The Redevelopment Authority of the City of York has announced the sale of an historic anchor building on Continental Square for redevelopment by a private company. The property located at 1 North George Street was sold to 1 North George, LLC. Brokers for the transaction were Ben Chiaro and David Albright with TRUE Commercial Real Estate.
The property was acquired by the Redevelopment Authority in 2014 after being vacated by Citizens Bank. Over the past years, many different developers have had the building under option agreement, the most recent having expired in December of 2021. In March of 2022, TRUE Commercial Real Estate listed the property for sale and quickly received eight full price offers to purchase. Seven of the offers were from companies located outside of York and three of the offers were from companies located outside of Pennsylvania.
“The fact that such a large, complicated property attracted attention from national purchasers really speaks volumes to the forward momentum that we are seeing in York,” shared Blanda Nace, Chief Opportunity Development Officer for the City of York and Executive Director of the Redevelopment Authority. “Bringing new investors and new companies to our city, while also growing and supporting our existing businesses and residents creates a wonderful marriage between redevelopment and economic development. This is an exciting time for York.”
1 North George, LLC is formed under the leadership of Stephen Teachout, CEO, as well as JT Barnes, Senior Account Executive, of Ocean 10 Security based in Asheville, North Carolina. Ocean 10 Security is a nationwide technology company which manufactures the ‘TSUNAMI’ mobile camera surveillance system for government entities, military, and NASA.
“Ocean 10 Security has recently been in the market for a satellite office to facilitate our growth in the northeast. After landing a contract with the City of Pittsburgh, we began to scout for a building to expand our company to the entire Northeast region,” said Teachout. “Following a call with Ben Chiaro, he presented 1 North George to us as the perfect expansion location for our fast-growing tech company. We realized that the scale of this building could foster a Northeast regional office rather a simple satellite office. This prestigious building deserves much more than just an office space, however. Our vision is for multiple businesses under one roof—bringing more activity and entertainment options to the center of the city for the people of York. This multi-use ecosystem will continue to activate Continental Square, create an open collaborative environment for our company and the public, while preserving the historical integrity of the building. I’m excited to hit the ground running in York.”
Barnes added of the project, “in my previous life I was an Urban Planning consultant. In those years I worked with dozens of communities that were fighting to create the streetscape, walkability, and Downtown district that York has possessed for decades. In other words, York has all the ingredients. We’re excited to add another great space for the Downtown community”.
The terms of the sale include provisions to submit a final design plan to the Redevelopment Authority within one year and for initial interior renovations to start within 90 days. Completion of the street level redevelopment will happen within 36 months.
Redevelopment Authority Chairman Michael Black added, “The sale of this asset through the efforts of Blanda Nace and Ben Chiaro and David Albright of TRUE Commercial Real Estate will allow the Authority to focus its efforts on blighted properties throughout our city. In the coming months, the RDA will be able to acquire those properties which negatively affect the quality of life of the residents of York and continue to add value and equity to neighborhoods. We are excited to be able to balance economic development growth with residential opportunities everywhere in York City.”
The Redevelopment Authority of the City of York (RDA) is tasked with eliminating blighted properties in the City of York. The purpose of the RDA is to acquire and reposition properties for redevelopment so that they comply with building codes and are no longer a blighting influence in their neighborhoods, become economic assets which contribute to the City’s tax base and advance the City’s plan for the appropriate development and use of each neighborhood involved.
Ocean 10 Security is the manufacturer of the TSUNAMI ULTRA high-definition surveillance system used by military, housing authorities, municipalities, police departments, schools, and other government [only] entities. The TSUNAMI is a modular, bulletproof surveillance system that records 4K video in 360°. The TSUNAMI is utilized by NASA, the U.S. Military, and hundreds of communities nationwide to solve/deter crime and expand public safety.
