"This fund is a response to the demand we're seeing from the market for more shovel-ready sites. We need to do more to capture these business investment opportunities for the region. This fund will help us do that leading to greater investment, more job creation and revitalized communities."

– Dennis Yablonsky, Chair, Power of 32 Site Development Fund Board of Managers and CEO, Allegheny Conference on Community Development

The Need

The 32 county Greater Pittsburgh economic regionIncreasing the inventory of shovel-ready sites increases opportunities for greater business investment – facility locations and expansions – and job creation in the 32-county greater Pittsburgh region, which comprises parts of Pennsylvania, Maryland, Ohio and West Virginia.

It's critical to prepare sites – through grading, infrastructure installation and environmental remediation – so they are ready to meet market demand for construction.

The Solution: Power of 32 Site Development Fund is Readying the Region for Greater Investment

With commitments totaling nearly $49 million at this time, the Site Development Fund closes critical infrastructure financing gaps and moves prepared sites to market more quickly. The Fund makes patient mortgage loans to sites that have the potential for regional impact or that are identified as a priority for the region, with a preference for redeveloping brownfield sites.

The establishment of a new private investment fund to support site development was adopted as part of the Power of 32 regional vision, a multi-year process to identify common challenges and opportunities across the 32 counties. Through the Power of 32 Implementation Committee, the Allegheny Conference on Community Development agreed to lead the effort to establish the Site Development Fund.

The Fund’s 15 limited partners are:

  • Allegheny Conference on Community Development
  • Citizens Bank
  • Claude Worthington Benedum Foundation
  • Dollar Bank, FSB
  • First Commonwealth Bank
  • Henry L. Hillman Foundation
  • Highmark Inc.
  • Huntington Bank
  • KeyBank
  • PNC Bank
  • Peoples Natural Gas
  • Richard King Mellon Foundation
  • S&T Bank
  • Strategic Investment Fund Partners
  • United Bank

The Power of 32 Site Development Fund LP is structured as a Pennsylvania limited partnership and is overseen by a Board of Managers. Callay Capital LLC serves as the Fund Manager and is the point of contact for projects seeking investment from the Fund.

The Fund 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.


News

October 27, 2016
Power of 32 Site Development Fund's Largest Investment to Date – $9.5 Million – Helps Finance Construction of Pittsburgh's First Fully Designed Complete Street at Almono
Allegheny Conference

March 28, 2016
P32 Site Development Fund Announces Investment in Clinton Commerce Park
Allegheny Conference

March 28, 2016
Power of 32 loans $5.7M to industrial park near airport
Pittsburgh Business Times

March 28, 2016
Power of 32 fund to provide $5.7M loan to Clinton Commerce Park
Observer-Reporter

March 28, 2016
Economic-development group lends $5.7M to Clinton Commerce Park
The Times

March 28, 2016
$5.2M loan to prime development near Pittsburgh International Airport
Pittsburgh Tribune-Review

March 28, 2016
Regional fund loans $5.7M to Clinton Commerce Park
Pittsburgh Post-Gazette

May 28, 2015
Power of 32 Site Development Fund Provides New Funding Option to Prep Sites for Construction
Allegheny Conference

May 28, 2015
Power of 32 Site Development Fund invests $49 million in the Pittsburgh region
NextPittsburgh

May 28, 2015
Allegheny Conference helps launch new $49M site development fund
Pittsburgh Business Times

May 28, 2015
Power of 32 announces first loan for site development
Observer-Reporter

May 28, 2015
Multi-state Fund Announces Follansbee, WV as First Investment
WTRF and WOWK TV (W. Va.)

May 28, 2015
Fund Promises $49 Million To Landowners Struggling To Woo Big Banks
WESA (NPR)

Video

Jim Joseph on P32 Site Development Fund: Loans for Opportunities that Traditional Lending Can't Address

Dennis Yablonsky on Why the P32 Site Development Fund Will Acclerate Investment


Inquiries/Submittals

The Power of 32 Site Development Fund is managed by Callay Capital. For inquiries regarding the fund, please complete the form below:



 

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