RFP Process Now Open

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WHAT?

Established in 2014, this private investment fund supports site development and was adopted as part of the Power of 32 regional visioning process to identify common challenges and opportunities and create a thriving 32-county, four-state region. The Allegheny Conference on Community Development agreed to lead the effort to establish the Site Development Fund, which – to date – has provided gap financing to move several regionally significant projects forward.

WHY?

Increasing the inventory of shovel-ready sites increases opportunities for greater business investment – facility locations and expansions – and job creation in the 32-county greater Pittsburgh region. This multi-state footprint encompasses parts of Pennsylvania, Maryland, Ohio and West Virginia.

Horizontal preparation of sites – through grading, infrastructure installation and environmental remediation – is critical to moving them to market more quickly in order to meet new construction demands.

HOW?

The Power of 32 Site Development Fund closes critical infrastructure financing gaps by making patient mortgage loans to sites that have the potential for regional impact or that are identified as a priority for the greater region. The Fund targets larger sites – 20 acres or more – industrial, commercial or mixed use, with a preference for redeveloping brownfield sites or land in underinvested communities that are eligible under the CRA criteria.

NOW

As of April 29, 2021, the Fund will begin accepting proposals from sponsors of development projects located in Community Reinvestment Act (CRA)-eligible locations in the 32-county greater Pittsburgh region.

In addition to being in the greater region’s footprint, projects must meet these requirements:

  • Site preparation (horizontal construction) that precedes mixed-use, commercial, or industrial vertical construction
  • In a community or other location eligible under the Community Reinvestment Act (CRA) criteria
  • Is 20+ acres in size

Sites that are brownfields or in designated Opportunity Zones will be prioritized.

Download the Proposal Application

View Submission Details

Download presentation supporting Spring 2021 Call for Proposals

VIDEO: Webinar Supporting Spring 2021 Call for Proposals

The Fund's 15 Limited Partners

The Power of 32 Site Development Fund LP is structured as a Pennsylvania limited partnership and is overseen by a Board of Managers. Callay Capital LLC serves as the Fund Manager and is the point of contact for projects seeking investment from the Fund.

The Fund is built on the belief that successful business investment depends on all the strengths of the 32-county region regardless of geographic boundaries, and that an investment in real estate at any one location benefits the region as a whole.

Project Gallery

Riverfront 47

Details

Trimodal Terminal

Details

Clinton Commerce Park (Phase 2)

Details

Hazelwood Green

Details

Turnpike Industrial Park

Details

Riverfront 47

Riverfront 47

Sharpsburg Borough
$9.6M loan (2019)

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The Power of 32 Site Development Fund plays a critical role … by providing early financing for challenging infrastructure projects. Conventional loans are not often a good fit for this early site preparation work, and the fund is stepping up to make things happen.

“There is incredible potential to integrate this site into the community in a way never imagined.”

– Steve Mosites, Managing Partner, Riverfront 47, LP

Significant accomplishments made possible with a fund loan

  • Site preparation, including creating fully functional connections to the site, to make it accessible for both businesses and residents.

Site advantages

  • Approximately 30 acres of land (former brownfield) in prime location along Allegheny River, located six miles northeast of the City of Pittsburgh.
  • Close proximity to PA Route 28 provides easy access to downtown, as well as city neighborhoods such as the Strip District (“Robotics Row”) and Lawrenceville, which have seen significant business investment and commercial development.

What’s next?

  • Park and trail master planning is currently in progress and being led by the New York landscape architecture firm, Balmori Associates. Planning is expected to conclude in the spring or early summer of 2019.
  • Final design work for the park and trail and public spaces where 19th Street meets the Allegheny River will be the focus of the early phase of this part of the project and will integrate into the design and engineering of the 19th Street Connector project and Shoreline Road which is expected to start in the spring or summer of 2019.
Trimodal Terminal

Trimodal Terminal

Follansbee, W. Va.
$2.6M loan (2015)

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The fund provided the capital necessary to accelerate brownfield remediation while also investing in development of site infrastructure to make the site more attractive to companies looking for rail- and barge-served sites in the region.  This type of funding is generally not available to private developers in West Virginia from either public funding or traditional lenders.  By filling this gap in the traditional capital structure, the fund enabled us to rapidly accelerate our development timeframe.”

