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Tyco redevelopment project in Carlisle receives $2.9M state funding package
The Wolf administration today said that the Real Estate Collaborative LLC, a subsidiary of the Cumberland Area Economic Development Corp. was approved for a $1.1 million grant and a loan totaling more than $1.7 million for the project at the North Hamilton Street factory site.
The funds were awarded by the Commonwealth Financing Authority through its Business in Our Sites program.
The collaborative plans to demolish a roughly 60,000-square-foot building on the site, which closed in 2009, and replace it with two 40,000-square-foot office buildings. The new buildings will include first-floor retail space.
The collaborative also purchased two adjacent properties along North Hanover Street, where it has plans for a 7,500-square-foot brewpub restaurant.
The entire redevelopment project has been dubbed Hanover Commons.
The state funding package will help with acquisition, site work, demolition and stormwater management improvements. The total cost of that work is expected to run about $3.2 million, officials said. Jonathan Bowser, CAEDC’s CEO, expects the construction of the office buildings and restaurant to cost about $12 million.
The redeveloped Tyco site is expected to complement redevelopment of another former factory grounds, the nearby Masland/IAC site.
The 48-acre Masland site, purchased in 2010 by car show producers Carlisle Events, will soon be home to residential and commercial properties, including stores, restaurants and a hotel.
Infrastructure improvements on that site began in the fall. The building portion of that redevelopment effort is expected to cost $50 million to $60 million.
