Royal Square Development & Construction
Owner: Josh Hankey, CEO
Location: York, PA
Business: Real Estate Construction and Development
Purpose of Loan: Large-Scale Revitalization Project
Impact: Affordable Housing / Economic Security
With a passion for urban redevelopment, York-based Royal Square Development & Construction launched a renaissance in the once-thriving city center.
After completing various redevelopment projects throughout the city, Royal Square’s CEO Josh Hankey set his sights on tackling their most challenging endeavor yet – the Market Street Revitalization Project. Community First Fund’s New Markets Tax Credit allocation helped Royal Square leverage $14 million in public and private funds, allowing the project to get off the ground.
This project transformed three decaying buildings totaling 57,000 square feet in the first block of West Market Street, once known as York’s “Department Store Row.” Formerly occupied by Weinbrom Jewelers, F.W. Woolworth and Zakie’s Nightclub, the renovated buildings feature 33 apartments – 8 of which are affordable-rate – and 8 retail locations. The new commercial tenants, some that are Community First Fund small business clients, are expected to generate close to 55 new full-time jobs in downtown York.
And the renaissance continues. Recently, Royal Square has completed more projects, including the multi-site Landmark Properties Project which received an additional New Markets Tax Credit allocation from Community First Fund.