Apparently there is no cost to pay for buying a building, not maintaining it and letting it rot. Yesterday Governor Tom Corbett announced that the Borough of Conshohocken will receive a $480,307 grant to pay for the remediation of the Verizon Building. Below is the press release:
Governor Tom Corbett today announced that the Department of Community and Economic Development (DCED) awarded an Industrial Sites Reuse Program (ISRP) grant to the Borough of Conshohocken for environmental remediation at the former Verizon building to be utilized as a new municipal complex.
“Abandoned or unused buildings can be rehabilitated and used for economic development initiatives,” said Gov. Corbett. “Our support of this project will allow the Borough of Conshohocken to consolidate all administrative and public safety functions into one facility allowing for better coordination of services for its residents.”
The Borough of Conshohocken has been awarded a $480,307 Industrial Sites Reuse Program grant for remediation of the former Verizon building, converting it from a Class C, non-functioning, out-of-date facility and transforming the building into a Class A office asset to be utilized as a new municipal complex.
The borough purchased the Verizon Building in 2007 with the intent of redeveloping it for use as a new municipal complex and consolidating all administrative and public safety functions into one facility. However, the restoration and renovation costs were prohibitive, and nothing was done to stabilize the building and stop its rapid deterioration. The building contains hazardous contaminants and is currently uninhabitable because of the environmental contamination. The Borough will partner with Keystone Property Group to rehabilitate the structure.
ISRP provides grants and low-interest loans for environmental assessments and remediation. The program fosters the cleanup of environmental contamination at industrial sites, thereby brining blighted land into productive reuse. The program is administered by DCED.
For more information about the Industrial Sites Reuse Program and other community development initiatives visit www.newPA.com or call 1-866-466-3972.