The Blair Chamber and Altoona Blair County Development (ABCD) Corporation joined with American Chestnut Real Estate officials this month to celebrate the grand opening of the Kress Building in Downtown Altoona. The building features new commercial and residential units under the brand “Lofts on 11th. The units are all open space loft style living along the primary mountain main street community.
“Thank you to American Chestnut Real Estate team. This project is critical not only for the physical rebirth it brings to a classic building, but also for the housing component which is desperately needed to help attract new talent to our community,” said Stephen McKnight, ABCD President and CEO.
The nearly $5 million project was made possible in part due to several funding programs to include a $1,500,000 Redevelopment Assistance Capital Grant, a $500,000 Altoona Investment Fund loan, $500,000 in PA Enterprise Zone Tax Credits, and an ABCD direct participation loan of $250,000. State and federal historic tax credits were also awarded to the project for the preservation aspects that the building represents.
“A special thanks to our key partners to include the Department of Community and Economic Development, State Senator Judy Ward, Sate Representative Lou Schmitt, and all of the City Council members who came together to utilize the programs needed to get this project across the finish line,” McKnight added.
At the time of the dedication 4 of the 5 residential units have been leased along with half of the commercial space. “This truly shows the continued demand for quality loft style residential living in our smaller, downtown environments,” McKnight added.
The learn more about the building visit American Chestnut Real Estate at www.americanchestnutrealestate.com/current-projects
