Carrie Furnace secures $7.5 million in state funding to move forward with redevelopment
The site of a former blast furnace is working on a makeover that could bring flexible tech space, light manufacturing and film production and on Tuesday the Pennsylvania state government allocated millions of dollars to help this project.
State Sen. Jay Costa, D-Forest Hills, announced $7.5 million in public funding for the Carrie Furnace brownfield redevelopment project in Rankin, along the banks of the Monongahela River.
An agreement between Allegheny County, owner of the site, and the Regional Industrial Development Corp. (RIDC) was concluded last year to redevelop 52 acres of the 65-acre site, leaving the historic blast furnace intact.
INCD President Don Smith said state funding was essential to move the project forward. He said he had recently received approval from Rankin officials and the INCD was about to begin preparing the site for development.
“This is a critical first step,” Smith said.
According to Costa, the $7.5 million in funding will go towards Phase II of III for the full site redevelopment, which includes the acquisition of 4 acres from the county and the development of a 52-acre Film Ready Tech Flex Spec building. 000 square feet. The $7.5 million is split between a $3 million grant and a $4.5 million loan from the state’s Business in Our Site (BiOS) program.
These funds will be specifically used for the acquisition, excavation, grading, sidewalks and construction of the parking lots associated with the film production building, according to Costa.
Costa said the redevelopment of the Carrie Furnace site is “a significant economic development opportunity for the future of Rankin” and the Mon Valley.
Smith said the BiOS funding will allow the developer to move forward with plans for the Tech Flex office building, which hopes to attract tech companies, and dedicated soundstages that will be targeted for film and TV production. .
He said the Tech Flex building and soundstages could begin construction early next year, and if all goes well, be completed by the end of 2023.
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After that, the goal is to continue to expand the large site with additional technical office and manufacturing space, as well as more film production facilities. Smith said that eventually he hopes the Carrie Furnace site will not only attract jobs in specialties such as technology and film, but also jobs that support industries that can be acquired by people living in Mon Valley. .