A major mixed-use redevelopment project in Carlisle just got a financial boost from the state.
The Wolf administration said today it approved a $500,000 matching grant through the state’s Redevelopment Assistance Capital Program, or RACP, to support about $3.4 million in site preparation work for new building pads on Carlisle Springs Road and Fairground Avenue.
At that location is a 48-acre industrial brownfield site that was the former home of International Automotive Components, also known as the Masland site.
The new construction, led by car show producers Carlisle Events, will include a hotel, car condominiums, a restaurant, retail and office space and a three-acre public park with trails. Carlisle Events purchased the site in 2010. The IAC factory closed in 2008.
Last fall, the developer started on about $21 million in infrastructure improvements, including road and sidewalk construction, stormwater management work and other property improvements, as well as off-site traffic improvements.
Carlisle Events said the building portion of the project is expected to cost between $50 million and $60 million. That cost is in addition to the infrastructure work.
The entire development could take three to five years to complete and is expected to create 220 jobs.