Mark Lane Properties, a real estate development firm based in Philadelphia, has purchased the former Lipkins warehouse at 139 East Chestnut Street in Coatesville.
The five-story former warehouse, originally built in 1909, is located in the first block of East Chestnut Street between First and Second Avenues. With more than 68,000 square feet, it’s one of the largest and tallest buildings in the city.
Renowned for their successful projects in the University City, East Falls, and Nicetown sections of Philadelphia, developers Mark Sherman and Lane Udis see plenty of opportunity in the City of Coatesville.
This skilled team is well versed in industrial reuse projects like the former Lipkins warehouse and is ultimately excited to be a small piece of the continuing revitalization efforts taking place in downtown Coatesville.
“One of the first things that struck us in our initial talks with community members was the immediate approval and eagerness they held for change in their city,” said Udis. “Mark and I are happy to say that we are not here to sit and wait. We are here to act now.”
Keeping their word, Mark Lane Properties began its rehabilitation efforts within days of closing.
Internal painting, installation of new windows, and a roofing project have already begun, while the partners are working just as hard to preserve the history of the building.
The goal for the building, dubbed Midway Arts, is to make a space for the creative class to come together to collaborate, build upon their knowledge, and grow their trade.
The partners hope to bring numerous work and art forms together through their creation of artist, office, and production space.
They plan to further facilitate this by considering specialty build outs to make each space unique to its occupant.
“The building caught our attention,” said Sherman, “and we hope it draws the same attention from the community as the beautification process continues in the next few months.”
