July 7, 2022
Harrisburg, July 7, 2022 — A regional non-profit dedicated to growing and modernizing the local economy has been awarded a $2.25 million state loan to construct a new business center in Braddock, state Sen. Jim Brewster announced today.
The Regional Industrial Development Corporation of Southwestern PA (RIDC) will receive the low-interest loan through the Pennsylvania Industrial Development Authority (PIDA).
“It has been a top priority of mine to link local redevelopment efforts with resources available through the state,” Brewster said. “I’m proud of the work being done on the ground in my district to restore former industrial sites and provide the 21st century jobs that will stabilize communities and keep families in the region.”
RIDC was approved for a 15-year $2,250,000 loan at a 3.5 percent fixed interest rate to acquire land and construct a new building located on Carrie Furnace Boulevard in Braddock. The new multi-tenant building that will consist primarily of flex industrial space that could host robotics, visual effect areas, and other technology industries. It is anticipated that two tenants will occupy the space. The total project cost is $10,000,000.
“The competition for economic development funds is fierce and the partnerships we’ve built in this region are up to it,” Brewster said. “This is the hard work of many people paying off.
To date in 2022, PIDA has approved $23,366,119 in low-interest loans that have resulted in $49,812,138 in private investment and supported 743 created and retained full-time jobs. Since 2015, PIDA has approved $361,778,277 in low-interest loans that have resulted in $727,981,169 in private investment and supported 14,765 created and retained full-time jobs.
October 2, 2018
Transportation grant validates Brewster’s work in seeking significant investment
Harrisburg – Oct. 2, 2018 – Nearly $3 million in grant funding will help bolster downtown McKeesport, expand the Steel Valley Trail, connect the new Multimedia Center and fund improvements to the city’s parking garage, state Sen. Jim Brewster (D-Allegheny/Westmoreland) announced today.
“This massive investment will yield tremendous benefits for years to come,” Brewster said. “We aggressively sought state funding to help the city transform its downtown, tie-in new development with an expansion of the trail, enhance tourism and rehabilitate nearby parking to attract more visitors to the city.”
The $2.9 million state multimodal grant to McKeesport was one of 43 approved statewide.
Brewster said he envisions the development of a secure, lighted elevated track that encompasses an area along the RIDC property that will generate foot and bike traffic and add to the work now being done at the former Daily News building. He said the new Multimedia Center will be a focus point of activity.
“This is incredibly exciting news for the region,” Brewster said. “The expansion of the trail, coupled with the new energy and activity at the center — including excellent access to nearby parking –creates even more commercial opportunities in the city.”
Brewster credited Gov. Tom Wolf for approving the funds for the project. He said McKeesport Mayor Mike Cherepko along with the many officials involved in the effort to bring the former Daily News building back should be extremely pleased with the funding. He said the officials worked exceptionally hard to bring dollars and development back to the city’s center.
“This is a big development project for the downtown area,” Brewster said. “Now, it is up to all the officials involved to effectively use the state grant funding to complete the critical work and make the next phase of the development a success.”
Brewster said the trail expansion and new multimedia center will generate additional commercial activity it the vicinity of the trail and in the downtown area. He said there will be substantial spinoff benefits once the grant funding is applied and the area improved.
-30-
