A unique, triangular building in downtown York City has piqued the interest of two young developers.
Seth Predix and Jordan Ilyes have proposed converting the Keystone Colorworks building, a former paint factory at 109 W. Gay Ave., into 29 luxury apartments.
The city's Redevelopment Authority, which owns the building, voted Wednesday to draft a sales agreement for $100,000.
It could be months before the sale is final, but Wednesday's decision "basically takes the building off the market," said David Cross, who chairs the RDA.
Predix and Ilyes have tackled similar factory-to-apartment projects around the area in recent years, including the under-construction City Lofts on North George Street in North York.
The 36,000-square-foot Colorworks building, which dates to the 1880s, has been environmentally remediated and approved for residential development.
City officials have tried for years to solicit proposals that would bring the building, located in the Northwest Triangle redevelopment area, back to life.
Ilyes said the building "has tons of character inside."
"There's a need for our product downtown," he said. "We're hearing that every day."
He said they expect to set rents between $950 and $1,350 per month for one- and two-bedroom apartments. They also plan to build a rooftop deck and offer onsite parking for tenants.
Typical tenants of a loft-style apartment are working professionals who don't want to worry about mowing the lawn, Predix said.
"They want to go out to the White Rose on a Friday night and call us if they have any issues," he said.
If the sales agreement goes through, construction would start in the spring and take about a year to complete.
Cross said he's been impressed by the duo's work on other projects.
"What these guys have done is find a way to work with the buildings that actually make the economics of it viable," he said. "They've found a way to provide good quality and make the numbers work."
Cross said the proposal "is exactly what we wanted on the Triangle."
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