[CPEO-BIF] Pittsburgh Bakery Square Project

["Robert Hersh" <b_hersh@verizon.net>]

$1 million state grant to aid Bakery Square project

Pittsburgh Post-Gazette.
Saturday, February 10, 2007
By Elwin Green

The state Department of Environmental Protection is kicking in $1 million
toward the redevelopment of the former Nabisco plant in East Liberty.

The grant to the Regional Industrial Development Corporation of Southwestern
Pennsylvania will be used to clean up the site, which the city declared
blighted in December, clearing the way for the Urban Redevelopment Authority
to pursue $13 million to $14 million in aid for what has come to be known as
the Bakery Square project.

The $105 million to $125 million project, spearheaded by Shadyside-based
Walnut Street Capital Partners, will transform the former bakery and
surrounding land -- a total of 6.5 acres -- into a mixed-use complex that
will include 223,000 square feet of office space, 165,000 square feet of
retail space, and a 120-room hotel.

RIDC president Robert C. Stephenson said that the cleanup work on the
property would remove asbestos, PCBs and lead-based paint and should begin
within the next 30 days.

Walnut Capital principal Anthony Dolan said the company is seeking tenants
for the retail and office portions of the development as its continues to
finalize the purchase of the property from RIDC, which is expected to close
this summer.

The site was home to a Nabisco bakery for 80 years before it closed in 1998.
The RIDC took control of the building in 1999 as part of a complicated
community-led arrangement to buy the facility from Nabisco and restart it as
Atlantic Baking Group, which had the financial backing of investment funds
associated with international financier George Soros.

For the entire article, see:
<<http://www.post-gazette.com/pg/07041/760923-28.stm>>


Bob Hersh
CPEO



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