BRIDGEVILLE – A $5 million investment by the commonwealth will help transform a vacant industrial property in South Fayette Township into a mixed-use retail, commercial and residential development that will create thousands of new jobs, the Department of Community and Economic Development announced on behalf of Governor Edward G. Rendell today.
“Providing resources that bring new businesses to vacant properties and create thousands of new jobs are among the most worthwhile investments we can make,” DCED Secretary Dennis Yablonsky said at the Newbury Market project site, off the Interstate 79 and Route 50 interchange. “Progress doesn’t happen by accident – proactive state investments in economic development projects enable private and public institutions to work together to create new jobs where they are needed the most.”
The state investment will come in the form of a grant of $500,000 per year for 10 years to the Redevelopment Authority of Allegheny County on behalf of the developer, EQA Landmark Communities, Secretary Yablonsky said. The funds will be used to service debt associated with infrastructure and site preparation work costs, including on and off site road improvements and water, sewer and utility enhancements.
This phase of the Newbury Market project is being developed on the site of the former Beazer/Reichold site. Reichold ceased operations and vacated the site in July, 2005. County officials said the overall plan has the potential for more than $160 million in development, including retail and commercial space, homes and apartments.
The funds for the $57.4 million brownfield redevelopment phase of the project are from the Infrastructure Facilities Improvement Program, a vital component of Governor Rendell’s original $2.8 billion economic stimulus package launched in 2004.
Today’s announcement comes on the same day new statistics show jobs in Pennsylvania reached a record high in January. The latest statewide tally shows that Pennsylvania reached a new record high job count — 5,811,400 — which means there are more jobs in Pennsylvania today than at any time in history.
Yablonsky said Pennsylvania is well-positioned to weather any national economic downturn, but that there are indications that the declining national economy could affect our prosperity.
“That’s why Governor Rendell is calling for quick action on the economic stimulus initiatives in the budget he proposed earlier this month,” said Yablonsky. “We must be ready to protect our progress and do even more for communities throughout Pennsylvania.”
More information on Governor Rendell’s 2008-09 budget proposal and his Protecting Our Progress initiatives is available at www.pa.gov.
The Rendell administration is committed to creating a first-rate public education system, protecting our most vulnerable citizens and continuing economic investment to support our communities and businesses. To find out more about Governor Rendell’s initiatives and to sign up for his weekly newsletter, visit www.governor.state.pa.us.
Department of Community and Economic Development
Commonwealth Keystone Building
400 North Street, 4th Floor
Harrisburg , PA 17120