New Castle Mixed-use (2021)

New Castle,
PA
(2021)

New Castle Mixed-use (2021)

Mixed-use, Mixed-use and Commercial

Investment

NMTC Amount: $450,000
Total Project Cost: $3,487,593

IMPACT

44 FTE jobs
8 construction jobs
77,000 sq. ft. of real estate

CDEs

WesBanco

Investor

WesBanco

“Located in the heart of the Rust Belt, New Castle, Pa., has been struggling ever since the decline of the steel industry. Losing its industry brought hard times as people lost jobs and, eventually, businesses closed. Population began to drop in the 1960s and continues to decline — New Castle, after all these years, remains a shell of a city just waiting to be reborn.”

–Will Bretz, Post Industrial Magazine, December 2022

In the first of two revitalization projects (read about the other project), Wesbanco used NMTC financing to help a borrower purchase and renovate a vacant commercial building at 101 Mercer Street, New Castle, PA. Previous to this purchase, the building had been completely vacant since March of 2018, when it lost its anchor tenant, the Department of Vital Statistics.

Since their purchase, the borrower has taken a dark building in downtown New Castle and has made many improvements and has landed a major anchor tenant. The building now now 7 businesses and nonprofits entities with 44 employees, including:

Pennsylvania CareerLink Mercer County: A partner of the American Job Center network that p[ovides direct services to address the needs of job-seekers and employers searching for qualified job applicants.
Wallace Wear: A small business that produces personalized apparel and art.
Sovereign Martial Arts Worldwide New Castle: A martial arts school for children and adults.
And more…

Learn more about Wesbanco’s second project in New Castle.

MAP

Address: 101 South Mercer Street, New Castle, PA 16101

Other Pennsylvania Projects

Primary Health Network – Sharon

Sharon,
PA
(2014)

Behavioral Health, Community, FQHCs, Healthcare

CDE(s): Chase, Commonwealth Cornerstone Group, The Reinvestment Fund

This project involved the completion of a new, $18 million transaction to help fund the expansion and consolidation of healthcare services provided by Primary Health Network (PHN) in Sharon.

Berks County Trust Building

Reading,
PA
(2022)

Community, Incubator

CDE(s): The Reinvestment Fund

The project renovates the historic and long-vacant Berks Trust building as well as the adjacent office building. The combined space houses a 22-unit incubator space for food entrepreneurs, office space

York Regional Charter School

York,
PA
(2014)

Community, Schools

CDE(s): Community First Fund

In 2014, Community First Fund allocated NMTCs for a 35,000 sq. ft. expansion, allowing enrollment to grow from grades K-3 to K-8 and the creation of more than 80 jobs.

New PATH Headquarters

Philadelphia,
PA
(2019)

Behavioral Health, Community, Daycare and Early Childhood, Healthcare, Mixed-use, Nonprofit Hub, Youth and Families, Youth Program

CDE(s): PIDC Community Capital, PNC

Redevelopment, expansion, and new construction of an owner-occupied nonprofit office and healthcare space with a community room that is accessible by multiple third-party nonprofits.