03/23/2025
According to CNBC Make It, in 2019, three Pennsylvania entrepreneurs—Jesse Wig, Adam Colucci, and Dan Spanovich—purchased an abandoned high school in Homestead, Pennsylvania, for $100,000.
Recognizing its potential, they invested approximately $3.3 million to transform the 50,000-square-foot building into Bowtie High, a 31-unit luxury apartment complex. The renovation preserved historical elements, such as the auditorium, now a community space, and the gymnasium, which features a half-basketball court equipped with Peloton bikes.
The project reached full occupancy within six months of leasing in October 2021, generating over $500,000 in annual rental income. Encouraged by this success, the trio has acquired additional schools for similar redevelopment projects.
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