– Jim Joseph, co-owner, Trimodal Terminal

Significant accomplishments made possible with a fund loan

  • Water utility infrastructure; completion of obligations under Regulations & Environmental Compliance Analysis (under RCRA) and attainment of a certification of completion from the West Virginia DEP
  • Enabled creation of approximately 40 acres of new pads for industrial development
  • Enabled rehabilitation of 5,000+ feet of existing rail spurs, construction of 2,000 feet of new rail spurs and rebuilding of all on-site railroad crossings
  • Recipient of the 2017 West Virginia Brownfields Award for Environmental Impact

Site advantages

  • 80-acre remediated brownfield site located at Mile 70.0 on the Ohio River, 30 minutes from Pittsburgh International Airport and located three miles from U.S. Route 22 with four-lane access to the site from WV Route 2
  • 13,000+ feet of rail on-site with direct service from Norfolk Southern
  • 3,000 feet of riverfront with U.S. Army Corps of Engineers barge permit to load and unload barges and moor up to 45 barges; located at the midpoint on the Ohio River between the Shell petrochemical facility in Beaver County and the proposed PPT facility in Belmont, Ohio.

What’s next?

  • Improvement and expansion of barge dock and loading/unloading capabilities
  • Construction of 5,000 feet of additional rail spurs and investment in railcar spotting and transloading equipment and services
Clinton Commerce Park (Phase 2)

Clinton Commerce Park (Phase 2)

Clinton, Pa.
$5.7M loan (2015)

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The recent investment in the region by Royal Dutch Shell and others is proving the need to have more pad-ready, developable sites available to support regional growth. The Power of 32 Site Development Fund is a source of essential funding for keeping pace with the growing demand.”

- David Storer, manager of real estate development, Allegheny County Airport Authority/Pittsburgh International Airport

Significant accomplishments made possible with a fund loan

  • Storm water management, erosion controls, utilities installation, roadway access and site grading and embankment
  • Provision of the capital needed to scale the project and elimination of a multiple-phase construction process
  • Investment by the fund enabled the creation of seven pad-ready sites with more than 1.5 million sq. ft. of building capacity. The site is now home to Berlin Packaging, which leased a 297,200 sq. ft. building from developer Al. Neyer.

Site advantages

  • Located three minutes from Pittsburgh International Airport, 20 minutes from downtown Pittsburgh and 14 miles from Royal Dutch Shell petrochemical facility being constructed in Beaver County. Suitable for any industrial use, from heavy manufacturing to warehouse space

What’s next?

  • The second of seven planned buildings for the site has been constructed by Al. Neyer. The building is 265,568 sq. ft. There are plans to construct two or possibly three more buildings in the near term, ranging from 850,000 sq. ft. to 885,000 sq. ft.
Hazelwood Green

Hazelwood Green

City of Pittsburgh, Pa.
$9.6M loan (2016)

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The Power of 32 Site Development Fund filled a remaining gap in financing for site improvements and provided flexible terms required at early stages of development. This source of loan funds is very critical since the market is demanding shorter timeframes for delivery of owner-occupied building or tenant space.”

- Katrina Flora, AICP; Associate Planner, ReMake Group

Significant accomplishments made possible with a fund loan

  • Redevelopment of one of the Pittsburgh’s last large brownfield, containing 175+ acres
  • Development of the spine road and associated infrastructure, providing access to a majority of the site’s parcels
  • Overall infrastructure designed as Pittsburgh’s first “complete street” providing separated pedestrian, bike and motorized vehicle access and green infrastructure to contain all rainwater on site

Site advantages

  • Ideally located within close proximity to Pittsburgh’s central business district and university district (Oakland) and with riverfront access. Phase 1 development target markets include advanced manufacturing, additive manufacturing, biosciences and automation industries seeking an urban location and flex space to accommodate their needs.

What’s next?

