WCIDC Board of Directors accepts Colony Holding Companies’ proposal
Greensburg, Pa., September 7, 2017 – The Board of Directors of the Westmoreland County Industrial Development Corporation (WCIDC), Gina Cerilli, Ted Kopas, and Charles W. Anderson, today announced their acceptance of a proposal from Colony Holding Companies to develop the Jeannette Route 30 Redevelopment Project.
The Board of Directors of the Westmoreland County Land Bank announced their approval last week. With both parties formally accepting Colony’s proposal, the Land Bank, who owns the site, can now enter into a formal agreement with Colony Holding for the 6.4-acre parcel for a purchase price of $2.1 million. Colony is planning to develop “Jayhawk Commons,” a mix of commercial and retail space.
“Colony’s experience and understanding of the unique dynamics at play for this location make them well-suited to bring quality development to the City of Jeannette,” said Commissioner Gina Cerilli, Chairman of the WCIDC. “We are proud the county could play a pivotal role and support this critical project.”
Colony has led many other notable commercial developments in Westmoreland County, including Norwin Town Square, Huntingdon Marketplace and Office Park in North Huntingdon Township, Wildcat Commons in Unity Township, Countryside Shopping Center in East Huntingdon Township, and many other multi and single use tenant developments throughout the county.
“We are truly flattered by the WCIDC’s recommendation. We have long recognized the potential for the property, but because of the liens that saddled it there had not been a potential for re- development. We are grateful for the WCIDC’s hard work on this project to make it possible for our vision to be executed on this historically significant property. Jayhawk Commons will mark only the third use for the property in over 150 years, and for that we are humbled to write history on behalf of Jeannette and its citizens,” said Don Tarosky, Jr. of Colony Holding Companies.
The Westmoreland County Land Bank acquired the former Monsour Medical Center site in 2014, and the WCIDC served as project manager for the redevelopment of the site. Through the cooperation of the Land Bank and Westmoreland County Industrial Development Corporation, and using a combination of county, state and federal funds, over a three year period the site was cleared of liens and environmental hazards, the buildings were demolished, and the area was prepared for reuse.
“Without the support by Governor Wolf and Senator Kim Ward providing the vital funding, and strong partnership with the PA Department of Environmental Protection we would not have been successful,” said Jason Rigone, Executive Director of the WCIDC. “Now the site will provide greater economic value to the community.”“We are excited to move this project into the development phase working with a proven developer like Colony. This collaborative effort will direct investment back into the community,” said April Kopas, Executive Director of the Westmoreland County Land Bank.
For more information on the Westmoreland County Land Bank and the Westmoreland County Industrial Development Corporation, visit www.co.westmoreland.pa.us.