Ciresi announces $1M in redevelopment funding for Royersford Borough
HARRISBURG, Dec. 6 – State Rep. Joe Ciresi, D-Montgomery, was instrumental in securing a $1 million state grant for Royersford Borough’s Riverfront at Royersford LLC redevelopment project.
Ciresi said the funding, awarded through the Redevelopment Assistance Capital Program, will help realize the plans for the Riverfront at Royersford LLC, a mixed-use development that will include living, restaurant and entertainment venues and retail opportunities.
“I’m very proud that I was able to secure this $1 million redevelopment grant that will help bring back social life and economic opportunity to this stretch of Schuylkill riverfront,” Ciresi said. “This state grant money will help transform what was once industrial brownfields into a vital economic, leisure and residential hub for the 146th District. The Riverfront at Royersford will be a pioneer of mixed-use development in southeastern Pennsylvania, while expanding amenities and opportunities for all area residents.”
“We are extremely thankful to Representative Ciresi for his unwavering advocacy of this project and to the borough council, mayor and staff for being excellent public partners in this process,” said Richard Lewis, president & CEO of The Lewis Group. "This team has repeatedly proven its commitment to the continued revitalization of Royersford through careful collaboration and action to mitigate barriers to redevelopment. We also extend a special thanks to Governor Wolf for recognizing the value of this investment in Royersford and we look forward to bringing this vision to fruition.”
The project will ready the property for vertical development through land acquisition, demolition, site preparation, landscaping, stormwater management, private water and sewer infrastructure, electric and site lighting, roadways and site access, and paving. The project will support a dynamic mix of uses, including: 188 residential units, 25,000 square feet of entertainment venue space and a restaurant/bar, 29,447 square feet of retail space, and 35,000 square feet of shared, outdoor communal space. The project’s anticipated groundbreaking is summer 2022.
The Riverfront at Royersford LLC was provided $330,000 to construct a trail along the Schuylkill River by the Commonwealth Financing Authority though the Multimodal Transportation Fund Program in November. The trail will be part of a proposed interconnected trail and sidewalk network connecting Limerick Township, the downtowns of Royersford and Spring City, and the Schuylkill River Trail.
The Redevelopment Assistance Capital Program is a grant program administered by the Office of the Budget for the acquisition and construction of regional economic, cultural, civic, recreational and historical improvement projects.
RACP projects are authorized in the Redevelopment Assistance section of a Capital Budget Itemization Act, have a regional or multi-jurisdictional impact, and generate substantial increases or maintain current levels of employment, tax revenue or other measures of economic activity. The Riverfront at Royersford LLC project is estimated to create 280 temporary construction jobs, 105 permanent jobs, and recurring state and local tax and fee revenues of over $770,000 per year.