News Column

Governor Tom Corbett Announces New Markets Tax Credits to Help Finance First Component of East Liberty Transit Center in Pittsburgh

July 30, 2014

HARRISBURG, Pa., July 30 -- Gov. Tom Corbett, R-Pa., issued the following news release:

Commonwealth Cornerstone Group (CCG) has completed an $8 million New Markets Tax Credit (NMTC) financing transaction that will help fund construction of the first component of the East Liberty Transit Center (ELTC) in Pittsburgh, Gov. Tom Corbett announced today.

Construction of the new transit center is expected to create 267 construction jobs and 142 permanent jobs once completed.

"This new East Liberty Transit Center will transform the current site into a multimodal transportation hub to better support the various ways commuters travel to and from this resurging section of Pittsburgh," Gov. Corbett said.

The East Liberty Transit Center Project covers six acres of public and private commercial property located where the Martin Luther King, Jr. East Busway meets the connecting boundary between the East Liberty and Shadyside neighborhoods. The project is at the center of the half-mile radius of the East Liberty Transit Investment District. The developer is Pittsburgh-based Mosites Company.

"This project helps reconnect the southeastern edge of East Liberty that was lost during urban renewal," said Mark Minnerly, director of real estate for the Mosites Company. "Reconstructing that missing piece of city fabric meant convincing public and private partners it was worth the commitment of working capital to get the job done.

"The Corbett Administration is a key partner because it understands that this initiative would only work by pulling resources together from various state agencies, each of which could help with different parts of the project. It's been a great experience to see state government function so effectively in support of this project."

The first component of the ELTC will result in a completely reformatted and integrated transit station to replace the existing isolated and decaying facilities. This station is the second busiest transportation hub in the regional transit system. It provides a critical public transport hub between the central business district and the city's highly-populated east-end neighborhoods.

"This new transit center will directly benefit the East Liberty neighborhood and better serve commuters who travel through this vital transportation hub on a regular basis," said Brian A. Hudson Sr., CCG chairman and executive director of the Pennsylvania Housing Finance Agency. CCG was created in 2004 by PHFA to serve as a nonprofit community development entity for the administration of New Markets Tax Credits.

The first $46.8 million component of this project, which includes a $23 million New Markets Tax Credit commitment, will include construction of a parking structure that will integrate bike parking, a structural platform and pedestrian bridge, an elevated street, and a new station entry plaza with a series of elevated access ways.

The second component includes a $15.1 million investment by the Urban Redevelopment Authority of Pittsburgh in the Port Authority of Allegheny County station, pedestrian bridge and public plazas, all of which are designed to enhance access and the functionality of the station.

The third component will be a privately funded, $76 million mixed-use development consisting of three buildings with 360 multifamily housing units and 43,000 square feet of retail/restaurant space. The entire project, including both public and private investment, will cost $137.9 million to complete.

CCG has committed $8 million of the $23 million in New Markets Tax Credits raised to date. CCG and other public resource commitments will be leveraged to attract additional private and philanthropic sector investments to the project.

TNSMkTanz140731-30FurigayJane-4815378 30FurigayJane

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Targeted News Service

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters