Thomas Myles IV fell in love with the historic Farmers and Mechanics building during his high school years, and today he is about to fulfill his dream and start the renovations that will turn the beautiful structure at Market and High streets in the borough’s central business district into a hotel, writes Brian McCullough for the Daily Local News.
Myles and his three partners in the Myles Development Co. plan to renovate the building into a boutique hotel that will have 40 rooms, a first floor restaurant, and a rooftop bar, and will also offer valet parking, room service, and breakfast, lunch, and dinner.
Myles is expecting to spend up to $8.5 million on renovations, in addition to the $3.2 million he paid when he purchased the building three years ago last November. It is expected that the extensive work required in transforming the old offices into luxurious rooms and a restaurant, as well as the exterior work on pointing and cleaning the outside facade will start next week. The hotel is expected to be finished by spring next year.
Working on the project with Myles are his partners Seth I. Gentile, a senior level staff member within the Myles Group family of companies for eight years, Kim Seaman, who is responsible for developing the marketing and sales plan for the building, and Kevin Traynor, who will be responsible for overseeing all aspects of the project development.
This is milestone for Myles, who used to work as the Chief Principal/Financial Officer of Exton based Wellsboro & Corning Railroad Co., as the purchase and renovation of the Farmers and Mechanics building marks his first foray into the commercial real estate development world. When asked what the main motivation was for this career change, he simply answered that it is “just the love of the building.”
His admiration for the impressive structure dates back to the days when he was walking by it on his way to Bishop Shanahan High School in West Chester.
“I’ve always loved the building, it’s one of the most beautiful buildings in West Chester,” 43 year old Myles told the Daily Local News. “I wanted the public to be able to enjoy it.”
