100 Seneca at Cornplanter Square Location & Oil City Business Opportunities
The Oil City National Bank, also known as 100 Seneca at Cornplanter Square, sits on the corner of Center and Seneca Streets in Oil City’s historic Northside Business District. Nestled against the backdrop of the beautiful Allegheny River region, its neighbors emulate Romanesque, Colonial Revival, and Italianate architecture, creating a stunning picture. The downtown has 16 restaurants, cafes and taverns, 22 shops and galleries, and 28 personal and professional services that serve the community and provide entertainment for the region’s tourism. 100 Seneca at Cornplanter Square’s iconic appearance, central location and recent renovations make it a prime business opportunity in the city.
Building History & Recent Renovations
100 Seneca at Cornplanter Square is the tallest building in the city. It was constructed in 1926 and served as a symbol of the region’s prosperity from the oil boom. Recently, the Venango County Economic Development Authority took ownership of the building and intends to make the necessary renovations for a unique mixed-use facility. The significant square footage and distinctive layout offers opportunity for many different business ventures.
Being unoccupied for 20 years, the building requires some renovations in preparation for local business. The first floor is 10,000 square feet and this large space offers many opportunities for a restaurant, brewery or retail. The second floor has enough space to hold events such as wedding receptions, conferences, or other catered events. This year the fifth floor’s restoration process is scheduled to begin, turning it into office spaces with access to Venango County’s state-of-the-art fiber optic network. Floors three and four are scheduled for later renovations.
The Oil City Advantage
With an age-diverse population of 10,500, Oil City is a welcoming place to open a business. The city is home to individuals who are excited about investing in their community, starting programs such as the Oil City Main Street Program and SCORE, who are committed to seeing entrepreneurs succeed. Transit Art Studios is 100 Seneca at Cornplanter Square‘s next-door neighbor and houses art from over 40 national artists recruited by the city’s Artist Relocation Program.
Business Opportunity & Tenant Loans
Through a public-private partnership, the Venango County Economic Development Authority intends to restore the historic Oil City National Bank, also known as 100 Seneca at Cornplanter Square. The space will be developed in phases into a mixed-use facility housing multiple long-term business tenants. So far, initial renovations have been made in preparation for business tenants, with the second phase of the project being renovations to the fifth floor. After the restoration the building will be ready for a first floor tenant. The entirety of the project has been estimated to cost $14 to $16 million and to this point, Venango County and the Venango County Economic Development Authority have secured $6.9 million through state, federal and private funding.
The VCEDA will work with prospective tenants to provide low-interest loans through the Venango County Economic Development Authority Revolving Loan Fund. Click below to learn more about qualifications and the program guidelines.