Harrisburg, June 26, 2008 - State Sen. Jim Ferlo (D-Pittsburgh) today announced a $10 million state loan for Development Capitol Investors, Inc. to redevelop the former Nabisco Bakery plant on Penn Avenue in the East Liberty Section of Pittsburgh.
“This $10 million dollar loan is a prudent investment in a major adaptive re-use commercial project that significantly adds to our green build reputation and has generated dollars for the long overdue traffic reversal of the East Liberty circle,” Ferlo said.
The project, managed by Walnut Capital and known as Bakery Square at Eastside, will be a mixed-use commercial property with approximately 216,000 square feet of office space and 174,000 square feet of retail space housed within the to-be-renovated historic National Biscuit Company (Nabisco) structure, along with four new buildings, all of which will be certified as “green” buildings.
"A project of this size and the recent announcement that Chatham College has also purchased a major building just next door will be a catalyst for further residential enhancement of the nearby Larimer neighborhood as well," Ferlo said. “These benefits that spill over to Larimer are tied to the core of a revitalized East Liberty.”
The Commonwealth Financing Authority (CFA) approved the loan under the “Building PA” program.