What Are The Origins Of Bowtie High?
Originally named Bishop Boyle High School, the school was first built in 1929 in the small Pennsylvania borough of Homestead. It was initially designed to be a school for Homestead’s Catholic community.
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The school shut down in 2001 due to a decrease in population and steady unemployment rates. In 2002, it was transformed into a facility for troubled youth but remained vacant from 2013 to 2018. A year later, a real-estate agent named Jesse Wig, along with Adam Colucci (a real estate investor and owner), and Dan Spanovich (a real estate developer and lawyer) stepped in.
The Team Converted Bishop Boyle High School Into Luxury Apartments
Wig, Colucci, and Spanovich purchased the property for $100,000 in May 2019, converting it into a 31-unit apartment complex. They secured the building with the assistance of a $2 million mortgage from a bank and the entire renovation took around 18 months to finish.
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Additionally, the team also lent $1.3 million of their own funds to the project. It cost about $3.3 million to renovate the whole building while also keeping the historical essence intact. The partners received a historic tax credit from the state and even reused parts of the school’s original building materials in the design.
Bowtie High’s Demand Skyrocketed Right Away
In October 2021, leasing the apartments began before renovations were even done. And, within six months, Bowtie High was at 100% occupancy.
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The luxury apartments boast 31 units and the monthly rent starts at $1,400 for one-bedroom, one-bath units. Two-bedroom units cost $1,600. Some of the apartments have utilized the original chalkboards, yet stainless steel appliances, walk-in closets, and in-unit washers and dryers were installed to usher in a modern flare.
They Aren’t Done Quite Yet…!
Dan, Jesse, and Adam have their eye on yet another abandoned high school – in fact, it’s right across the street from Bowtie High. When Colucci discovered that the property was for sale, he knew it was another perfect opportunity, except another investor already had a contract for the school.
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Luckily, in 2020, the deal collapsed and the team purchased the property for $90,000 with their $3.25 million mortgage. With renovations predicted to be completed by July 2023, the apartment complex will contain 33 apartments complete with a rooftop deck, a shared lounge on the lower level, and indoor parking. Needless to say, the partners are up for the challenge!