EDDC Paid More than $2.9 Million for North Park Row Area Properties
County records show that the Erie Downtown Development Corporation deal to purchase eight properties along North Park Row, West 5th Street and State Street is worth $2,950,000.
The sellers listed are Thomas Dworzanski and Beverly Walker.
The EDDC closed on the purchase last Friday. The eight properties include six buildings on North Park Row, with the addresses of 18, 20, 24-26, 28, 32-34 and 36, plus 27 West 5th Street and 508-510 State Street.
The sale was finalized with an open-ended mortgage line of credit up to a maximum $4 million coming from the Erie Downtown Equity Fund. The borrower listed on the deed is North Park Row LLC, with the EDDC signing on behalf of the corporation.
This is the first property purchased by the Erie Downtown Development Corporation. CEO John Persinger called the purchase "a very strategic acquisition for the EDDC." He said the EDDC has long term plans to redevelop the properties but it will take several years to solicit development proposals and coordinate the financing.
Sherlock's and Park Place have closed, but several other tenants have elected to remain in place and continue business operations for now. Those include Tandoori Hut, Dave's Diner, Coconut Joe's, 28 North Gastropub, Resolution Nightclub, Khao Thai and Casblanca Hookah Lounge.
The EDDC will host a public event Wednesday, September 12th from 4:30 to 9 p.m. on North Park Row to celebrate the acquisition with an announcement planned at 6 p.m.