300 East Lincoln in Coatesville: Development Project Announcement

300 East Lincoln in Coatesville

COATESVILLE, PA — The City of Coatesville continues to grow and thrive with new development projects underway. The latest announcement was made on April 29, 2022, when Proudfoot Capital purchased 300 East Lincoln from the Coatesville Redevelopment Authority (RDA). This project is sure to add value to the City and its residents.

Joseph DiSciullo, Chairman of the Coatesville Redevelopment Authority, says that Proudfoot Capital plans to build a new four-story office building and retail complex in downtown Coatesville. The 32,000 square foot facility will be ideally suited for professional services, restaurants or financial institutions. Proudfoot Capital has also purchased an adjacent lot for approximately 70 parking spaces.

“The RDA is excited to work with the leadership of Proudfoot Capital on another downtown property,” DiSciullo said. “Proudfoot Capital has set the standard for smart, economic projects that will be assets to Coatesville.”

Donald Folks, City Council Representative for the 2nd Ward in Coatesville, Pennsylvania, has watched the Third Avenue lot transition multiple times over the past several decades. “Proudfoot Capital has been the engine to bring this space back to life,” says Folks. “We look forward to the development and promising future it holds for the City of Coatesville.”

In 2020, Proudfoot Capital developed Chester County’s first Qualified Opportunity Zone (QOZ) real estate project by renovating and expanding a former Lukens Steel building into a 30,000 sq. ft. innovation center and office space for early-stage companies. The project is located at 190 West Lincoln Highway in Coatesville.

Thanks to the Chester County Economic Development Council’s i2N program, the property was designated a Keystone Innovation Zone (KIZ), designed to attract and provide tax incentives for early-stage companies throughout the region. Now 90% leased, it is home to six tech companies including majority tenants H2O Connected and Nth Solutions, a business incubation and manufacturing company.

The transformation of this once-vacant space is just one example of how the i2N program is helping to spur economic growth in Chester County. By investing in young businesses and providing them with the resources they need to succeed, the i2N program is playing a key role in making Chester County a top destination for tech companies.

The QOZ tax incentives and the short timeframe for land development approval make business investment and development in the City of Coatesville quite attractive, according to Susan Springsteen, President of H2O Connected. “We have been delighted with our decision to move our headquarters to the City of Coatesville,” says Springsteen. “Similarly, the location of the forthcoming office complex is ideal for businesses that want to be in the heart of downtown, within safe walking distance to the Coatesville train station, new restaurants and shops.”

The city’s redevelopment efforts are bearing fruit, and H2O Connected is just one of many companies that are benefitting from the city’s business-friendly environment. With a recent boom in redevelopment and investment, the City of Coatesville is poised for continued growth in the years to come.

The City of Coatesville, Pennsylvania is experiencing a rebirth. Once a thriving steel town, Coatesville fell on hard times when the steel industry left in the late 20th century. However, the city is now in the midst of an urban revitalization, with 35 active development projects underway.

The most recent addition to these projects is the Proudfoot acquisition, which is anticipated to begin construction in fall 2022. The Proudfoot acquisition will add active development to the city’s 1.9 square mile footprint and provide even more opportunities for redevelopment.

With the right combination of investor dollars, local talent, funding resources, and innovative thinking, Coatesville will continue to establish a sustainable future for the current and next generation of city dwellers.

Updated: The original version of this article incorrectly identified Proudfoot Capital as a real estate development firm headquartered in Chicago, Illinois.

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