Big plans in Toronto

TORONTO - Severine Petras has big plans for the former Lincoln Elementary School building in the city's north end.

The city native and Chicago transplant bought the building and nearly 3 acres of riverfront property for $85,000 during an auction Dec. 20. Petras, daughter of Robert "Clyde" and Debbie Petras of Toronto, is planning to extensively remodel the building to create Lamplight Inn, an assisted living center for senior citizens.

But that's not all Petras is planning, as she also has formed the Lamplight Endowment, a not-for-profit entity to assist area seniors with a variety of services. Both enterprises, along with Lucera Capital, a financial arm of the company, will be under the umbrella of the Lamplight Senior Care and Residential Services. The multi-purpose company will have corporate offices under one roof, and the idea is to be able to offer affordable services to seniors by partnering with other local agencies and health care providers, both profit and nonprofit. The proposed center will bring at least 50 new jobs shortly after opening, according to Petras.

"The object is to provide affordable assisted living. We plan to begin remodeling right after Thursday," said Petras, adding the offices will be the first to open on the ground floor. "My brother Bobby Petras and his wife Brandie will also be involved. We're planning on having the offices open by March and hoping to have the units open by May."

The units would be situated on the upper two floors of the building, while additional units will be located on a mezzanine to be constructed. Remodeling will be done through Crick Construction Co. of Salem, "the same construction company that built the city municipal building," said Petras. She added the company is hoping to have 50 to 60 units available upon opening.

A dining hall, an elevator and a 55-and-older gym are part of the plan, while a parking lot will be situated where the school's playground equipment currently sits. The playground equipment is being donated to the city for use at a city park, while the riverfront property will be used for additional parking, future expansion and construction of another building, Petras said.

Petras, who made a living as an investment banker while living in Chicago, said financing hasn't dried up for ventures with solid credit ratings, and banks particularly are willing to lend funds to smaller companies specializing in senior health and assisted living concerns. She added the company plans to use local banks for possible financing.

"Senior housing has continued to be strong in this economic environment," she said, adding the market for senior services is growing in the Ohio Valley and throughout the country. "There is financing available for that. It hasn't dried up. There's a misconception that no financing is out there.

"Our area isn't the same demographic as some of the other places where the economy has stalled," continued Petras, adding most local residents aren't tied into the stock market or other investment ventures that have suffered during the recent economic downturn. "We've already seen hard times in this valley since the 1980s."

Along with her strong confidence the company will be able to acquire local financing, Petras said she also wants to eventually grow to be able to offer jobs to those graduating from local schools and universities. She said the company already is working with the Franciscan University of Steubenville in hiring two interns to help with the profit and nonprofit wings of the company. Petras said she wants to be able to give local graduates a place to work instead of having to leave the area for employment.

"I moved to Chicago more out of (finding employment) than really wanting to leave," she said. "Hopefully we can create good positions for these graduates. If we don't provide opportunities, who will?"

Petras also said she had been looking for an opportunity to begin her own company and return back to Toronto at the same time. She added the company is working with Progress Alliance and plans to join the city and Jefferson County chamber of commerces, while the planned senior center will be active in the Toronto community and Jefferson County. Petras even plans to have individual rooms at the center named after former teachers and administrators.

"This (center) isn't going to just be for (the company), and I'm very excited about it all," she continued. "We are going to go with local people (for center services and construction). This is also going to be for the community."

(Miller can be contacted at mmiller@heraldstaronline.com.)