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FOR IMMEDIATE RELEASE |
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State
Rep. John T. Galloway |
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Grand Theater renovation gets shot in the arm
Galloway announces $500,000 in low-interest state loan to help complete the project
HARRISBURG, Feb. 6 – State Rep. John Galloway, D-Bucks, announced today that the Keystone Redevelopment Group has been approved for a $500,000 low-interest Building PA loan to help complete the transformation of the former Grand Theater into the Canal's End Plaza.
Once completed, the Canal's End Plaza will feature 50,000 square feet of office, commercial and residential space and serve as a gateway to the historic business and commercial district of Bristol borough.
"This project will breathe new life into an old building, add to the revitalization of Bristol borough and create more than two dozen good-paying jobs," Galloway said. "And the Building PA loan will ensure the project is completed in a timely manner."
Galloway noted that the building, located at the corner of Mill and Pond streets in Bristol, is in an Enterprise Zone and has been designated as part of the Landmark Towers of Bucks County regional Main Street Community Program.
The Canal's End Plaza project is in Phase 3, which is the development of 23,000 square feet for the creation of the business and commercial space.
"Already, nearly half of the Phase 3 renovated office space has been leased," Galloway said. "Clearly our area is in need of this type of construction. It is a sign that Bristol borough is growing."
Phase 1 of the project involved creating 13,000 square feet of residential space on the upper story of the building; Phase 2 involved creating 14,000 square feet of office and commercial space.
The total cost of the project is estimated at more than $2.6 million.
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