Mon Valley Initiative, in cooperation with our local advisory groups and other community stakeholders, has a diverse and strong real estate development strategy in the communities that we serve.
The strategy focuses on place-based planning and development, because no “one-size-fits-all” approach would be successful in an area with the Mon Valley’s unique geography, history and municipal governmental structure.
It tries to preserve, re-affirm and build property values in the targeted neighborhoods, but it’s also careful to remember the need to serve low- and moderate-income individuals and families.
MVI’s real estate program has five goals:
1. Provide quality homes to attract diverse buyers and create healthy communities
2. Provide quality rental opportunities to serve households with diverse income mixes
3. Promote strong commercial development and business districts
4. Ensure that MVI real estate investments serve as an economic and community growth catalyst
5. Create additional community value by planning for today — and the future
Restoring the economy
The Mon Valley’s communities pose many challenges to a potential real estate developer — many properties are tax-delinquent, located in blighted neighborhoods, or pose environmental hazards due to the presence of lead, asbestos or other contaminants left behind during the region’s industrial past.
As a result, MVI has often been the only interested real estate developer in our communities. Happily, that is no longer the case. The Mon Valley’s proximity to Downtown Pittsburgh, the increased availability of public transit in the eastern suburbs and the presence of the Marcellus Shale gas industry are all helping to generate new interest from private investors in several of the municipalities served by MVI.
We are pleased to work with our communities to help them present their own vision and plans to these private developers, and to encourage partnerships with residents and elected officials.
We expect to remain in the direct development business for years to come, but are encouraged to see evidence that so many of our communities are working together to restore their economies.