The Erie Downtown Development Corporation (“EDDC”) will acquire Gannon University’s surface parking lots, located at the northeast corner of 5th & Peach streets, in early July.
After acquisition, the EDDC intends to develop a 350 space parking garage and 60,000 square foot mixed-use building that will offer ground floor retail spaces for 6 to 8 new businesses and approximately 40 new residential units.
This acquisition is the final acquisition for the EDDC’s initial phase of development (“Phase 1”), which includes the following:
- $110 to $125 million total investment
- 9 Historic Buildings Revitalized, 2 New Mixed-Use Buildings and 1 New Parking Garage
- 477,000 Total Square Feet
- 100,000 Square Feet of Commercial Space
- 154 New Residential Units
- 40+ New Businesses
- 425+ New Jobs
- $2.5 million in Annual Taxes Paid
Properties, including Flagship City Food Hall and Flagship City Market, will start to come online in Q1 2021.
Phase 1 is scheduled to be completed by early 2023.