HDC office to move downtown
BY TIM MEKEEL, Business Editor
As Housing Development Corp. MidAtlantic expands its portfolio, it needs to expand its corporate office.
So to provide room for growth of its headquarters staff, HDC will move downtown, effective June 1.
The nonprofit provider of affordable housing will move its headquarters to 8,000 square feet of space at 4-6 W. King St.
This will replace 5,000 square feet at 439 E. King St.
"It was both an emotional and financial decision," said HDC President Michael R. Carper on Friday.
The 10-year lease, with a 10-year renewal option, "is a good financial outcome for HDC," he said.
At the same time, Carper said the office's 25 employees are excited to be moving downtown, with its many amenities such as Central Market within a short walk.
To fund the move and its associated costs, HDC also announced the start of a fundraising campaign named "Room to Grow -- Serving More."
The campaign, with a goal of $200,000 to $300,000, will finance the cost of moving plus renovating and equipping the new space, Carper said.
Both in-kind and cash donations are welcome.
HDC decided to hold the campaign in lieu of its annual banquet this year. The banquet usually is held in May.
HDC's new space will be on the fifth floor of the Lancaster Newspapers building and the fourth floor of the Harold's Building next door, also owned by Lancaster Newspapers.
The space previously was occupied by CoreSource.
Before settling on West King Street, HDC had looked at a dozen potential new locations in the suburbs and city.
The prospects included the upper floors of the Red Rose Transit Authority's Queen Street Station, as was reported last year.
The search came as the nonprofit's lease on East King Street ran out in December.
Staying put was not an option because HDC was "totally out of space" there, said Carper, with three staffers having to work remotely.
Since HDC has two new hires starting soon, and envisions its corporate staff rising as high as 35 in the years ahead, Carver knew that bigger quarters were needed.
Pushing up the size of the corporate staff will be an expected increase in HDC's holdings.
The nonprofit is working to add properties, mostly by acquiring and improving existing affordable housing communities in Maryland, Delaware and Pennsylvania.
For now, all 48 properties that HDC manages are in 13 counties of Pennsylvania. These properties total 3,200 apartments.