WASHINGTON - In six cities across the country, the U.S. Department of Housing and Urban Development is awarding $13.3 million to stimulate job growth and revitalize unproductive industrial areas known as 'brownfields.'
Cleveland will receive a BEDI grant of $3 million and a Section 108 Loan for $10 million for the cleanup and redevelopment of the former Warner and Swasey Facility. The project will transform the property into over 180,000 square feet of office, lab, warehouse and light manufacturing and post incubator space in support of the Health-Tech Corridor.
HUD funding will result in the creation of up to 360 permanent full time equivalent positions. The total project cost is estimated to be more than $19 million.
Toledo will receive a BEDI grant of $2 million and a Section 108 Loan for $10 million for the Knapps Centre Development. This mixed-use project will revitalize the former Owens Corning building and create 140,371 square feet of office space on 11 floors, a 96-room Marriott Courtyard on seven floors, and 81 apartments on nine floors, with retail and restaurants in the lobby area.
The building is a significant landmark, designed by the architecture firm of Harrison and Abramowitz, which also designed the United Nations headquarters. This project will create 368 permanent jobs. The BEDI will leverage $6.4 million in other funds already committed to the project. The total project cost is $29.4 million.
The grants announced today, combined with an addition $35 million in federal loan guarantees, will generate total public and private investment in these areas to more than $166 million.
Philadelphia; Cleveland; Toledo, Ohio; Santa Rosa, California; Taunton, Massachusetts; and Ranson; West Virginia will each receive grants under HUD's Brownfields Economic Development Initiative and expect to create nearly 2,000 jobs as part of their redevelopment strategies.
"These grants, and the other investments they generate, will not only help redevelop environmentally distressed areas in these cities, they'll put people to work!" said HUD Secretary Donovan. "This is a win-win for these cities. The funding we announce today creates jobs while reversing years of neglect in areas that are ripe for economic development and even more job growth in the future."