Historic Main St Redevelopment

In February of 2020, Rice Pegher acquired 105 N Main St, which included 3,882 sqft of commercial space within a historic mixed use asset located in the central business district of Zelienople, PA. The ‘Latshaw Building’ was was originally built in 1909, and is a feature building in town. We were awarded the asset in a competitive off-market scenario directly from the owner.

The building required significant redevelopment to uncover its historical charm and return the asset to highest and best use for the area. Upon acquisition, Rice Pegher immediately deployed our construction partners to demo and rebuild the vacant retail space on the first floor, re-point and repair the entire front facade, and complete extensive foundation work. Within eight months we completed the redevelopment and delivered a blank slate to our tenant in the first floor retail space to do their own buildout in September of 2020.

Rice Pegher executed our business plan by fully redeveloping and stabilizing the asset within 18 months of acquisition. In June of 2022, we rolled 105 N Main St into a larger portfolio refinance that illustrated a 39% increase in valuation of the asset.