Dennis Yablonsky, CEO, Allegheny Conference on Community Development
In 2010, the Power of 32 held 156 community conversations in 32 counties to create a shared vision for the region’s future. The outcome was a Regional Agenda, published late in 2011, outlining 15 initiatives. One of the key initiatives was to create better sites for business growth in the region. The goal was to launch a fund to assist development of high-quality sites, emphasizing redevelopment of brownfields, to support business relocations and expansions to the 32-county region.
Today, that fund is a reality.
On May 28, the Allegheny Conference on Community Development, which led the effort to create the fund, announced the Power of 32 Site Development Fund LP, a new, nearly $49 million fund that will help close critical infrastructure financing gaps and move prepared sites to market more quickly.
The fund, established with the investment of 14 private sector investors and foundations, is built on the belief that successful business investment depends on all the strengths of the 32-county region regardless of geographic boundaries, and that an investment in real estate at any one location benefits the region as a whole.