After shutting down in late summer for a redesign, site work has renewed on an estimated $12 million planned senior housing complex on upper Pine Street in Meadville.
A 128-unit independent living complex is being developed by Calamar Inc., a Wheatfield, New York, real estate development firm. The company’s target market is those age 55 and older who are living independently.
The company broke ground on the project last March, but the project slowed during the summer due to potential foundation issues as well as a redesign.
The redesign incorporated some design changes for apartments based on input from tenants at other Calamar properties and potential local tenants as well as the project's financial aspect.
"We looked at the pro forma (financial statement) and wanted to make sure to maximize our revenues," Marc Guizzo, Calamar's vice president of real estate, said of the redesign. "We worked with the architect in incorporating the changes."
A pro forma financial statement is a projection of actual statement if underlying assumptions for a project hold true.
"We have to look at the total costs and we have to do what's right financially," Guizzo said. "We want to get it done as soon as possible."
Right now, crews are doing as much utility and site work as possible as weather permits, said James Darois, Calamar's project manager for Pine Street Commons Active Living.
When Calamar broke ground in March 2018, completion was expected by this spring. With the redesign and winter weather, the anticipated opening has been pushed back to late 2019 or early 2020, according to Darois.
Calamar's project — bound by Arch, Pine and Alfred streets and Burns Avenue on Meadville's east side — has been in the works for the last several years.
In mid-2015, Calamar reached agreement to buy 4.5 acres on upper Pine Street from Crawford County for $660,000.
The site once was part of the former Talon Inc. zipper manufacturing plant. In 2011, the county purchased more than 11 acres once owned by Talon Inc. as a possible building site for courthouse offices.
Keith Gushard can be reached at 724-6370 or by email at email@example.com.