Three Springs Business Park property has new owner
The Business Development Corporation of the Northern Panhandle has acquired 72 acres of property, with plans to undertake a multi-million dollar redevelopment project in the Three Springs Business Park in Weirton.
The BDC purchased the land, which runs between U.S. Route 22 and Park Drive, from Park Drive Development, LLC, a group of local investors, who will remain involved in the project.
Since the property transferred in late December, the city of Weirton and the BDC have been actively taking steps to move closer to development.
“I am excited that the BDC purchased this prime property, just off U.S. 22,” Weirton Mayor Harold Miller said. “We believe this site has advantages that will attract a healthy mix of hospitality, retail, and manufacturing uses, which will create jobs for our residents.”
As the new owner of the Three Springs Business Park property, the BDC will work with the City of Weirton and Park Drive Development to plan, market, and develop the site.
“To be competitive in modern economic development, you have to have a diverse team to close a deal,” said William D’Alesio, chairman of the BDC Board. “We work with our public and private investors to bring capital investment, new business opportunities, and jobs to our community.”
“The city is fortunate to have five legacy developments that will change the complexion of our community for years to come,” Weirton City Manager Travis Blosser said. “The Three Springs Business Park is one of those sites, and we will be active in marketing this, and other projects, to business prospects.”
The BDC has been involved in the remediation and repurposing of several properties in Brooke and Hancock counties. The organization’s projects are ongoing and to date have yielded over $113 million of private and public investment.
“What makes this transaction unique, in our real estate portfolio, is this group of local investors put out substantial capital to acquire this property, have the confidence and trust in the BDC to transfer it to us, with the comfort that we will work with the City to develop the site with a variety of improvements and uses that our market demands,” added D’Alesio.
“To have a site in the Ohio River Valley of this size, just off an interchange with a four-lane highway, is extremely rare,” BDC Executive Director Patrick Ford said. “With the help of our partners, we are prepared to make infrastructure improvements that will catalyze this development for diverse and exciting projects that have been waiting in the wings.”