The sale of the historic National Bank of Coatesville building at 112 E. Lincoln Highway was finalized on Tuesday, Feb. 2, and will enable immediate property renovation and development of a new restaurant. Michael DePetris, Principal at Legend Properties, represented DEPG Development and brokered the sale to New Heritage Properties.
Built in the early 1900s, the historic 5400 sq. ft. building was most recently part of the mixed-use Coatesville Gateway Development Project, situated at the intersection of First Avenue and East Lincoln Highway and owned by DEPG Development.
DePetris, who sought a developer and tenant for the property with strong ties to the community, connected Crosby Wood, Principal of New Heritage Properties, with local successful restaurant proprietor Phil Ferro, then brokered the sale.
“As the plan gained traction, we were confident that the sale of this portion of the Coatesville Gateway Project would benefit the city and ignite renewed development interest in Coatesville’s Gateway,” said Jim DePetris, Managing Partner, DEPG Development. “Our team is excited to see the momentum occurring in the downtown region, and we are committed to maintaining an active role in the revitalization of Coatesville.”
“New Heritage shares DEPG’s vision of transforming properties into projects that will benefit the residents of Coatesville,” says Wood. “We appreciated working with their team and Phil Ferro to bring this deal to fruition, and we look forward to the next steps of the building’s renovation and transformation into an upscale restaurant.”
Plans are underway for the bank building to serve as the home of 30 Prime, a new steak and seafood restaurant that will be under the management of proprietor Phil Ferro. An experienced chef and entrepreneur, Ferro is also owner of the Chadds Ford Tavern and recently transformed the former Mr. E’s Tavern into the popular Kings Tavern in Coatesville.
“We appreciate the support we have received from the city, Chester County, and Coatesville City Council throughout the approval process, and financing assistance from the PA Department of Community and Economic Development,” says Jim DePetris. “DEPG remains committed to thoughtful and meaningful development that will support the city’s growth.”
DEPG continues to actively seek tenants for prime space available at the city’s gateway, where they have completed all site work and surfaced parking lots. DEPG is also nearing completion of another revitalization phase of Coatesville Gateway at the Cultural Society building, situated at the heart of Coatesville’s Historic District at 143 East Lincoln Highway.