Colony Holding Companies recently purchased the 6.4-acre Rt. 30 Redevelopment Project in Jeannette from the Westmoreland County Land Bank for $2.1 million.
The company plans to develop the property into a mixed-use commercial and retail space called Jayhawk Commons.
The bank, in partnership with Westmoreland County Commissioners and others, began the project in 2014 intending to combat blight from the former Monsour Medical Center.
The bank purchased the property and worked with the Pension Benefit Guaranty Corp. to release the $3.2 million federal lien on the site. Before demolition and remarketing of the site could occur, a $4.7 million Internal Revenue Service lien on the property was exonerated.
To get the site to its current condition, the bank and the Westmoreland County Industrial Development Corp. leveraged county, state and federal funds.
“This has been an incredibly impactful project for Jeannette, to see the site officially sold for reuse really demonstrates the significant impact these partnerships have on eliminating blight in our communities,” Curtis Antoniak, Jeannette mayor, said.
Colony Holding Companies is headquartered in Westmoreland County and began its commercial development division in 1970. The company is eager to develop the property for Jeannette and its residents, the company said.