In 2005, WCI was able to purchase and rehab over 20 properties in the city of Harrisburg (several commercial and mixed use properties) and has plans for the development of over 50 structures in the next year.
In the past 5 years, the manager of WCI, J. Alex Hartzler, has personally renovated and sold over 45 properties in Harrisburg.
1. Restoration and Revitalization of Historic Homes in Harrisburg, Pennsylvania.
WCI Partners, LP was founded in 2005 by a group of Harrisburg business professionals and residents who recognized the opportunity to affect change within the city of Harrisburg and other urban areas by acquiring, rehabilitating, restoring and re-selling historic homes. Focused primarily on residential and commercial development, WCI Partners, LP (WCI) currently is involved in projects in Harrisburg, Philadelphia, Washington D.C., West Palm Beach and San Diego.
In Harrisburg, WCI typically looks to acquire individual distressed homes at below market rates with a focus on failed “micro-neighborhoods,” where it can acquire groups or blocks of homes/structures at depressed market rates because of blight, significant decay or other problems associated with the existing housing stock.
These “micro-neighborhoods” are typically adjacent to or nearby stabilized neighborhoods but have been shunned by other developers because of the overwhelming percentage of homes and/or structures that need significant repair. These neighborhoods are often characterized by abandoned buildings, empty lots, tax delinquent properties, absentee landlords, nuisance bars, drug trafficking and other ills typical of blighted urban areas. In order to successfully stabilize these failed areas, WCI works in conjunction with several developers and the local municipalities to acquire and rehabilitate a significant majority of the structures during a compressed time frame.
WCI believes that its real estate restoration activities - taken in conjunction with ongoing city and community projects in Harrisburg - will contribute to attracting and retaining residents in the city of Harrisburg. To that end, its goals are congruent with articulated City and State objectives to combat the well documented “Brain Drain” currently taking place in many urban areas of Pennsylvania. Overwhelming anecdotal and other evidence indicates that many people (particularly young people and couples with pre-school aged children and older couples without children) are willing to buy homes in the city but want to purchase a finished or new home of similar quality to that available in the suburbs. However, these persons do not typically want to undertake substantial rehabilitation projects or buy homes that are adjacent to vacant or dilapidated structures. Thus, their individual preference to live in the urban area may be thwarted unless developers take on larger neighborhood projects and provide the assurance that the neighborhood is fully stabilized. WCI and its development partners also seek to cooperate with home owners that are adjacent to or nearby the homes it has under renovation, for the mutual benefit of both homeowner and developer. To that end and on a case by case basis, it assists home owners with facade, roof, porch, painting and other improvements that the home owner may not be able to afford or plan to carry out currently. The impact of making these changes while other surrounding properties are also being improved often greatly adds to the value of all properties in the nearby area. While the idea is not original to us (see link below from Los Angeles) we strive to add a Pennsylvania flavor: Article from CNN.Money.com: "Go Paint Your Neighbor's House"
401 N. 2nd Street
403-07 N. 2nd Street
214 Muench Street
216 Muench Street
273 Muench Street
1937 Penn Street
261 Delaware Street
315 Reily Street
323 Reily Street
2241 N. 2nd Street
2347 N. 2nd Street
1415 N. 3rd Street
1419 N. 3rd Street
2018 N. 3rd Street
1921 Penn Street
1922 Penn Street
1938 Penn Street
1424 Susquehanna Street
1932 Susquehanna Street
1422 Williams Street
263 Delaware Street
264 Delaware Street