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On Friday, Norfolk Southern Railway announced it reached a tentative agreement to transfer ownership of the former Hollidaysburg Car Shop in Hollidaysburg, Pa., to Blair County Development Corp. III (BCDC).
D Holdings Inc., the initial tenant, will serve as the private financer and developer for the redevelopment project under which the former shops — which NS shuttered in 2001 — will be converted into mixed-use commercial, industrial and open space. The Commonwealth of Pennsylvania is providing $2 million for the purchase and redevelopment of the property.
The NS/BCDC agreement is subject to BCDC completing title and environmental reviews, which are expected to take several months.
“While there is still a lot of work to be done to conclude this transaction, we are pleased that we are making significant progress,†said NS Chairman, President and Chief Executive Officer Wick Moorman in a prepared statement.
3/27/2006
Rail News: Rail Industry Trends
NS to transfer ownership of shuttered Hollidaysburg shops to local development group
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On Friday, Norfolk Southern Railway announced it reached a tentative agreement to transfer ownership of the former Hollidaysburg Car Shop in Hollidaysburg, Pa., to Blair County Development Corp. III (BCDC).
D Holdings Inc., the initial tenant, will serve as the private financer and developer for the redevelopment project under which the former shops — which NS shuttered in 2001 — will be converted into mixed-use commercial, industrial and open space. The Commonwealth of Pennsylvania is providing $2 million for the purchase and redevelopment of the property.
The NS/BCDC agreement is subject to BCDC completing title and environmental reviews, which are expected to take several months.
“While there is still a lot of work to be done to conclude this transaction, we are pleased that we are making significant progress,†said NS Chairman, President and Chief Executive Officer Wick Moorman in a prepared statement.
