Discover the transformative charm of Preeminence 1, a new mixed-use development set to breathe life back into downtown New Castle, PA. Situated on the site of the old Rite Aid building at 119 E. Washington St, this modern five-story marvel blends retail, office, and residential spaces to create an inviting, bustling hub. See the preliminary designs and floor plans here.
Imagine stepping into one of the four Class “A” retail or office spaces spanning a total of 9,520 sq. ft., ideal for local businesses looking to make their mark. Above, 42 deluxe rental apartments await, each offering a sophisticated urban lifestyle enhanced by the rooftop garden, private gym, and ample parking. The views are stunning too—Preeminence 1 is surrounded by the beauty of Zambelli Memorial Park, views to the lush Neshannock Creek and the beautiful Shenango River, not to mention a brand-new pocket park across the street that is currently under development.
And that’s just the beginning! This prime location is across the street from The Confluence café (featuring live music every Thursday night, a reading room/library, private meeting rooms, and great food, beverages and coffee), the Historic Warner Cascade Museum, and Butz Flowers, the nation’s oldest flower shop. Preeminence 1 is at the epicenter of the ongoing transformation of Downtown New Castle!
But the allure doesn’t end there. Preeminence 1 stands as a gateway to opportunity, attracting residents from nearby Youngstown, Pittsburgh, Cranberry Township, and Columbus. The lack of local competition for high-quality rental apartments and top-tier retail spaces has created a default demand that is soaring and in direct alignment with basic economic principles of supply and demand. The shortage of supply generates high demand for Preeminence 1 in the region, where limited units are available to meet this demand. This opens up significant opportunities for Preeminence 2, the next phase of the project, as proposed by Metrovitalization.
View the preliminary 3D video of Preeminence 1 and 2 together, here.
The future shines bright for New Castle with more residential and commercial projects planned for 2024 and 2025, just moments away from Preeminence 1. Among them are Kingdom Place with its 24 homes and retail spaces (currently under construction), Royalty Place with 206 homes (starting in 2024), and the Royalty Camping deluxe RV resort; all three within a 5 minute drive from Preeminence 1. There’s also the redevelopment of 25 N. Mill Street, right behind Preeminence 1.
Preeminence 1 stands out with its upscale finishes and modern amenities, seamlessly blending with downtown New Castle’s traditional brick architecture while introducing the conveniences and aesthetics of modern construction. The thoughtful design offers a distinctive living and commercial experience, attracting individuals looking for a vibrant urban lifestyle. It boasts appealing rental rates for residential apartments, with prices starting at $895 per month for studios and ranging from $1,200 to $2,100 per month for 1-, 2-, and 3-bedroom apartments, including the luxurious and spacious penthouse units.
From a financial standpoint, the project is grounded in a strong funding mix structure, including a 74% LTV construction loan, developer’s equity, and preferred equity. Anticipated stabilization in Year 2 is projected to yield a robust debt service coverage ratio of 1.54, ensuring solid financial footing and long-term stability.
Metrovitalization’s dedication to excellence flows through every detail of Preeminence 1. The project offers not just a profitable venture, but also a host of community benefits, laying the groundwork for an exciting new chapter in New Castle’s story.
