Explore an Abandoned School Transformed into an Apartment Building
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Jesse Wig, Adam Colucci and Dan Spanovich bought an abandoned high school in 2019 in Pennsylvania and converted it into a 31-unit apartment building. They subsequently bought a second abandoned school, the Schwab School, which they converted into a 33-apartment building with a renovation budget of around $4.5 million. Now, both buildings are rented out, with the latter at 85% occupancy, and residents can use amenities in both buildings, such as a garage, rooftop deck, and gym.
Jesse Wig, Adam Colucci, and Dan Spanovich Convert Abandoned Schools into Apartments
In 2019, Jesse Wig, Adam Colucci and Dan Spanovich purchased an abandoned high school in Homestead, Pennsylvania. They transformed Bowtie High into a 31-unit apartment building with a $100,000 investment.
During the Bowtie High renovation, they seized another opportunity and bought the Schwab School across the street for $90,000 in October 2020. According to the Pittsburgh Post-Gazette, the school had been abandoned intermittently since its closure in 1980.
The Schwab School renovation kicked off in April 2022. The building was in a worse state than Bowtie High, requiring comprehensive structural work. The top floor, once a gym and auditorium, was converted into eight two-story apartments. The total renovation cost was $4.5 million, which included a $3.25 million mortgage and $1.25 million from the trio.
They sought to take advantage of state and federal tax credits. If approved, they would receive approximately $800,000 in federal tax credits. They are still awaiting the outcome of the Pennsylvania state tax credit lottery.
The converted school now houses 33 apartments, with rents ranging from $950 to $1,950. The building is 85% occupied and profitable since leasing began. Its residents can enjoy amenities in both Bowtie High and the Schwab School, including a double-decker garage, rooftop deck, basketball court, and gym.
While there are currently no plans for another joint project, Wig and Spanovich have each purchased another school in Homestead and elsewhere in the state. Spanovich and Colucci have also bought a former brewery, contemplating its conversion into apartments. “Reviving these old buildings is the most rewarding part,” says Spanovich.
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