A state grant will help advance plans to redevelop two long-vacant buildings on Penn Street as a mixed-use project featuring commercial space and workforce housing.
State Sen. Judy Schwank and Reading Mayor Eddie Moran announced Monday that the project at 418 and 422 Penn St. will receive $700,000 through the Pennsylvania Housing Finance Agency’s Community Revitalization Fund Program.
A $700,000 state grant will help redevelop 418 and 422 Penn St. into commercial space and workforce housing. (BILL UHRICH/READING EAGLE)
The redevelopment, led by Aston Investment Group, carries an estimated cost of $6.5 million and will transform the vacant buildings into a mix of commercial and residential uses.
Plans call for about 25,000 square feet of commercial space on the first floors, along with 11 suites designed to accommodate a variety of tenants, including professional services, retail shops, cafes, personal care businesses and creative studios. Upper floors will contain 12 workforce housing units.
Schwank described the funding as part of a broader effort to strengthen downtown Reading.
“We all understand the value in improving our downtown,” she said. “Supporting the folks who see opportunities in the city of Reading and helping them succeed using the tools we have at our disposal at the state and local levels is critical.”
Moran said the project will help reinvigorate a key stretch of Penn Street while addressing the need for housing.
“This is a great win for the city of Reading and another strong step forward for our downtown,” Moran said. “Projects like this help bring long-vacant buildings back to life, add needed housing, and strengthen Penn Street as a commercial corridor.”
He also credited city staff, including the grants team and downtown manager, for helping secure the funding.
In a statement, Aston Investment Group said the grant is essential to moving the project forward.
“We are honored to be awarded $700,000 in grant funding from the Pennsylvania Housing Finance Agency,” the company said. “This funding will play a critical role in bringing our Penn Street project to life.”
The developer noted that the project is intended to create a multiuse space that supports local business activity while providing new housing options, with construction expected to move forward as planning progresses.