By Kara O’Neil
Staff writer, The Derrick
January 30, 2026
After years of hard work, the Venango County Economic Development Authority saw its planning pay off as the building’s revenue came in at over double what it had expected.
With the opening of The Exchange by Side Hustle restaurant and a second location of Woods & River Coffee on the first floor, the project to revitalize the former bank building seems to be nearing breaking even despite the fact that two whole floors still remain empty.
Looking forward, 2026 promises to be an exciting year as the imposing former bank, built in 1926, marks a century at the corner of Center and Seneca streets.
Joe Brooker, the grants and project manager for the economic development authority, said he is working on plans to celebrate the 100th birthday of 100 Seneca this year, so he is looking for stories and items related to the building through the years.
After decades of use as a bank, 100 Seneca sat vacant for a number of years after the five-story, 50,000-square-foot building closed in the 1990s when the bank shuttered its Oil City branch.
The building was later purchased by Venango County in 2017 and turned over to the Economic Development Authority in 2018. Since then, a multi-year rehabilitation of the building, largely paid for with grants, has been undertaken to give 100 Seneca a new lease on life.
Businesses move in
The Exchange, a restaurant and distillery, and Woods & River Coffee both moved into the first floor of 100 Seneca during 2025, filling most of that floor.
For The Exchange’s grand opening, between 150 and 200 people filled the restaurant and distillery on the historic first floor of the former Oil City National Bank building on July 23. Among those attending the event were many local officials and community leaders there to celebrate the change.
The Venango County commissioners hailed 100 Seneca as a catalyst for bringing investment into Oil City, citing the opening of The Exchange as one of the main examples, alongside other nearby construction.
In late 2025, after many months of planning, Woods & River Coffee also expanded to a second location in the first floor of 100 Seneca. The coffee shop’s second location has a focus on grab-and-go items and curbside pickup at 100 Seneca due to the limited parking in the downtown and the close proximity of the Erie to Pittsburgh Trail.
Revenue higher than projected
According to the financial report presented in December by Diona Brick, the county’s administrator of finance and management services, 100 Seneca’s first year with tenants only cost the economic development authority $20,106 to operate last year — about half of the $54,959 that was budgeted.
In addition, Brick reported that 100 Seneca brought in 205% of the rent that it had budgeted. The authority budgeted to bring in $52,485, Brick said, but it exceeded that goal, bringing in $107,656.
With two floors still remaining empty and taking other expenses and debts into account, the building was only running a little over $20,000 from breaking even, Commissioner Sam Breene noted at the December meeting.
At a meeting in January, Emily Lewis, the executive director of the economic development authority, said it would see additional revenue as The Exchange begins to pay it 5% of the gross revenue of beverages sold on the premises or made there and sold elsewhere in addition to the rent it already pays for the space on the first floor.
Several other milestones
Several smaller milestones were also reached in 2025.
In January, the economic development authority held its first monthly meeting in the fifth-floor conference room of 100 Seneca, where it has been meeting ever since.
In September, the economic development authority members welcomed Brooker as the authority’s new grants and project manager, a newly created position partially funded by a McElhattan Foundation Capacity Building grant.
Also in September, the authority launched a new website for 100 Seneca — 100seneca.com.
Makerspace
The makerspace continues to draw interest from members of the community, Lewis said, noting that many people have offered to donate equipment for the makerspace or teach classes.
Over the course of 2025, the question of expanding the makerspace either to the third floor or to a space in the back of the fifth floor surfaced periodically at economic development meetings, with the goal established of expanding the makerspace to the third floor. That conversation is continuing into 2026.
Grant funding would need to be secured to build out the third floor into habitable space, with bathrooms and utilities, Lewis told the board in 2025. Grant requests to fund that buildout have already been submitted by the authority as it works to line up funding for that project.
Currently, the makerspace is housed in a smaller room on the fifth floor.
Still space for more tenants
With the first floor nearly full, Lewis said the authority was still looking for tenants for the fourth floor and some space on the third floor, as well as a back space on the second floor which is suitable for banquets. She said the authority members envision the fourth floor as office space.
Ideally, Brooker said the authority was looking for one anchor tenant to fill the fourth floor. Lewis added that it was also open to having multiple tenants and can customize the building out that floor.
Brooker said the coworking space on the fifth floor, where people can rent a desk for a day or less, is also in the works, and they were hoping to start getting tenants there this year.
The coworking space could meet the needs of someone working from home who wanted to get out of the house and into a more professional setting a few days a week or someone traveling through the area who needed a place to work remotely while they are in the area, Lewis said.
The fifth-floor conference room is also available for rent, and there is one private office available as well, Lewis said.
“It’s been fun collecting stories and seeing pictures. It puts into perspective how much the downtown has changed and how many buildings we have lost. It’s a good reminder of how significant what we are doing saving this building is,” Lewis said.
Kara O’Neil, reporter for The Derrick and The News-Herald, can be reached at karaoneil.thederrick@gmail.com or 814-677-8369.