After 15 years of leading York-based Royal Square Development and Construction, Josh Hankey is stepping into a new role at the company he founded in 2009.
Hankey is poised to become CFO and pass the CEO baton to Dylan Bauer, who joined Royal Square in 2014.
In an interview, Hankey said the two executives had been giving thought for a while to the transition, which is slated to take effect June 1.
“We didn’t know exactly when it was going to happen, but in the last year, it became obvious that it was time,” Hankey said, citing the company’s recent growth. “We just have a lot of work and a lot of real estate to manage.”
How is it being split: As CFO, Hankey will focus on the company’s finances and real estate portfolio. Bauer will lead the company and drum up new business, said the two men, who have overseen more than $70 million in redevelopment projects in York over the last decade.
Bauer, 38, had been the company’s president of development. His career includes a stint as founder and operator of an ice cream business, Chilly Dilly’s, which he sold in 2011.
He then worked for York-based ROCK Commercial Real Estate before joining Royal Square as director of real estate and property management.
“As our organization continues to grow and see enormous opportunity in adaptive reuse and redevelopment in urban centers, Bauer is the exact visionary leader we want at the helm,” Hankey said in a statement. “His passion and savvy are undeniable and contagious.”
As CFO, Hankey is succeeding John Packer, who is remaining on board as a senior financial adviser.
The background: Royal Square takes its name from a York neighborhood near the city center, around the intersection of East King and South Duke streets.
The company has helped to revitalize the area, attracting bars, restaurants, shops and an event venue called The Bond.
But Royal Square, which employs 24 people, also has pursued construction work across Central Pennsylvania and beyond.
Current projects include the Fox Apartments, a 45- unit building on North George Street in York in partnership with Kinsley Properties, and expansion of the U.S. Army Heritage and Education Center in the Carlisle area.
In a partnership with York Professional Baseball Club LLC, operator of the York Revolution baseball team, Royal Square is planning to begin construction next year on a retail and office building in front of WellSpan Park along North George Street in York.
The market: High interest rates and office vacancies have weighed on real estate development.
But Royal Square has a “pretty good” pipeline of projects, Hankey said. A lot of its business clients, for example, have been planning expansions for a while and those are still moving forward.
