Erie County Industrial Development Authority (ECIDA) and Good Homes Communities on Tuesday closed on a $30.6 million bond to purchase the former Avalon Hotel in downtown Erie.

Good Homes plans to transform the Avalon, located at 10th and State St., from an obsolete, nearly abandoned hotel into a 197-unit affordable workforce apartment complex with retail and commercial space on the first floor, ECIDA announced.

The first and second floors will be reconfigured to include a clubhouse, a fitness center, a co-working lounge, mail room and laundry room for the tenants.

The project is scheduled for completion in spring 2025.

Construction and renovations are set to begin immediately and estimated to bring 100 construction jobs to the site. Approximately 75 permanent jobs, which include medical , childcare, food service and building maintenance, will be created.

UPMC will be a future tenant of the new facility.

GoodHomes currently has a portfolio of more than 1,500 multi-family units in eight states.