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Real Estate Collaborative, LLC Managing Group Formed with Two Projects Underway

Real Estate Collaborative LLC

CUMBERLAND VALLEY, PA (October 25, 2016) – Cumberland Area Economic Development Corporation (CAEDC) created a new subsidiary organization called the Real Estate Collaborative, LLC (REC) in September 2016 with support from the Cumberland County Commissioners and CAEDC Board of Directors.

The REC recently formed a Managing Group that will make decisions and assist in overseeing REC projects and finances. The group consists of the following: Chair – Andrew Notarfrancesco, JEM Group; Vice-Chairman – David Luo, F&M Trust; Treasurer/Secretary – Jon Cox, Rhoads & Sinon; Asst Treasurer/Asst Secretary – Patrick Campbell, Vitro Architectural Glass, Inc. and Director – Tim Whelan, Cumberland County Housing & Redevelopment Authority.

“The core mission of REC aligns with the future of Cumberland County by creating opportunities for smart investment in underutilized real estate assets,” said REC Chair, Andrew Notarfrancesco.

Current Projects

The Managing Group held their first meeting on October 7th and decided to move forward with two projects. Domestic Castings in Shippensburg and the Carlisle United Methodist Church in the borough of Carlisle.

The Domestic Castings property is located at 245 N. Queen St., Shippensburg and consists of 8 acres and 112,000 sq. ft. of industrial space adjacent to Shippensburg University. REC plans to demo and remediate the entire site and redevelop the site for mixed uses that will complement the community and the University. Herbert, Rowland & Grubic Inc. and Saul Ewing have been selected as consultants for the project.

The Carlisle United Methodist Church is located at 45 S West St., Carlisle and consists of 60,000 sq. ft and 52 parking spaces. In recent years, the existing church merged together with two other congregations and, as a result, now needs more space and parking to accommodate. The church has plans to construct a new facility just outside of the borough in South Middleton Township.

The existing church is currently on the Carlisle Borough’s Historic Registry and dates back to the 1920s, with its most recent expansion in 2001 adding multipurpose rooms, a library, several classrooms and an elevator. REC sees this site as having great potential for mixed uses of residential units, retail, restaurants and galleries with its close proximity to Dickinson College, Penn State Dickinson School of Law and the downtown’s current mix of shops, galleries and restaurants. This project will directly tie into our tourism industry and will expand the offerings for residents and visitors to downtown Carlisle.

Financing for both projects will be provided by various local, state and federal grants/financing programs as well as private capital investment.

About Real Estate Collaborative, LLC
REC will operate as a subsidiary of CAEDC with a purpose of enhancing CAEDC’s mission to increase job creation, capital investment, and commercial and industrial tax base in Cumberland County, as a result of CAEDC’s and Cumberland County’s Comprehensive and Strategic Plan for Economic Development. Read more about the Real Estate Collaborative here.

About CAEDC
CAEDC is Cumberland County’s authorized agency charged with leveraging and promoting Cumberland Valley’s economic development and tourism assets to drive growth, create jobs and improve the quality of life. Offices are located at 53 W. South Street, Carlisle PA. For more information, visit www.cumberlandbusiness.com and www.visitcumberlandvalley.com.

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