Strategic Realty Investments to be Master Developer for Paoli Rail Yards

 I just received notice from State Rep Paul Drucker’s office with the following press release from Harrisburg.  Strategic Realty Investments has officially been named as the master developer for the Paoli rail yard redevelopment project.  I know Peter Monaghan personally, one of the principals of Strategic Realty Investments, and I appalud the choice.  Peter is a wonderful, community-spirited person and this project will be greatly helped with him at the helm!  This is good news for the community.

Developer chosen for Paoli rail yards

 HARRISBURG, Dec. 16 – State Rep. Paul Drucker, D-Chester/Montgomery, said today that Strategic Realty Investments has been selected as master developer for the Paoli rail yards, a 20-acre site located in Tredyffrin and Willistown townships.

 The developer will team with the Pennsylvania Department of Transportation, Amtrak, the Southeast Pennsylvania Transportation Authority, Tredyffrin and Willistown townships, the U.S Environmental Protection Agency and numerous stakeholders to create a new mixed-use development on the former brownfield.

 The site will be home to the new Paoli Transportation Center, which is expected to include a modern train station to accommodate hundreds of daily riders and a state-of-the-art garage.

 “I believe there is no more important initiative in the Paoli area that could simultaneously help business economic development as well as improve the quality of life for local residents, and it is encouraging to see progress is continuing,” said Drucker. “This announcement is the latest indication that all our hard work is paying off and that the new station and surrounding development will become a reality.”

 “Transportation infrastructure is the heart and soul of economic development and this project is a prime example of how public transportation is a vital part of local economies,” said state Rep. Joe Markosek, D-Allegheny, chairman of the House Transportation Committee. “My sincere thanks and congratulations go to Representative Drucker for bringing this important project to my attention, and for his enthusiastic support and persistence through the process.”

 Drucker said funding for the project is expected to come from private and public sources, including potential American Recovery and Reinvestment Act of 2009 funding.