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--- Updated June 5, 2007

"It's the greatest bargain in Erie real estate," says John E. Horan, executive director of the Erie Housing Authority.

He is referring to the Parade Street Condominiums, East 14th and Parade Streets.

Writing about the development in the Spring newsletter, Horan states: "The Erie Housing Authority has taken the lead in redeveloping Parade Street. In September 2006, we completed construction on our Parade Street Condominiums 14th and Parade. This $2 million complex contains six residential and two commercial units. Our hope and expectation is that this project will accomplish several goals: jump-start the redevelopment of Parade Street; bring homeownership back to an inner-city neighborhood; and, protect our adjacent C. Ted Dombrowski elderly apartments located on East 15th Street.

"To date, we have sold two of the six residential units and we have been very close to selling the two commercial units. We expect to sell all the units by the end of 2007.

"Being a pioneer in any new venture is risky business. The Housing Authority was in a position to assume the initial risk of this development. The new owners have now assumed a portion of that risk. Pioneering is not for everyone, especially the faint of heart. It requires faith and courage to do something that few others would attempt. It’s what made this country what it is today.

"Investment on Parade Street takes a family or business who has a vision of the future, not mired in the difficulties of the past. We also salute several other Parade Street visionaries: Latino’s Restaurant in the 1300 block of Parade Street, who is expanding to the west side of the street; Dave Stevens, who has purchased and revitalized the East Erie Turners; and Kraus Department Store at 8th and Parade, which has been a mainstay for over 100 years. The Housing Authority is proud to be in your company."

For more information, contact Horan at 452-2425.