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Bankruptcy Court Approves $10M Sale of LTV Site

PHILADELPHIA-The long-awaited action paves the way for a group of four Pittsburgh-based foundations and the Regional Industrial Development Corp. to develop a mixed-use center on the 178 acres that has sat idle since LTV closed its steel mill in 1997.

By Marita Thomas | Updated on August 28, 2002

PHILADELPHIA-The US bankruptcy court in Youngstown, OH approved the sale of LTV Steel Corp.’s former Hazelwood, PA, 178-acre site to Almono, LP, a non-profit partnership of four Pittsburgh-based foundations and the RegionalIndustrial Development Corp. of Southwestern Pennsylvania. According to published reports, the purchase price is approximately $10 million.

Almono plans a mixed-use development for the property, which will include more than 2 million sf of office space, approximately 250,000 sf of light industrial space, a hotel and some retail and residential space.

LTV closed the Hazelwood mill in 1997 and cleared the ground the following year. At the end of 2000, LTV and 48 subsidiaries filed for Chapter 11 bankruptcy protection, and the property has been tied up by the court ever since.

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