Loan granted for LTV project in Hazelwood
The developer of the vast brownfield along the Monongahela River in Hazelwood will get a $5 million, low-interest loan from the Pennsylvania Commonwealth Financing Authority to help build roads and sewers, officials announced Thursday.
Almono LP, which owns the former LTV Steel site, will use the money for its $35 million first phase of infrastructure improvements intended to make the site ready for development and marketing to potential tenants, said Don Smith, president of the nonprofit Regional Industrial Development Corp., which partnered with several area foundations to form Almono. Work has started on $7.5 million of clearing and site grading, he said.
“The next phase will include installing the core utilities, a signature boulevard through the site, then an extraordinary amount of off-site improvements to the surrounding roads to address the traffic congestion that already exists there,” Smith said. The entire build-out of the site's roads and utilities will cost an estimated $130 million.
Traffic backups occur on Second Avenue alongside the site, and there is limited access from the existing neighborhood to the development site.
Almono officials envision an immense redevelopment with four separate neighborhoods: a riverfront residential development closest to Oakland, an environmental science center, a technology park surrounding the former mill building and a mix of residential, office and commercial space in the “Hazelwood Flats” at the eastern end of the site.
The state loan comes with a 3 percent annual interest rate through a state program that offers low-interest loans to help businesses and governments make previously used or undeveloped land suitable for development.
Add Matthew Santoni to your Google+ circles.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Boulevard of the Allies lane closure begins
- Legally blind Pirates fan hangs on every play, has kept score for decades
- Amid tears, Oakmont church members vow to rebuild from fire
- Pitt professor’s UV technology destined for Mars in 2020
- Police identify Penn Hills man as victim in Homewood shooting
- Teachers’ roles evolve as districts rely more on computers
- Former civil rights investigator sues agency, alleges discrimination
- Medical research labs pinched by falling federal funding
- Teens charged after man stabbed in Karns City home invasion
- Newsmaker: Prince Matthews
- Hill District leaders irked as Penguins submit former Civic Arena site plan to city