Development Capital Investors, Inc. (DCI) has received $7 million to fund commercial, industrial and mixed-use projects in underserved Southwestern Pennsylvania communities, including blighted areas, Keystone Innovation Zones
Part of Building PA—a $150 million state fund that must be matched by private investors and foundations—the initiative provides “mezzanine” capital, or gap financing, to developers revitalizing existing buildings. The funding to DCI was the largest of last week’s awards.
“Our focus is on providing equity that not only generates income, but also creates jobs and benefits local economies,” says Tad Imbrie, with DCI, which has provided assistance to the Cork Factory
and Bridgeside Point II
and is seeking state support for Bakery Square
. “Without innovative tax structures and DCED
programs, these projects wouldn’t move forward. Bridgeside was one of the country's earliest brownfield sites, and was instrumental in creating what’s there today.”
In other brownfield news, five Southwestern Pennsylvania communities received $1.75 million from the EPA
to help to revitalize former industrial and commercial sites. Recipients include the Pittsburgh North Side Industrial Development Co., Washington County Authority, Cambria County Redevelopment Authority, Johnstown Redevelopment Authority, and Clearfield County Economic Development Corp.
"Each of these grants is the result of a true partnership among
government at all levels, private sector lenders and developers, and
members of the community,” says Donald Welsh, with the EPA. “Cleaning up contaminated sites is now easier and faster. The possibilities of reuse are endless. Former brownfield sites in the Mid-Atlantic region are now new homes, businesses, schools, municipal facilities, stadiums, parks, and riverfront promenades."
Writer: Jennifer Baron
Sources: Tad Imbrie, Development Capital Investors, Inc.; Donald Welsh, EPA Regional Administrator, Mid-Atlantic RegionImage courtesy USEPA - Region 3