**Jesse Wig, Adam Colucci, and Dan Spanovich breathes life into abandoned school buildings**
*Homestead, Pennsylvania – Three partners find their niche in transforming abandoned schools into affordable apartments.*
In 2019, Jesse Wig, Adam Colucci, and Dan Spanovich embarked on a daring venture by purchasing an abandoned high school in Homestead, Pennsylvania for $100,000. They converted the school, known as Bowtie High, into a 31-unit apartment building, marking their first foray into the world of real estate.
**Acquisition of Schwab School**
During the renovation of Bowtie High, the trio stumbled upon another opportunity. The school across the street, Schwab School, was up for sale, and without hesitation, the partners secured the building for just $90,000 in October 2020.
“My partners and I really enjoy taking these buildings from nothing into something,” Spanovich shares. “Schwab was a building that a lot of people in the community had looked at and had come to the conclusion that it just couldn’t be done. That challenge is really what drives my partners and I.”
**History of Schwab School**
The Schwab Vocational School had been abandoned for decades. Before the trio purchased the building, it was a manual training school named after Charles M. Schwab, an American steel magnate born and raised in Pennsylvania. The school closed in 1980 and was abandoned on and off since then.
**Extensive Renovation**
The renovation of the Schwab building, which commenced in April 2022, presented its unique set of challenges. The building was in a deplorable state, with trees growing inside and severe water damage. The renovation, which included changing all the windows, transforming the gym and auditorium into eight two-story apartments, took 18 months and cost around $4.5 million.
**Tax Credits and Occupancy**
The partners hope to take advantage of state and federal tax credits for the Schwab School project. They are anticipating around $800,000 in federal tax credits, and also waiting for the results of the Pennsylvania state tax credits, which are distributed through a lottery system. After more than a year of work, the converted school now features 33 apartments, with rents ranging from $950 to $1,950.
**Future Ventures**
With the Schwab School project completed, the partners currently have no immediate plans for another collaboration. Wig, Colucci, and Spanovich each appear to have their own unique projects in the pipeline. The trio will continue to leave their mark as they breathe new life into old buildings, fulfilling their vision of transforming forgotten structures into vibrant residential spaces.
I have over 10 years of experience in the field of cryptocurrency and blockchain technology. I have attended numerous conferences and events around the world, and my work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and Yahoo Finance.
