Arctaris Impact Investors, LLC, a national impact investment firm supporting revitalization projects in underserved communities, announces a $7.3 million equity investment in a specialty manufacturing and cold storage facility located at 1050 Talbot Avenue, Braddock, Pa. This opportunity allows Arctaris and RDC to re-open and lease the facility to tenants seeking to bring jobs to the region.
The previous tenant, a vertical farming business, abruptly closed in late 2022, leaving the newly developed facility empty. This closure resulted in the loss of over 40 jobs in Braddock, a steel production hub outside Pittsburgh with poverty rates well above the county average (30.9% in Braddock vs. 11.1% in Allegheny County). Arctaris and RDC, a Pennsylvania-based developer, intend to renovate and invest in clean refrigerated space to prepare for a new manufacturing tenant.
The facility will provide space for tenants looking to use it for food processing, pharma processing, specialty manufacturing, or cold storage. This work fills a need for critical manufacturing facilities that are in short supply due to the steep cost of refrigeration, HVAC and power requirements. Furthermore, the facility provides tenants with rooftop solar generation and onsite battery storage, reducing emissions and energy costs.
"I'm delighted that this collaboration will bring new jobs to Braddock, and I want to congratulate all the partners on this exciting announcement," said County Executive Sara Innamorato. "Allegheny County Economic Development's commitment of $1 million to this facility, on top of an additional $8 million the department has invested in Braddock in the last five years, is a demonstration of our commitment to revitalizing the Mon Valley."
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