A proposed commercial development on the Keystone College campus is back on track after one of three developers pulled out and the bank handling the financing decided to pull out as well.
The college announced the Keystone Commons commercial development project in July 2017, but compliance issues and regulations kept construction on hold and that was followed by some fine tuning.
The proposed development is a $3 million retail project that was originally to see a Steak ’n Shake restaurant, a Dunkin’ Donuts Express, a campus bookstore, a health and fitness center and a bank on the Keystone College campus, between College Avenue and Route 6/11.
Cawley said the coffee place could be either a Dunkin Donuts or Starbucks, and the bank originally scheduled to go up in the development was to have been a PS Bank, but that has been scuttled.
Although Wayne Bank will be the lender of record, it is not now planning to locate a branch in the new development.
Borough councilman Bill Edwards asked about the kind of spaces the remaining developers (Chris Gilchrist and Frank Cawley) may have built in the past and Mr. Cawley pointed to one in Pittston and another in the west side of Scranton.
He sought to assure the council that the development would be completed.
Cawley said after the unanimous vote to move forward by council, the loan closing could take place either this week or next with ground breaking in December and the development ready for business next August.