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Lawrence County Agency to Buy Cascade Riverplex
NEW CASTLE, Pa. – Redevelopment of the Cascade Riverplex will provide the opportunity to compete within the region for real estate deals for a variety of uses, including offices for companies doing business in the Marcellus and Utica shale plays, officials with the Lawrence County Economic Development Corporation predict.
A signed sales agreement with S&T Bank is valid through April 15 for a purchase price of $1.5 million. LCEDC is performing due diligence including completion of a title search, inspections and appraisal review.
City Council last week approved negotiating a cooperative agreement with LCEDC for development of the riverplex. LCEDC will use the city's redevelopment capital assistance grant funds to purchase, develop and market the property for its "highest and best uses," such as office space, restaurants and retail establishments, officials said. Despite the absence as yet of a targeted marketing campaign, potential users have already contacted the corporation about leasing space, they added.
The 73,000-square-foot property includes more than 32,000 square feet of rentable office space and 15,555 square feet of restaurant space, and officials are aiming to capitalize on activity related to Marcellus and Utica shale. Lawrence County's access to Interstates 376, 76, 80 and 79 make New Castle the next logical destination for administrative and engineering offices as office space is absorbed in the Cranberry Township market, they say.
LCEDC will use the services a leasing agent to locate restaurateurs and retailers, and work with its economic development partners to attract companies that will provide substantial job opportunities.
The development corporation is working in partnership with the Lawrence County Industrial Development Authority, which will hold the title to the property and provide funding for immediate costs such as utilities, insurance, maintenance and security. As the facility moves into a tenant management phase, the authority will deed the property over to the LCEDC, officials said.
Published by The Business Journal, Youngstown, Ohio.