In 2019, Jesse Wig, Adam Colucci, and Dan Spanovich made headlines by purchasing an abandoned high school in Homestead, Pennsylvania, which they later converted into a 31-unit apartment building. Not long after, the trio entered into a second joint venture when the nearby Schwab School came up for sale in October 2020.
“I and my partners really enjoy revitalizing these structures,” Spanovich reflects. “We’re driven by the challenge of transforming these once-abandoned buildings into something significant.”
The Schwab School, named after steel magnate Charles M. Schwab, had been closed since 1980 and had sat abandoned for decades. The partners began the renovation project in April 2022, with Spanovich noting that the building’s condition was much worse than Bowtie High when they purchased it.
The total cost of renovating the Schwab School amounted to around $4.5 million, higher than their estimated budget, but the partners managed to offset some expenses by selling an old pickup truck they found in the basement of the building. Another financial boon came in the form of potential state and federal tax credits, which are still pending approval.
Today, the Schwab School is home to 33 modern apartment units, boasting both a robust occupancy rate and turning a profitable return, according to Spanovich. Furthermore, residents of the building enjoy the benefits of shared amenities with Bowtie High, from a double-decker garage to a rooftop deck, basketball court, and gym.
When asked about future projects, Spanovich teased at their potential while emphasizing the unique gratification found in restoring these historic structures. “Something will happen, we just don’t know when,” he says.
While Wig, Colucci, and Spanovich may not have concrete plans to collaborate again, their individual entrepreneurial spirits drive them to explore new opportunities. Plus, their shared love for transforming old buildings offers a common bond that may lead to another innovative partnership in the future.
