Prospective Lycoming Mall buyers offer look at future plans
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Although they did not offer detailed plans, representatives of Famvest LLC, the developers who are looking to purchase the Lycoming Mall, gave a glimpse at what might be ahead for the failing property.
"Famvest is pursuing the revitalization of this property to transform it into an economic center," said Ara M. Kervandjian, executive vice president.
"Properties like the Lycoming Mall can be leveraged for mixed use developments to bring new restaurants, retail shops, health care facilities and or residential units," he said.
Speaking at this week's Lycoming County commissioners meeting, Kervandjian noted the fact that when communities have taken advantage of projects like the one proposed at the mall, there is often a "ripple effect of further investment development and job creation."
"The multi-phase project will include changes to the existing infrastructure by adding transportation assets, demolishing and refurbishing existing buildings, adding new utility assets and constructing new buildings," Kervandjian said.
"The comprehensive costs will be significant, but the economic impact will be even greater," he added.
The county has entered into a public-private partnership with the developers by pledging to provide a $5 million loan for the project. The money will come from Act 13 funding. The developers have also sought bank financing for another $5 million and are investing $5 million of their own money for the purchase of the 138-acre property. They have been awarded a Redevelopment Assistance Capital Program grant from the state and are also seeking other grant funding for the project.
Closing on the mall property is expected in March.
Kervandjian, who is from State College, was joined by M. Jon Jahanshai, Famvest's senior vice president, acquisitions and development, who is from Muncy.