Altoona Blair County Development Corporation will receive a $4 million grant and a $6 million loan to fund the redevelopment of the former Silk Mill property here in Altoona.
This project plans to completely redevelop the Silk Mill that was first built in the 1800s and last renovated in the 1930s.
The first step is to fix the environmental impact issues of the building that currently has an asbestos problem. The total cost of the project is estimated to be more than $13 million.
Altoona Mayor Matt Pacifico, Senator John Eichelberger, Governor Tom Wolf, and Representative Judy Ward worked with the ABCD Corp. in order to secure the funds from the state.
The current owners of the mill would run and manage the property after the project is completed.
“We do not have a lot of Class-A office space and there are a lot of folks out there looking for it, especially those who are looking to invest in the area. This building will contain the kind of office space that’s really in demand and we look forward to helping to bring that on to the market,” President and CEO of ABCD Corp Stephen McKnight said.
A part of the plan is to keep the smokestack of the mill intact as a part of the new building.