RIDC, URA to Enter Into Partnership Agreement to Develop 25-Acre Vacant Site in Fairywood
Pittsburgh, PA—April 12, 2022—Regional Industrial Development Corporation of Southwestern PA (RIDC) and the Urban Redevelopment Authority of Pittsburgh (URA) will enter into a partnership agreement to develop a 25-acre vacant site in the Fairywood neighborhood of the City of Pittsburgh, upon URA Board approval.
RIDC and URA are planning a two-phase development project targeting distribution uses. They have signed a Letter of Intent for construction of a 150,000-square-foot single-user building. Discussions about the site plan are currently underway and a Request For Proposals (RFP) for design and construction is expected to be issued within a few weeks. RIDC is already in discussion with a potential occupant for that space.
Phase 2 is expected to be a building of similar size.
RIDC will put $2.7M-$3.5M of capital into the building, and the URA will contribute the land as well as source public grants.
The URA Board of Directors meets virtually on Thursday, April 14, at 2 p.m.