LA PLUME — Keystone College announced a major development plan, which will affect the college community and residents of Factoryville, La Plume, and other surrounding municipalities.
The college will develop a new commercial building complex on two parcels of land along College Ave., which currently serves as a parking lot. The complex, named Keystone Commons and located directly across from the college’s signature row of Victorian homes, will enhance the gateway to the campus, which is also being redeveloped, thanks to a previously announced PennDOT streetscape grant.
The new development will house commercial tenants, including the region’s first Steak n’ Shake national franchise restaurant, a Dunkin’ Donuts Express coffee shop, the relocation of Keystone’s Follett Campus Shop, a health and fitness center and a bank, still to be determined.
The businesses will be open to the local community, as well as to Keystone students, faculty and staff members. A ground breaking ceremony will be held later this summer after approval of all necessary permits. The complex is expected to open in spring 2018.
Additional parking will also be developed elsewhere on campus to replace the parking spaces taken by the new development.
Funding for the development originates from two sources: A $1 million state Redevelopment Assistance Capital Program (RACP) grant originally designated for the Borough of Factoryville but redirected to Keystone after the original project did not materialize. Project developer T.S.E. Developers, Dunmore, will fund the remaining balance to complete the $3 million project. Keystone will be responsible for monthly lease payments to the developer for 20 years, after which the property title reverts to the college without a mortgage.