About New Castle

New Castle is the county seat of Lawrence County, PA, and is located in Western Pennsylvania. While the population of New Castle is approximately 24,000, the greater Pittsburgh region’s population is 2,356,285 and the City is within 300 miles of a market of over 56 million people. The map below shows New Castle’s proximity to regional and national cities, and below is also the population within the range of 100, 200, and 300 miles.

Population within 100 Miles:   7,787,766

Population within 200 Miles:  26,237,104

Population within 300 Miles:  56,287,848

 

Investment Prospectus

The investment opportunity that is New Castle, Pennsylvania can be summed up by a famous Warren Buffet quote: 

“Price is what you pay. Value is what you get.” 

Investors all over the country are factoring Opportunity Zone benefits as they look to place their investments in various Opportunity Funds. What many will miss is the value equation. 

New Castle provides investor value in four primary ways: 

  • A location that is reasonably priced with a below average cost of living 

  • A location in a region reaping significant benefits from being in the largest natural gas basin in North America 

  • A location where an investor can make a difference in taking existing momentum to the next level 

  • A location in a community that has an alignment of partners that are poised to make projects highly successful 

 

New Castle provides Opportunity Zone investors with a valuable opportunity to help continue a community’s transformation and reap the range of financial and impact benefits as a result.

 

Opportunity Zones

The contiguous Opportunity Zones in New Castle are located in the downtown and industrial areas nearby. The historic downtown was laid out in 1798 and retains much of its original form, including a town square. The surrounding industrial areas have gone through many iterations, and are seeing renewed investment. A separate commercial area in the south of town includes the New Castle Playhouse, a historic theater that hosts live theatrical performances. 

 

Investment Opportunities

Stritmaters Building

126 East Washington Street

An Irish Pub in Downtown

Cascade Galleria

100 S Jefferson Street

A Regional Employment Center

Clark Buildings

346 East Washington Street

Mixed Use Retail and Residential

Temple Building

125 E North Street

Solid Healthcare Tenants

Main Street Clothiers

101 East Washington Street

Coffee Shop Adjacent

 

News

New Castle, and the Western PA region is a recently awakened slumbering giant when it comes to manufacturing. Ellwood Quality Steel embodies this awakening. EQS operates 29 facilities across five states, Mexico and Canada and employs 2,000, but are based in northwestern Pennsylvania. In 2018, they made the choice to invest $60 million in a new remelting plant in New Castle, and followed that with another $60 million investment to expand their offerings with a new aluminum castings plan, Ellwood Aluminum. These investments will add about 50 people to their New Castle workforce of 200.

At a groundbreaking ceremony for the new steel fabrication facility, EQS leadership explained “We make a very good steel, a very clean steel but we make it in very big pieces and for those demanding critical applications, it’s got to be even more precisely refined and chemistry controlled and uniform. This new equipment is indispensable to do that and open those new markets for us.”

Ellwood Quality Steel Invests $120 million in New Castle Plan

A Redevelopment Assistance Capital Program grant of $1.5 million was announced in August 2018 to improve infrastructure and renovate space in the city of New Castle’s Enterprise Park, an industrial area adjacent to the downtown. Plans include renovation of an industrial building and the creation of approximately 42,000 square feet of additional warehousing and service space. A community revitalization component of the project will improve access to business facilities and create an additional parcel for development in Enterprise Park. Site work will include storm water management, utility extensions, site paving, and numerous roadway improvements and intersection upgrades, among other improvements.

Enterprise Park Receives $1.5 Million State Grant
 

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