Bowtie High in Homestead, Pennsylvania before the remodel. Adam Colucci
- Three real estate investors bought an abandoned high school near Pittsburgh for $100,000.
- They invested 18 months and $3.3 million to convert the former school into 31 apartments.
- The renovation has retained much of the school’s original design.
In 2019, Jesse Wig, Adam Colucci and Dan Spanovich bought an abandoned school in Homestead, Pennsylvania for $100,000 in an off-market deal.
Bowtie High had been abandoned for nearly a decade, but the trio believed the building had potential.
As of 2020, they began converting the former school into 31 apartments.
Jesse Wig, Adam Colucci and Dan Spanovich are the investors behind the project.
Adam Colucci
The project sat on hold for about a year after the trio bought the school as they couldn’t agree on what to do with the building.
“We spoke to some larger tenants — a gymnastics team, a basketball team, that are renting space for a recording studio,” Colucci said.
They eventually decided to convert the 55,000-square-foot building near Pittsburgh into a condominium complex.
According to Wig, it took about 18 months to complete and cost around $3.3 million. They invested $1.3 million and also secured a $2 million mortgage, he said.
“The beauty of this building was worth what we paid,” said Colucci.
They could only use about 20,000 square meters of the building for the apartments.
Chrissy Norman @ C Norman Designs
According to Colucci, the trio could only use about 20,000 square feet of space because areas such as hallways, stairwells, the gymnasium and the auditorium had to be preserved.
They converted most of the classrooms into individual apartments, while some of the larger classrooms were divided into two.
“I’m really glad we did it because the building is so cool,” he said.
They kept the original design of the building.
Adam Colucci
The trio reused some of the school’s original materials, such as the wooden floors of the old auditorium.
“Preserving history and reusing the old windows was a big challenge,” said Colucci.
Spanovich said he gathered all the materials he needed and that his stress levels were “above all reasonable” at times.
The “wow” factors of the building are the auditorium and the gymnasium.
Adam Colucci
“The really high ceilings and big windows and a handful of other features are cool,” said Wig, a 35-year-old real estate agent and investor.
But the real “wow” factors are the auditorium, the gymnasium, the grand hallways and the crown molding, he added. “The building is simply unique.”
Rent for a one-bedroom apartment in the building starts at $1,400 per month.
Adam Colucci
Rents range from $1,150 to $1,450 per month, Spanovich said.
The apartments feature stainless steel appliances, built-in washers and dryers, and walk-in closets.
Renting at Bowtie High began in October 2021 and reached 100 percent occupancy within six months.
Adam Colucci
Residents also have access to common areas such as the auditorium, which features a shuffleboard, television, and lounge area.
The building also has an additional storage room for storing items such as bicycles or sports equipment.
The trio decided to buy another high school across the street.
Adam Colucci
The trio have since bought another school.
“Maybe I’m just a dreamer, but as soon as we had the first building, I knew we needed the second,” Colucci said.
They bought the second building across from Bowtie High for $90,000, he said.
It was in worse shape and required a lot more money, but he said they “had to get it.”
Spanovich said he expects the trio to have spent $4 million on the renovations once complete.
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The second building will contain 33 apartments.
Adam Colucci
The second building will have a rooftop terrace with patio furniture and a pool table, and residents will be able to use the amenities of both blocks.
“There will be good synergies,” said Colucci.
There will be 33 apartments with the same 14-foot ceiling height as the original classrooms and concrete floors, he added.
The apartments attracted interest from young professionals.
Adam Colucci.
The apartments have attracted attention, particularly among young professionals or graduate students, Colucci said.
He added that they had a good mix of tenants but wanted to continue growing and diversifying their customer base.