The Power of 32 Site Development Fund recently announced a $9.6 million to help finance site preparation costs for approximately 30 acres of a brownfield industrial site along the Allegheny River near the City of Pittsburgh.
Future vertical development at the Riverfront 47 site, located largely in Sharpsburg Borough but also parts of Aspinwall Borough and O’Hara Township, may eventually include mixed-use commercial and residential space.
The Mosites Company, a private real estate development company, will be responsible for the development of the site, the former home of a scrap metal recycling facility.
“The potential of this land to now integrate into the community in a way never imagined is incredible,” Steve Mosites, managing partner of Riverfront 47, LP, said. “With this loan, which will bridge $5.5 million in grant funds received from the state, we can now create fully functional connections to the land –making it a suitable location for business and residents who want to take advantage of this great location. Riverfront 47 also envisions the creation of a new riverfront park that will span the 1.5 mile length of the site and provide a wonderful amenity for the neighboring communities.”
Sharpsburg is a dedicated Federal Opportunity Zone, an economically distressed community where new investments may be eligible for preferential tax treatment.
“It’s exciting to see the development of this former private industrial site take such an important step forward in site preparation,” Brittany Reno, executive director of the Sharpsburg Neighborhood Organization, said. “Looking to what’s beyond that, I’m eager to collaborate with the community and the development team to ensure that the park and trail meaningfully reconnect all of our residents to their riverfront and that the development includes housing, businesses and other amenities that are affordable and accessible to all Sharpsburgers.”
The Power of 32 Site Development Fund is a $49 million fund administered by the Allegheny Conference on Community Development that provides private patient mortgage loans.