  • Release solicitations for developers and integrated energy service providers/partners; a new branding/naming campaign will be completed and rolled out; the P+W Master Plan (on hold since November 2015 as a final draft) will be completed; and, Mill Street and temporary parking construction will be bid. The RIDC Phase A development of the Mill 19 building [on site] will be initiated in response to the signing of an anchor tenant.
Turnpike Industrial Park

Turnpike Industrial Park

Big Beaver, Pa.
$6.9M loan (2017)

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Being able to close on the property and be in the position to have pad-ready sites for up to one million square feet – all within six months of closing – is an achievement that would not have been within our reach without the loan. The fund made eminent sense to us, and I encourage other owners of large tracts of land to explore the opportunities that the fund affords for moving such sites to market faster.”

- Pat Nardelli, President, Castlebrook Development Group

Significant accomplishments made possible with a fund loan

  • Site clearing, fill and grading and utility and road installations of approximately 100 acres

Site advantages

  • A strategic location and proximity to three major interstates: I-376, I-79 and I-80. The site is also within 15 miles of the Royal Dutch Shell petrochemical facility being constructed in Potter Township, Pa. and 28 miles from Pittsburgh International Airport.

What’s next?

  • Earthwork has already started (Summer 2017) to bring the site to grade in order to be pad-ready for placements of footers and foundations for warehouse and distribution facilities. The completion of earthwork, utility extensions and access roads are anticipated within six months, with construction of buildings on the site to begin in 2018.

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News

April 29, 2021
Power of 32 Site Development Fund Seeks Proposals for “First Money In” Financing in Support of Site Preparation for Projects in Underinvested Communities
Allegheny Conference on Community Development

October 13, 2017
VIDEO: “3 Minutes with the Power of 32 Site Development Fund”
Youngstown Business Journal

October 13, 2017
‘Power of 32’ Loan Fund Seeks Development Projects
Youngstown Business Journal

October 10, 2017
Trimodal Terminal is Honored by W.V. Among Leaders in Brownfield Redevelopment
West Virginia Brownfields Assistance Centers

September 26, 2017
Beaver County industrial site gets $6.9M loan
Pittsburgh Business Times

September 26, 2017
Power of 32 Site Development Fund Announces Investment Loan of $6.9M in Beaver County’s Turnpike Industrial Park
Allegheny Conference

September 25, 2017
Regional investment group loans $6.85 million to Nardelli project in Big Beaver
The Times

September 25, 2017
Shell cracker plant spurs $7 million development loan for nearby site
Pittsburgh Post-Gazette

September 18, 2017
‘Power of 32’ Wants to Invest Here, Sets Oct. 12 Event
The Youngstown Business Journal

October 27, 2016
Power of 32 Site Development Fund's Largest Investment to Date – $9.5 Million – Helps Finance Construction of Pittsburgh's First Fully Designed Complete Street at Almono
Allegheny Conference

March 28, 2016
P32 Site Development Fund Announces Investment in Clinton Commerce Park
Allegheny Conference

March 28, 2016
Power of 32 loans $5.7M to industrial park near airport
Pittsburgh Business Times

March 28, 2016
Power of 32 fund to provide $5.7M loan to Clinton Commerce Park
Observer-Reporter

March 28, 2016
Economic-development group lends $5.7M to Clinton Commerce Park
The Times

March 28, 2016
Economic-development group lends $5.7M to Clinton Commerce Park
The Times

March 28, 2016
$5.2M loan to prime development near Pittsburgh International Airport
Pittsburgh Tribune-Review

March 28, 2016
Regional fund loans $5.7M to Clinton Commerce Park
Pittsburgh Post-Gazette

May 28, 2015
Power of 32 Site Development Fund Provides New Funding Option to Prep Sites for Construction
Allegheny Conference

May 28, 2015
Power of 32 Site Development Fund invests $49 million in the Pittsburgh region
NextPittsburgh

May 28, 2015
Allegheny Conference helps launch new $49M site development fund
Pittsburgh Business Times

May 28, 2015
Power of 32 announces first loan for site development
Observer-Reporter

May 28, 2015
Multi-state Fund Announces Follansbee, WV as First Investment
WTRF and WOWK TV (W. Va.)

May 28, 2015
Fund Promises $49 Million To Landowners Struggling To Woo Big Banks
WESA (NPR)