Skinner Hill… a company based in Johnstown, has purchased the Gables office building in downtown Altoona. Specifics surrounding the deal on the 155,000-square-foot office/rental property between 11th and 12th Avenues… including the purchase price… have not been disclosed, although the minimum starting bid was $300,000. According to other media reports, Skinner Hill associates described the online-auction purchase as an “investment.” Printed reports today, indicate that the new owner has not yet decided whether to take advantage of a transferable $3 million Redevelopment Assistance Capital Program grant obtained from the state in 2018 to return the building to its original multi-window facade, which then could create an opportunity for use of Historic Tax Credits according to the online real estate company that conducted the sale. The building, which includes a parking garage is 48% occupied, with 23 tenants, including M&T bank, the local office of State Rep. Lou Schmitt, and other entities.
