Standing inside office space on the third floor of 503 Penn St. Monday afternoon, just moments after leading a brief press conference, Alvernia University President John R. Loyack said he hoped to be headlining a similar event a year from now.“Only, in my own building,” he said with a smile.
That building — a 260,000-square-foot mixture of classrooms, student dorms, eating facilities and other functions — will be located a block west of where Loyack stood Monday.
The university announced at Monday’s press conference that it is in the process of purchasing 401 Penn St., the large brick building that houses I-LEAD Charter School, with plans of turning it into the centerpiece of Alvernia’s new CollegeTowne initiative.
“The time has come for Alvernia to establish a physical presence in downtown Reading,” Michael Fromm, chair of the university’s board of trustees, said as he kicked off the press conference.
CollegeTowne is Alvernia’s effort to help revitalize downtown Reading. It includes the rebranding of Alvernia University’s O’Pake Institute to the O’Pake Institute for Economic Development and Entrepreneurship. It also includes shifting the institute’s mission to encompass playing host to a business incubator, providing programming on economic development and encouraging businesses to open shop in downtown Reading.
In October, Dr. Rodney Ridley was named to lead those efforts as associate provost, vice president and chief operating officer of the institute.
And it includes expanding the school’s footprint into downtown.
“This is our place in the city to begin our vision,” Loyack said Monday. “This is the starting place for us.”
The new facility will house more than 200 students, Loyack said, and have the capacity to have twice that number taking classes there. It will be the home for Alvernia’s business, communications and engineering programs, and will include a national franchise restaurant.
Loyack said the building will be connected to Alvernia’s main campus through the university’s transit system, with a nearly constant stream of shuttles taking students back and forth between the two.
Alvernia has signed a letter of intent with I-LEAD Inc., which owns 401 Penn St., to buy the property, Loyack said. He said he expects an agreement of sale will be finalized soon, and the transaction should officially take place sometime over the summer.
The I-LEAD building
I-LEAD officials could not immediately be reached to answer questions about what a sale of the building will mean for the charter school.
I-LEAD owes more than $2.9 million in back taxes, penalties and fees to Berks County, the City of Reading and the Reading School District dating to 2014. It also owes just over $372,000 to the Downtown Improvement District.
Loyack said those issues are hurdles that have delayed the sale of the property, but that all the parties involved are actively getting that resolved.
Loyack said renovations to the building should begin sometime next year, and that he hopes the first parts of the remade facility are able to open before the close of 2020. However, he added, it’s still early in the process — a final design has not yet been selected — and a concrete timeline isn’t available.
Alvernia chose the 401 Penn St. location because of its central spot in downtown Reading, Loyack said.
“I felt we needed to be on Penn Street; the brand needed to be on Penn Street,” he said, calling it the city’s main drag.
Loyack added that the building also lends itself perfectly to how Alvernia plans to use it.
He said the building is Alvernia’s first step in the CollegeTowne initiative. He said he envisions the school expanding its future footprint in downtown Reading, and hopes the university’s investment leads others to follow suit.
“Think of how this building will reshape the downtown,” he said.
Ridley, leader of the rebranded O’Pake Institute, said he sees Alvernia’s new downtown facility as a driving force in revitalizing Reading. Saying he doesn’t believe any business should fail for non-market reasons, he said the mentoring and support that will be available through the institute’s student-driven business incubator will greatly enhance the success rate for businesses in the early stages of development.
Room for 2
At the same time, Ridley said, the model’s real magic will be providing unique, real-life learning opportunities for Alvernia students.
Berks County Community Foundation President Kevin Murphy, who also spoke at Monday’s press conference, said he welcomes Alvernia’s downtown efforts. The community foundation has run its own business incubator since 2012, he said, but it has become clear it’s just not enough.
“We proved it works,” he said, touting the 60 businesses that formed in the foundation’s incubator. “But we know it’s too small.”
With Alvernia entering the fold, and making a very real investment in downtown Reading, the city may finally be getting the spark it needs for things to really take off, Murphy said.
“We’ve know we have not yet had the lightning bolt until today,” he said. “This is what it looks like when the lightning bolt hits.”
City Councilwoman Johanny Cepeda-Freytiz said Alvernia’s presence downtown is exciting.
“I’ve been yearning for college kids to be walking in the downtown area and now it’s going to happen,” said Cepeda-Freytiz, who represents the area where Alvernia will be located.
Councilwoman Lucine Sihelnik, who represents District 1, Alvernia’s campus home, said, “I’m proud to see an institution like Alvernia from District 1 investing in the revitalization of our downtown.
“I’m glad to see them work with other major institutions like RACC and Albright, because together they can really impact the development of our city.”