The Pittsburgh-based developer of the Washington Trust Building rehabilitation project will receive almost $700,000 in state tax credits.
The announcement was made late Friday afternoon in a press release from state Rep. Brandon Neuman, D-North Strabane.
Neuman said the Pennsylvania Housing Finance Agency put together the tax credits totaling $689,232 to convert the 10-story annex, built in 1922, to accommodate a mixture of commercial and residential space with the construction of 24 one-bedroom apartments.
“The stately landmark in the heart of the downtown deserves this investment,” Neuman said in a statement. “The highly sought tax credits will help restore the grandeur of the overall building and add vibrancy to the downtown.”
The original six-story building, built in 1902, will continue to offer commercial space.
Pittsburgh-based TREK Development Group, which purchased the complex in November 2013, submitted the tax credit application. According to PHFA documents and a website devoted to the building, TREK is pursuing additional renovations totaling $11.3 million, including updated building systems and restoring the exterior façade.
The project was one of 39 projects statewide selected for tax credits. A PHFA official described the process as “very, very competitive,” and said it had received 111 applications for the 39 awards.
The agency said the awards of $40.3 million in tax credits to developers will be used to attract more than $407 million of investment funding for building and rehabilitating housing offering affordable rent.