Chambersburg Area Development Corp Reports Strong Year With New Contract

 CHAMBERSBURG –Chambersburg Area Development Corp. (CADC) held its Annual Meeting on June 5 at the Orchards Restaurant to present highlights from the past year and economic development activity in the area. In addition to an update of CADC owned properties, David G. Sciamanna, executive director of CADC, announced that nearly two-thirds of the land at United Business Park is under contract.

 

Matrix Development Group, a real estate investment and development firm based in New Jersey, signed a 200 acre agreement with Cumberland Valley Regional Development Corp. (CVRDC), a wholly owned subsidiary of CADC, for land at the United Business Park. The business park includes 363 acres of land ready for commercial and industrial development located off of Interstate 81 at Exit 24. Matrix’s contract is currently under 60 days due diligence with the hopes to settle in August.

 

“We’re delighted that we finally have a promising deal under contract,” said Sciamanna at the meeting. “We’ve gone through many ups and downs – mostly downs – but we’re beginning to see the pay-off.”

 

Sciamanna was referring to the amount of time and money that has been devoted to the project since it began in 2002 when CVRDC was established. The economic recession provided unique challenges for the development and sale of the business park. With the recovery well underway, promising progress has been made in recent years. Over the past year alone there have been four deals signed for land at the United Business Park, but all fell through.

 

Now, with Matrix under contract, CADC board members are hopeful.

 

“While we have had several interested parties over the years which were mainly publicly held real estate investment trusts,” said Lance Kegerreis, vice president of CADC, “we believe that Matrix Development Group is the perfect partner at the United Business Park since they are privately held and don’t have the same constraints as a public company, which is mainly not being able to speculatively purchase land.”

 

In addition to Matrix, Sheetz is under contract for land in the United Business Park. Sheetz is proceeding through its permitting phase with settlement scheduled for the second quarter of 2016.

 

CADC continues to see growth and development in other areas as well. Business parks owned by the corporation employ a total of 3,108 people. According to Sciamanna, creating jobs is the greatest impact CADC has been able to make on the community.

 

Construction is ongoing for the final undeveloped property in the Fifth Avenue Business Park, which is under agreement with Stohan Property Investments.

 

With the promise of a strong future for CADC business parks, the organization began seeking ways to build on its successes from the past 55 years. Over the past 5 months, a planning committee has been assessing how CADC can best support and encourage future economic activity and address community needs while remaining a fiscally strong organization. From this effort came the development of CADC’s key priorities which include: Strengthen CADC balance sheet, building projects (vertical), workforce development, maintain/increase administrative support to the Chambersburg Chamber, provide match for infrastructure upgrades for downtown, downtown commercial loan/grant program(s) and downtown homeownership.

 

Perhaps the biggest priority adjustment is CADC will no longer be a developer of large industrial parks. “While that mission has served CADC and the community well, community needs have changed and CADC must change with it,” explained Kegerreis. The corporation will continue to market the available land in the United Business Park until all parcels have been sold, but will not pursue additional land acquisition and development.

 

Kegerreis ended the meeting with the announcement that Sciamanna will remain executive director of CADC and CVRDC for the next two years. In August, Sciamanna will step down as president of the Greater Chambersburg Chamber of Commerce, of which CADC and CVRDC are affiliates, and Noel Purdy will assume the role. Sciamanna’s agreement to continue serving the economic development corporations will help ensure CADC’s new priorities can begin to be implemented, according to Kegerreis.

 

As CADC prepares for new endeavors, Kegerreis reflected on its significance: “If you travel in any director from the square, you can see the impact that CADC has had on our community’s economic well-being. While we can certainly feel good about these accomplishments, we must be thinking about the future.”

###

For further information:

Amy Fisher, communications director

 717-264-7101 ext. 204,

E-mail: afisher@chambersburg.org

 

Speak Your Mind

Follow

Get every new post delivered to your Inbox

Join other followers