INDIANA, PA – Late last year, the Indiana County Development Corporation received a $2.5 million state Redevelopment Assistance Capital Program (RACP) award with the money to be focused on the acquisition and redevelopment of student rental housing properties to prepare the properties for conversion to an adaptive reuse.
“As the regional demographics have declined, along with the recognition the student enrollment of Indiana University of Pennsylvania isn’t what it used to be, the Indiana County Development Corporation is looking at ways to repurpose rental housing complexes near the IUP campus,” said Sen. Joe Pittman, R-41. “This effort will create a property that can be reused to help improve the economy of the community.”
The $2.5 million grant award will be used to acquire and redevelop the approximately 6-acre property known as the Carriage House and Essex House student housing complexes, which represent roughly 327 beds at a time when IUP enrollment is declining.
Additionally, the property could have great value for redevelopment.
“This is an opportunity to transform a property that lies in heart of our community into something that can be better utilized for the benefit of the greater population,” Rep. Jim Struzzi, R-61, said. “I am happy to support this project and applaud the ICDC and their continuous efforts to serve as visionary leaders for Indiana County.”
“On behalf of the ICDC Board of Directors, we extend our sincere appreciation to Sen. Pittman and Rep. Struzzi for their support in securing the grant funding, which will be a catalyst to leverage additional private sector dollars in revitalizing this strategically located property,” said Joe Reschini, President of the Indiana County Development Corporation, a non-profit economic development organization. “We look forward to working with the County Commissioners and Indiana Borough in developing a successful project as well as University Carriage House Associates for their continued cooperation over the next several months.”
RACP is administered by the Office of the Budget for the acquisition and construction of regional economic, cultural, civic, recreational, and historical improvement projects. RACP projects are authorized in the Redevelopment Assistance section of a Capital Budget Itemization Act. They must have a regional or multi-jurisdictional impact and generate substantial increases or maintain current levels of employment, tax revenues, or other measures of economic activity.
CONTACT: Sen. Pittman – Jeremy Dias email@example.com
Rep. Struzzi – Scott Little firstname.lastname@example.org 717-260-6137