The former Lycoming Mall under new ownership; Famvest Partners acquire property with plans for revitalization
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After several months of postponement, the sale of the former Lycoming Mall to Famvest Partners is complete. The developers may now proceed with their plans to revitalize the 135-acre property into a mixed-use development.
"Acquiring the Lycoming Mall has been in the works for quite some time," said Jon Jahanshahi, President for Famvest Partners, LLC. "We are thrilled to be able to move into the first phase of redevelopment of this property."
The developers have a multi-phase plan to convert the mall property into a mixed-use work/live/play site that will include commercial, hospitality, recreational and residential components. The initial phase includes changes to the initial infrastructure by adding new transportation assets, demolishing, and refurbishing existing buildings, adding new utility assets, and constructing new buildings.
"Officially acquiring the mall property now allows us to have substantive conversations with potential tenants," said Ara Kervandjian, Manager, Vice President, and Secretary for Famvest Partners. "While the list of potential tenants remains fluid, we believe the prospects will provide great economic benefit to the surrounding community."
There has been tremendous support for this revitalization project on many levels. Late last year, the project received $5 million in Redevelopment Assistance Capital Program (RACP) funds from the Commonwealth and most recently the Lycoming County Commissioners approved a $5 million loan to assist the developers in the $15 million purchase price of the mall.
"This has truly been a community effort, and we'd be remiss if we did not thank all the local stakeholders that have assisted us in moving this project forward," added Kervandjian. "We have had immense local support from Senator Gene Yaw, Representative Joe Hamm, and the Lycoming County Commissioners. Public/private partnerships are essential for these types of large-scale redevelopment projects, and we look forward to working with them as the project moves forward."
Local business leaders have also been supportive of the project recognizing the potential economic impact it can have on the region.
"The mall site is an ideal location for a project like this, said Jason Fink, president of the Williamsport/Lycoming Chamber of Commerce. "Taking this blighted, vacant site and turning into a thriving economic center will transform our community, and we look forward to seeing it completed."