Millcreek's Colony Plaza has a new owner.
The plaza was purchased recently by Colony Plaza LLC, a subsidiary of PE Real Estate Holdings of New York, owned by Phillip Gesue, formerly of Erie.
The plaza had been owned by the Riehl family since its construction in 1950.
Colony Plaza LLC bought the property for $5,062,500 and also obtained a $4.2 million mortgage from Riehl Family LP on Aug. 9, according to Erie County property records.
Additional parking planned
About 60 additional parking spaces will be laid out behind, or north of, the plaza, according to a land development plan approved by Millcreek Township supervisors in September.
There currently are 235 parking spaces fronting the plaza along West Eighth Street.
"The plan is for about 297 (total) spaces," John Laird, of David Laird Associates engineering, told township planners last month. "The hope, I think, is this will relieve some of the pressure on holidays when parking out front can be difficult.
"This should relieve some of the pressure on the south side of the plaza and the West Eighth Street entrance," Laird said.
The plaza is in two sections. People who park behind the plaza will be able to walk between the buildings or walk around them to the business entrances, Laird said.
Owners also will be working with a landscape architect on a planting plan for the plaza, Laird said. The plan could include trees, as suggested by the township, he said.
The parking expansion plan was unanimously approved by township supervisors on the recommendation of township planners.
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Contact Valerie Myers at vmyers@timesnews.com.
This article originally appeared on Erie Times-News: Colony Plaza in Millcreek has a new owner. Parking will be expanded