2011-12-03 / Front Page


‘Ops Building’ buyer is State College businessman

Sale of the former Adelphia Operations Center on Coudersport’s Main Street could be consummated by the end of the year.

When all of the hurdles have been crossed, the property is expected to be owned by a State College company whose principal owner is Lance Shaner, the co-founder and chairman of the board of Rex Energy and president and CEO of Shaner Hotels.

It’s unclear if Shaner will occupy the Coudersport property, lease it to other businesses – or both.

Also in apparent limbo is the annual payment that Adelphia Communications Corp. had agreed to make to Coudersport Borough, Coudersport Area School District and Potter County after the property was declared exempt from taxes under the state’s Keystone Opportunity Investment Zone program.

Current owner American Metro Bank, which is in the process of selling the property to Shaner, has asked the three taxing bodies to waive any payments that would be due under that agreement for several years.

Without the waiver, a bank spokesman said, the sale may not go through.

Shaner was recently in the news for an investment in Hydro Recovery, which operates water treatment facilities servicing the gas industry.

According to an article in the Centre County Times, Shaner Capital, a $20 million investment fund created in 2010, is backing Hydro Recovery for its aggressive expansion plans. The company has wastewater recycling facilities in Blossburg (Tioga County) and Antrim (Franklin County) that supply acid mine drainage water to gas companies for use in hydrofracturing.

Two more facilities are planned in Clearfifield and Bradford counties. Expansion is also being considered in Washington County and Snow Shoe in Centre County.

American Metro Bank, a small Asian-American fifinancial institution in Chicago, has been intent on unloading the property and cutting its losses ever since it foreclosed on a mortgage held by Polish-American real estate investor Bogdan Klek. The bank paid roughly $470,000 for full ownership of the building in a sheriff’s sale held in April.

Klek bought the building and grounds for $3.6 million in March 2008 and promptly launched an internet-based auction with a minimum bid of $8 million.

The 72,000-square-foot brick, marble, granite and bronze structure cost Adelphia about $28 million to build. It was designed to accommodate 275 employees, as well as 260 vehicles on 80,000 square feet of parking space across four lots.

Return to top