Mercyhurst University’s Northeast Campus has been sold to a Baltimore-based company.
We spoke with community leaders in the North East about this investment.
Local business owners and leaders said they are excited about the business potential this investment will bring to the region.
The former northeast campus of a local university has been sold to Blue Ocean, a Baltimore-based real estate investment firm.
Mercyhurst University sold the campus to the same company responsible for the Spire Institute sports complex located in Geneva, Ohio.
Borough officials applaud the company’s investment in the Northeast community.
“It’s the cornerstone of all the new developments we talk about in the community, and we’re just thrilled that Mercyhurst has done a fantastic job of finding the next contender to come and take over. The Ehrendelf companies are going to be great for this region,” said Patrick Gehrlein, director of the North-East borough.
This sale comes after the Erie County Tax Assessment Board agreed to reduce the value of the property.
Blue Ocean representatives released a video on Wednesday discussing their unofficial plans for the property, which include hosting events at the historic chapel and using the 80 acres of grounds and sports complexes.
“We’re really lucky to have visionaries on the other side of the situation who are really looking at the situation and saying we’re not just going to slap something in the face, put some paint on it and make it our own. We are really looking to mark the next big investment in this region,” Gehrlein said.
A North East restaurant spokesperson says the owners are part of a new beginning for their community.
“Similar to Erie, the Northeast is having its own little renaissance. New businesses are emerging. The Meatery next door is the perfect example,” said Anne Lewis, Marketing Director for Red Letter Hospitality.
Lewis said Red Letter Hospitality representatives welcome this kind of investment.
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“To ensure that Mercyhurst doesn’t sit vacant, I mean it’s a staple in our town for someone to come and invest their time, their energy, their finances, we’re really looking forward to it and excited to continue to develop the city of North East,” Lewis said.
