$8M Building Planned for Jessup Business Park

09.16.2010


Construction will start next spring on an $8.3 million multi-tenant office building at Jessup Small Business Center.

The single-floor, glass and steel building can house up to eight "anchor" tenants in addition to 10 "incubator" offices and bring in between 112 and 200 jobs.

Scranton-Lackawanna Industrial Building Co., the Greater Scranton Chamber of Commerce's development arm, is developing the property. Construction could be completed by December 2011.

SLIBCO is contributing more than $1.2 million in cash and land toward the project and plans to fund the rest with state grants and loans, such as a $3.9 million loan for which it has applied through the state Department of Community and Economic Development.

Also helping is Jessup, which will apply for a $1 million Local Share Account from Monroe County's gaming funds and a $2 million Redevelopment Assistance Capital Program grant for the project. Andrew C. Skrip, chamber vice president, said the government already has released the redevelopment money, so Jessup just needs submit the application.

Borough council on Monday unanimously approved applying for the money.

"We're proud of this here," council President James Brunozzi said.

The building will bring in jobs not only through its tenants but with its construction, council Vice President Nicholas Marino said. And although the site is in a tax-abated Keystone Opportunity Expanded Zone through Dec. 31, 2020, the borough sees the project's future benefits.

"We will be getting something on the building in the future, so we're looking down the lane to receive money from them," Mr. Marino said.

The building's use resembles that of SLIBCO's Scranton Enterprise Center, although there tenants "graduate" after a few years, meaning they must move out or relocate to another floor. But the Jessup building can have long-term tenants, and Mr. Skrip said its tenants could include relocated graduates or business SLIBCO could not accommodate at the Scranton center.

Mr. Skrip estimated SLIBCO could start lining up tenants for Jessup by next summer.