FOR IMMEDIATE RELEASE:
RIDC CONTACT: Desiree Niccoli, firstname.lastname@example.org, 412-535-5701
URA CONTACT: Gigi Saladna, email@example.com, 412-304-4042
RIDC, URA ENTER INTO PARTNERSHIP AGREEMENT TO DEVELOP 25-ACRE VACANT SITE IN FAIRYWOOD
Pittsburgh, PA—April 12, 2022—Regional Industrial Development Corporation of Southwestern PA (RIDC) and the Urban Redevelopment Authority of Pittsburgh (URA) have entered into a partnership agreement to develop a 25-acre vacant site in the Fairywood neighborhood of the City of Pittsburgh.
RIDC and URA are planning a two-phase development project targeting distribution uses. They have signed a Letter of Intent for construction of a 150,000-square-foot single-user building. Discussions about the site plan are currently underway and a Request For Proposals (RFP) for design and construction is expected to be issued within a few weeks. RIDC is already in discussion with a potential occupant for that space.
Phase 2 is expected to be a building of similar size.
RIDC will put $2.7M-$3.5M of capital into the building, and the URA will contribute the land as well as source public grants.
“The vacant site in Fairywood was previously a public housing development—until it was damaged by a hurricane more than 15 years ago,” said Donald F. Smith, Jr., RIDC President. “It has sat vacant ever since. Complicated site conditions will require grading, site preparation, and patient partnership, but we’re looking forward to working with the URA and the City to give the site purpose again and attract job-creating tenants. In addition to logistics and warehousing, we hope to see light manufacturing and assembly users that will create a broad range of accessible jobs to City residents—jobs that generally don’t require an advanced degree.”
“We’re excited to be advancing this joint venture concept between RIDC and the URA to invest in revenue-based development,” said Greg Flisram, URA Executive Director. “This approach marks an entirely new direction for the URA, allowing us to use the money generated to continue to make mission-aligned investments for many years.”
“RIDC has long partnered with the URA, including on the Pittsburgh Technology Center, a successful adaptive reuse of a former steel site and one of the first major riverfront brownfield redevelopments in Pittsburgh,” said Tim White, RIDC Senior Vice President of Development. “That partnership nurtured Pittsburgh’s emerging technology ecosystem and was a primer for further developments along riverfront properties, including RIDC Mill 19 in Hazelwood Green.”
“My Administration looks forward to supporting this partnership and development,” said Mayor Ed Gainey. “Our city’s challenge and greatest opportunity lies in our ability to capture an appropriate share of regional growth. This project will be another step forward in creating a city where families and individuals can live, work and do business.”
“I want to thank the URA and Mayor Gainey and his team for focusing on the District 2 area, especially in an area that has had a closed pool, a demolished school and lost an abundance of housing,” said Council President Theresa Kail-Smith. “The RIDC investment is not only in the land, but the people in and around Fairywood, and for that I am grateful.”
The mission of the Regional Industrial Development Corporation is to catalyze and support economic growth and high-quality job creation through real estate development and finance of projects that advance the public interest. A not-for-profit entity, RIDC has developed over 2,800 acres in 14 industrial and innovation parks and manages over 7 million square feet.
The URA is the City of Pittsburgh’s economic development agency, supporting the City’s economic development goals, which are designed to create a city of inclusive opportunity for residents, stakeholders, and communities. The URA is committed to creating more housing that is affordable to the average Pittsburgher; encouraging more entrepreneurship and small business development; promoting inclusive growth and quality job creation; expanding neighborhood and main streets revitalization efforts; and developing a talented workforce that is equipped with the skills of the future.
Pittsburgh Business Times – URA and RIDC make partnership official on industrial redevelopment plan for long-vacant Fairywood site
Pittsburgh Post Gazette – URA, RIDC to partner to develop 25-acre Fairywood tract for distribution uses