking for Tax Savings
- Own or Lease Commercial Clients
-
Investors Estimated
Project Completion: TBD Based on Buyer or Tenant
White
Rose Business Center
Details to come. |
