Article Published: May 29, 2015
Article Published: May 29, 2015
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, was announced this week. The Fund will concentrate its investments on eligible sites in the 32-county Greater Pittsburgh economic region and will place a special emphasis on preparing brownfield sites for reinvestment.
The Fund, which closed in March 2015, also announced its first site loan of $2.6 million in Trimodal Terminal, LP, in Follansbee, W. Va. This 80-acre brownfield site is located on the Ohio River approximately 45 miles from Pittsburgh with river, rail and highway access. The new funding will be used for rail line expansion and renovation, utility infrastructure (gas and water) and clearing, grading and creating additional shovel-ready pads within the site.
“On behalf of the Power of 32 Implementation Committee, we are very pleased to see this new site development fund established. When we went through our regional visioning process, there was clear consensus - not just in Pittsburgh but in all 32 counties - that we needed to put more investment in infrastructure and especially get brownfield sites ready for reinvestment,” said William (Pat) Getty, president of the Claude Worthington Benedum Foundation, co-chair of the Power of 32 regional visioning project and president, Power of 32 Site Development Fund, LLC.
Pittsburgh Life Sciences Greenhouse (PLSG), Western Pennsylvania’s only pure life sciences investment firm, announced today that its portfolio companies are experiencing continued success in Q2. Recent highlights for PLSG’s portfolio clients include Cohera Medical, Inc.® obtaining FDA approval for its TissuGlu® product in commercial settings, Carmell Therapeutics attaining promising results from its plasma-based materials (PBM) during clinical trials and Medrobotics® Corporation receiving accolades at the New England Innovation Awards, presented by the Smaller Business Association of New England.
“PLSG remains committed now more than ever to helping our portfolio companies achieve their goals,” said John W. Manzetti, President and CEO of PLSG. “We are excited about their successes to-date and believe that the continued development of these companies will result in positive patient-centric solutions and will also benefit the life sciences industry and our region as well.”
The Allegheny County Airport Authority is partnering with local artist Toby Atticus Fraley to give a former Downtown Pittsburgh public art installation a new home at Pittsburgh International Airport.
The Airport Authority’s Art in the Airport Committee has invited Fraley to bring back his popular ‘Robot Repair Shop’ for airport travelers. The artist has launched a new website, www.pitrobotrepair.com, and a Kickstarter crowd funding campaign, to raise money for the installation expected to open in September 2015.
“Pittsburgh International Airport has shown a commitment to public art and regional artists, and this space provides a great opportunity to showcase regional projects to visitors from across the country and globe,” said Fraley, who received the 2012 Mayor’s Award for Public Art. “I still hear from people asking me to bring it back, and I’m excited to do so in partnership with Pittsburgh International Airport.”
The Airport Authority is providing the space at no charge and assisted in preparing the area for the art exhibit.
“We look forward to having one of Pittsburgh’s most beloved art installations at Pittsburgh International Airport,” CEO Christina Cassotis said. “Having the essence of the region at the airport through art and other iconic things is important.”
Savvior just premiered its "Savvior Experience" video. Check out how the company helps solve some the most daunting challenges facing business enterprise and startups alike. Give it a spin here.
Meter Feeder is making headlines with how its technology is making parking easier for drivers and more profitable for municipalities. Read it here.
AlphaLab and AlphaLab Gear will hold a double Demo Day on June 2. Something like 14 companies are ready to pitch to the public for the first time. It's a big deal. Get the details here.