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New Hope Rises from Redeveloped Mill Property
Not so long ago, a massive coke plant in Pittsburgh’s Hazelwood neighborhood was coughing out smoke and ash. Now the area is fired up with a visionary new initiative. “Mill 19” redevelops a quarter-mile-long building into a vibrant, ecologically friendly 306,000 square foot mixed-use complex.
The project has been spearheaded by the Regional Industrial Development Corporation (RIDC).
The initial $43.4 million phase will create approximately 95,000 square feet of leasable flex-office space for small growing technology and technology-related industries. Carnegie Mellon University recently became the development’s anchor tenant, signing a lease for nearly 59,000 square feet of space that will be home to Advanced Robotics Manufacturing (ARM) and Manufacturing Futures Initiative (MFI).
It’s the first step toward creating nearly 800 permanent full-time jobs and more than 500 construction jobs in the neighborhood. It is also expected to spur the redevelopment of the remainder of the site and attract more than a billion dollars’ worth of investment in the low income community.
The initiative was brought to life with a $13.5 million senior construction loan provided by PNC Real Estate and a $12.5 million New Markets Tax Credit equity investment. The bank also delivered an interest rate swap on the loan.
In discussing the transaction, Don Smith, president of RIDC, noted, “We recognized PNC’s long-term commitment to the project, which was quite complex. They provided expertise on both the debt and equity sides of the equation. On the tax credit side, they raised allocations and put in allocations of their own as well and were able to get to a closing more quickly than expected based on all the nuances involved.”
Date: December 2017
Location: Pittsburgh, Pennsylvania
Financing Amount and Type: $13.5 million senior construction loan; $12.5 million New Markets Tax Credit equity investment
Scope: Phase I will comprise 95,000 square feet of leasable flex-office space with Carnegie Mellon University as an anchor tenant.
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