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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  National Grid plc    NG.   GB00BDR05C01

NATIONAL GRID PLC

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National Grid : Investment ‘Retools' Doyle Hardware Building

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07/12/2019 | 02:10pm EDT

UTICA, N.Y. -National Grid joined Doyle Hardware, LLC, and state and local officials at a recent ribbon-cutting as part of the company's $250,000 economic development incentive supporting redevelopment of the Doyle Hardware building at 330 Main Street.

The funding was made through the company's Main Street Revitalization Program to help offset construction costs on the Doyle Hardware Renovation Project in Utica's Historic Bagg's Square District.

'We are thrilled to be a part of the revitalization of Utica's Historic Bagg's Square District,' said Alberto Bianchetti, National Grid Central New York Regional Executive. 'National Grid is dedicated to the redevelopment of business districts and commercial corridors in the Mohawk Valley, and through our Main Street Revitalization Program, we are pleased to support locally owned businesses that contribute to the economic growth of the region.'

Since the inception of National Grid's Main Street Revitalization Program in 2003, the company has approved more than 280 projects totaling more than $18 million in funding across upstate New York to stimulate investment in the rehabilitation of vacant buildings in downtowns, on Main Streets and in commercial mixed-use corridors in upstate New York communities.

The Doyle Hardware building was constructed in 1881 and served as a hardware store operated by the Doyle family until 2006 when the store closed. The building was listed on the State and Federal Registries of Historic Places in 1993.

A total $13 million in project costs to transform the vacant building into mixed-use retail, commercial, and market-rate residential, is expected to attract commercial investments, improve housing stock, and revitalize the downtown core. Doyle Hardware, LLC is a joint development project of Hueber-Breuer Construction and Summit Commercial Real Estate Group formed in 2014.

'We deeply appreciate National Grid's investment and continued commitment to revitalizing the Bagg's Square District,' said Andy Breuer, President, Hueber-Breuer Construction. 'In order for Downtown Utica to thrive there needs to be significant redevelopment of properties. Businesses and residents need to be supplied with renovated office spaces, apartments, and storefronts. The Doyle Hardware adaptive reuse project will be an important step in the revitalization of Utica.'

Utica residents suffer from one of the worst economic situations in the U.S., according to a recent study by the Washington-based, Economic Innovation Group. Utica ranked sixth among the most distressed cities in the nation with about half of the adult population unemployed and more than a quarter of the population living in poverty.

The National Grid Main Street Revitalization program is part of a suite of Shovel Ready economic development programs that are used extensively in both small and large communities across the National Grid service area. In the past year, 1,300 projects were completed across upstate New York totaling more than $103 million in grant funding, creating or retaining an estimated 47,000 jobs.

The Main Street Revitalization Program provides matching grants to businesses, developers or not-for-profits undertaking efforts to revitalize critical Main Streets and commercial corridors. The program is designed to help communities promote 'smart growth' and private-sector investment in central business districts and commercial corridors to help their competitive viability, attract investment and capitalize on their distinct development potential.

National Grid Economic Development staff work with municipalities, local economic development organizations, chambers of commerce and private developers to identify eligible projects.

For more information on the program and other eligibility requirements, please visit www.shovelready.com.

Disclaimer

National Grid plc published this content on 12 July 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 July 2019 18:09:04 UTC

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