PITTSBURGH – The Power of 32 Site Development Fund announced a $5.7 million loan for the second phase of Clinton Commerce Park in Findlay Township.
According to a news release from the organization, the loan will help cover site infrastructure improvements such as stormwater management, erosion controls, installation of utilities, roadway access and site grading and embankment for the second phase of the park, in Findlay Township near Pittsburgh International Airport and major highways.
The 100-acre second phase is expected to yield 1.45 million square feet of new industrial space over eight pad-ready sites once infrastructure is in place.
The Clinton Commerce Park loan is the second one by the fund. It previously made a site loan of $2.6 million in Trimodal Terminal, LP, in Follansbee, W. Va., an 80-acre brownfield site on the Ohio River approximately 45 miles from Pittsburgh for similar infrastructure improvements that will create additional shovel-ready pads on that site.
The fund, which has 15 limited partners, concentrates its investments on eligible sites in the 32-county Greater Pittsburgh economic region and places a special emphasis on preparing brownfield sites for reinvestment.
According to Dennis Yablonsky, chairman of the fund’s board of managers and CEO of Allegheny Conference on Community Development, the fund was created to move sites to market by providing financing for infrastructure investment.
“Typically, the sites we fund would not be considered for conventional financing because they do not yet have tenants and buildings,” Yablonsky said. “Our goal is to get the site ready for construction so when companies are ready to locate in this region, they can move with the speed they expect. When companies are ready to commit and start building, they don’t want to wait for infrastructure.”
The Power of 32 Site Development Fund is a $49 million Pittsburgh-based fund that provides loans in Pennsylvania, Ohio, West Virginia and Maryland to help close critical infrastructure financing gaps and move prepared sites to market more quickly.
To be eligible for investment by the fund, a site must be located within the 32 counties of the Greater Pittsburgh economic region, which extends beyond state boundaries. It includes a population of 4.1 million people within 17,380 square miles and includes western Maryland, eastern Ohio, Southwestern Pennsylvania and both the northern panhandle and north-central regions of West Virginia.
Many residents commute to work daily across county and state lines.