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York-based developer Distinct Property Management will fix up the old Elm Terrace apartment building, 450 Madison Ave., York City, starting in May, the company's co-owner Seth Predix said.

The project is "more of a rehab," he said, not as complex as the renovation of the old Keystone Colorworks building, at  175 W. Gay Ave., which is currently underway.

It should take about a year, he told members of the Redevelopment Authority at their Wednesday meeting before they agreed to sell him the building for $500,000.

The fixes to the property will include a new roof, landscaping and improved sidewalks, he said, and will cost about $2.5 million.

When the makeover of the seven-story building is complete, Predix said, 46 apartments will be on the market. They will rent for less than the planned apartments in the Keystone Colorworks building, running from $700 - $850 per month, he said.

The apartments will be "very clean, with an open floor plan," he said.

The developer will install granite countertops and black appliances and the apartments will have hard-surface flooring.

Tenants will share common patio spaces.

The company hopes to attract professional tenants who want a "clean, safe" place to live at an affordable price, Predix said.

Condemned: After a series of code violations, the Elm Terrace building was condemned in 2010 and has been vacant since 2009, interim director of the Department of Economic and Community Development Shilvosky Buffaloe said.

"We're glad to see it redeveloped by a reputable development team," Buffaloe said, noting that Distinct Property Management, which includes a construction arm, has proven itself as such.

RDA chair David Cross concurred and expressed his thought that the new apartments would fit into the neighborhood.

"This was the weak spot in that neighborhood," Cross said.

Like Linden Lofts, 700 Linden Ave., this will be an "impactful project," Buffaloe said.

The company owns several other apartment buildings in the area and recently developed an industrial building at 815 N. George St. into modern apartments called City View Lofts.

— Reach Julia Scheib at jscheib@yorkdispatch.com.

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