A new fund created to help close critical infrastructure financing gaps and move prepared sites to market more quickly was announced Thursday.
The Power of 32 Site Development Fund LP will concentrate its investments on eligible sites in the 32-county Greater Pittsburgh economic region and will place a special emphasis on preparing brownfield sites for reinvestment.
The Fund also announced their first site loan of $2.6 million in Trimodal Terminal, LP, in Follansbee.
This 80-acre brownfield site is located on the Ohio River approximately 45 miles from Pittsburgh with river, rail and highway access.
The new funding will be used for rail line expansion and renovation, utility infrastructure (gas and water) and clearing, grading and creating additional shovel-ready pads within the site.
“We appreciate the confidence that the Power of 32 Site Development Fund is demonstrating in our project with this new investment. This funding will help us bring this site to market faster and see more jobs and more capital investment in our part of the region,” said Jim Joseph, coowner, Trimodal Terminal, LP.
The Fund is continuing to take applications for investment; please visit the Fund’s website, www.P32SiteFund.com for more information.
The Greater Pittsburgh regional economy extends beyond state boundaries to encompass 32 counties in four states. It includes a population of 4.1 million people within 17,380 square miles in the 32 counties of 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.