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

Coal Street Community Facility

Wilkes-Barre,
PA
(2011)

Community, Daycare and Early Childhood, Healthcare, Recreation, YMCAs and YWCAs, Youth and Families

CDE(s): City First, Commonwealth Cornerstone Group

The Coal Street project transformed a dilapidated 30-acre park into a regional sports and medical complex.

Womens Center and Shelter

Pittsburgh,
PA
(2015)

Adult Education, Behavioral Health, College or Vocational Training, Community, FQHCs, Healthcare, Shelters and Community Food

CDE(s): Commonwealth Cornerstone Group, Pittsburgh Urban Initiatives

Pittsburgh's Women's Center and Shelter's expansion to 48 beds from the existing 36, enhance living spaces, administrative areas and therapy resources, while enlarging the facility's children's areas and creating shelter

University Crossings

Chester,
PA
(2013)

Business Development, Mixed-use, Retail

CDE(s): The Reinvestment Fund

Part of a larger initiative by Widener University to invest in its community, University Crossings is a state-of-the-art mixed-use development adjacent to its Chester, PA campus.

Cristo Rey Philadelphia

Philadelphia,
PA
(2017)

Community, Private School, Religious Organizations, Schools

CDE(s): Chase, City First, PIDC Community Capital, Telesis CDE Corporation

This private high school opened in 2012 through a unique partnership of local educators, businesses, and universities.