Deasy announces $3.5 million investment for Fairywood industrial redevelopment project
PITTSBURGH, July 19 – State Rep. Dan Deasy, D-Allegheny, today announced the Commonwealth Financing Authority approved a combined $3.5 million Business in Our Sites grant and loan for a project to develop an industrial park in Pittsburgh’s Fairywood neighborhood.
“This significant investment will help to transform an area of Fairywood that has been vacant for a long time and give it a new purpose,” Deasy said. “I’m pleased to help secure funding for a project that will provide an economic boost to the West End by attracting new businesses and creating a variety of jobs.”
Deasy said the Commonwealth Financing Authority will supply a $1.4 million grant and a $2.1 million loan to The Urban Redevelopment Authority of Pittsburgh to assist in the expansion of Fairywood Industrial Park. The URA and Regional Industrial Development Corporation of Southwestern PA first announced the redevelopment of the 25-acre site in Fairywood back in April 2022.
The Business in Our Sites grant and loan program provides financial assistance to municipalities and others to plan and prepare sites for future use by businesses, private developers and others. More information about the program is available here: https://dced.pa.gov/programs/business-in-our-sites-grants-and-loans-bos/