Wednesday, February 4, 2015

PIDA loan helping to fund multitenant flex building in Gateway Business Center



A $2.25 million Pennsylvania Industrial Development Authority loan has been approved for a 105,000-square-foot building in Lancaster's Gateway Business Center, according to the EDC Finance Corp.

Lancaster-based Oak Tree Development Group LLC is leading the construction of the multitenant facility, which will sit on 8 acres at Manheim Pike and Dillerville Road and cost more than $6 million.

EDC Finance, an affiliate of the Economic Development Co. of Lancaster County, secured the loan for the project.

The building will have five flex spaces with 28-foot clear ceiling height. Two of those spaces, spanning 40,000 square feet, have already been leased to unnamed tenants.

Construction of the facility is expected to be completed in the second half of the year, according to EDC Finance.

It will be owned by a partnership named 1170 Garfield Avenue LP. Names of the partners were not disclosed.

Fulton Bank will provide the rest of the financing needed for the facility.

The building is being designed by Bernardon Haber Holloway and land planner David Miller/Associates Inc.

Wohlsen Construction Co. is the general contractor and Tom McDermott from NAI Commercial Partners Inc. is the leasing agent.

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