The City of Pittsburgh received a $2 million infrastructure grant from the federal government toward Bakery Square 2.0. An award from the U.S. Economic Development Administration (EDA), these funds will be used for the construction of public infrastructure at the $120 million development site.
The grant will help fund public amenities which are needed to construct the proposed mixed-use development, a redevelopment of the former Reizenstein Middle School site.
"I am extremely grateful to President Obama and the Economic Development Administration for their support of this great project that will create much needed high-tech office space to support the growth of our innovation economy," Mayor Ravenstahl said in a statement.
The mayor's press secretary Joanna Doven says the city is seeing a lot of investment from the federal government, and cites the recent $15 million grant to the East Liberty Transit Center.
"We’re seeing a lot of federal support that is spurring millions in private investment," Doven says. "We believe that the government’s main role in development is readying infrastructure, and this is what that grant will do."
The grant will be matched by funds provided by Walnut Capital, the RCG Longview Fund and the Pennsylvania Gaming Economic Development and Tourism Fund.
The plan for the former Reizenstein Middle School site calls for constructing several new office buildings, creating 400,000 square-feet of office space, 90 rental townhomes, and 20 single family houses.
"Bakery Square 2.0 will be a campus-like setting that will allow for more high-tech companies, more startup ventures to be located in a place that has a lot of synergy," Doven says. "There’s a lot of talent around that area, a lot of young minds, and it’s a place where people want to be."
Developer Walnut Capital has previously said they will spend up to $130 million on the project, or equal to the amount of the original Bakery Square site redevelopment.
The URA will work with the Department of Public Works to construct the streets and associated public infrastructure, such as street lighting, curbing and storm, sanitary and water facilities, which will ultimately be dedicated to the City of Pittsburgh.
Writer: Andrew Moore
Source: Joanna Doven