In February, BerksIDA finalized its first-ever property acquisition in the City of Reading. After sitting abandoned for decades, the former Glidden site at 1853 North 3rd street will be remediated to environmental cleanup standards and returned to productive use.
The 19.4 acre Glidden site operated for over a century as a chemical and paint manufacturing facility before falling dormant in 2007. By 2010, the 45 buildings onsite had been demolished. BerksIDA worked with Shuman Development Group, the Pennsylvania Department of Environmental Protection, and ANOREAD, the former site owner, for two years to develop the cleanup plan and purchase the site. Over the next few years, the site will be remediated to Act 2 standards and become a key piece of larger redevelopment plans in the city.
Split by a rail easement, the site will be jointly developed by Shuman Development Group and BerksIDA. SDG plans to develop the roughly 14 acres south of the easement and adjacent to nearby homes into a 156,000 square-foot shopping center, what it claims will be “the largest retail complex in Reading history.” The northern portion of the lot will be redeveloped by BerksIDA for commercial and industrial use consistent with other industrial properties in the area.
“Recognizing the City’s potential and the strength of strategic partnerships, BerksIDA is making this significant investment to revitalize this major site,” said Eric Jenkins, BerksIDA Board Chair.
“A project like this cannot work without everyone working together, and without major support like BerksIDA and the CRIZ to make the numbers work,” said Alan Shuman, SDG President. “BerksIDA is a great partner that sees the value in Reading.”
While BerksIDA has supported projects in the city, including environmental review of the Penn Optical site and financing of St. Joe’s Hospital and the AW Golden redevelopment, this marks its first-ever land acquisition and development within the city.
Contact BerksIDA to learn more about the properties it has available and if you have redevelopment opportunities.