Renovating A $100k Abandoned High School Into Apartments | Unlocked

In the realm of real estate, there's a magnetic allure to abandoned spaces, often brimming with untapped potential. For many, the possibilities are as vast as their imagination, and so was the case for us when we stumbled upon a forgotten gem in Homestead, Pennsylvania – an abandoned high school. The school had stood dormant for a decade, a haunting relic of days gone by. What were we to do with it? A WeWork space, a concert hall, a beer garden – the ideas flowed like a river in flood. But wisdom prevailed, guiding us towards a path less trodden, yet brilliantly promising: residential transformation.

Meet the Visionaries

Allow us to introduce ourselves: I'm Adam Colucci, a 35-year-old audio-video aficionado and real estate enthusiast. Jesse Wig, also 35, is a real estate agent with a penchant for investment, and last but not least, Dan Spanovich, a 42-year-old real estate developer and lawyer. Together, we embarked on a daring journey, purchasing this abandoned high school for a mere hundred thousand dollars. And the grand plan? To breathe new life into it, crafting 31 unique apartment units.

The Transformation Begins

While the ink was still drying on our purchase contract, we started the exhilarating task of resurrecting this grand old structure. Our apartments, ranging from cozy one-bedroom nests to spacious two-bedroom abodes, offered a ray of hope in an area parched for modern living spaces. The one-bedroom apartments, with all their charm and character, were ready to call home at $1,400 a month, while the more expansive two-bedroom spaces beckoned at $1,600 a month.

We initiated the leasing process in October 2021, even before the project's completion. It took us a mere six months to fill every nook and cranny of the building. What makes our endeavor even more exciting is that every penny we make from Bow Tie Hide is funneled right back into the Schwab School, sitting proudly across the street, awaiting its own rebirth.

Overcoming Challenges

But our journey wasn't all smooth sailing. Underestimating the renovation cost was our most prominent hiccup. Originally budgeting $2 million, the project's demands ultimately swallowed up $3 million. Had we known what lay ahead, would we have tread this path? It's hard to say. But as they say, every challenge is a lesson, and ours was a costly one.

Preserving the Heritage

The high school's transformation was not about wiping the slate clean. It was about preserving the historical fabric, the echoes of the past that whispered within its walls. The 12-foot-high ceilings, the original porcelain crown molding, the terrazzo floors, and the 10-foot-wide hallways were like pages from a history book.

In the heart of this revitalized beauty lay the original auditorium, brought back from the brink of ruin. Plaster, falling and failing, was resurrected, the old flooring lovingly restored. Even a weathered bookshelf found its way back into the auditorium, a silent testament to the history that lives within these walls.

A Space for Community

The gymnasium was no exception. It transformed from its former athletic glory into a realm of free weights and cardio equipment. Bleachers once filled with cheering crowds became storage units. The original basketball court remained, a space now open for tenants to shoot some hoops whenever they desire.

Our aim wasn't just to create apartments but a community. The result? A space that breathed life into a neighborhood that had longed for such a revitalization. The impact was profound, touching the lives of the community's residents and those of us who dared to dream.

Beyond Bow Tie

Bow Tie High, while a grand achievement, was only the beginning of our journey. The Schwab School, a more formidable challenge, beckoned from across the street. With 33 apartments, in-unit washers and dryers, indoor parking, a rooftop deck, and a common lounge, it posed an even greater promise and a more significant challenge.

Our mortgage for the Schwab School stood at approximately $3.25 million, but completing the construction would require even more. The Schwab School was a behemoth, a project demanding our unwavering commitment. But in this commitment lies the magic, the transformation that brings new life to forgotten spaces, connecting the past with the future.

A Commitment to Community

Our journey has been an ode to the community we are a part of. It's about more than just bricks and mortar; it's about weaving the past into the present. While the investment world often looks elsewhere for profit, we chose to invest our hearts and resources in Homestead. This commitment is the thread that binds us to this remarkable property.

Our mission is far from complete, but it's one we embrace with passion and optimism. We believe in the power of abandoned spaces, the stories they hold, and the communities they can create. We are the dreamers, the doers, and the storytellers, transforming abandoned places into vibrant, thriving hubs of life.

Bow Tie Hide Homestead, our labor of love, stands as a testament to the magic that happens when creativity, commitment, and community come together.

So, when you see an abandoned space, don't just see it as it is. See it as it could be, a canvas for dreams, a stage for history, and a home for the future. Let us be your inspiration, your guiding star, and your proof that even the most neglected places can become something extraordinary. The world is brimming with potential, waiting for those bold enough to bring it to life.