Total Investment: $60 million
Program Used: Tax-Incremental Financing
Project Description
Borough of Carlisle & Carlisle Events’ Success: $12.9 million in Tax-Incremental Financing (TIF) secured to leverage $60 million in private investment for water, sewer and road improvements to support the redevelopment of the three former industrial sites in the northern quadrant of the borough.
This would include a major reconfiguration of the intersection at Carlisle Springs Road and North Hanover Street and the reconnection of several cross streets.
CAEDC Support: The Cumberland County Industrial Development Authority, administered by CAEDC, issued the financing.
Redevelopment Plans
The three former industrial sites include Carlisle Tire & Wheel, IAC/Masland site and the Tyco property. Plans for each include:
Former Tyco – The Real Estate Collaborative (REC), a subsidiary of CAEDC, is redeveloping this site into Hanover Commons to include a mixed-use space for lodging, retail, food/beverage, professional office space and other complementary services and amenities.
Former IAC/Masland – This former site was purchased by Carlisle Events and is being redeveloped to include a hotel, restaurant and high-end car condos.
Former Carlisle Tire & Wheel – Plans for this site include 40 townhouses, 12 flat apartments, a two-acre park and a 2,000-square-foot community building. Phase two will include 42 rentals including one, two and three-bedroom units.
