On April 27, 2021, Nexii Building Solutions announced its plan to partner with Pittsburgh-born actor and Pittsburgh-based Michael Keaton and Trinity Sustainable Solutions, a local development company, to develop a new green manufacturing facility in the city of Pittsburgh. Take a closer look at the development project and see how it could affect it Real estate investors in the local market.
From Steel City to Green City
Pittsburgh, once known as Steel City, was home to the country’s largest iron and steel mills at the turn of the century. After the fall of steel in the late 1970s and early 1980s, the plants closed and residents fled, leaving Pittsburgh as a shell of what it once was. Immigration to Pittsburgh is picking up again as new developments like these create jobs in the area.
Nexii, a Pennsylvania-based company, specializes in sustainable and environmentally conscious real estate constructionwith the aim of reducing the carbon footprint of real estate development. The building will be the first to use Nexiite, a unique, sustainable concrete alternative developed by Nexii.
The lightweight Nexiite panels are custom-made and assembled on site. This process helps reduce construction time by an average of 75% while reducing construction waste, labor costs and accidents.
This building strategy is also helpful in view of the current situation Lack of wood and high cost of building materials at the moment. This plant is just one of the city’s newest “green” additions and is slated to open in the summer of 2022.
What it means for investors
The plant is expected to create around 300 clean energy jobs and create safe, long-term employment opportunities in the region. The development of such plants, including in the region, is a positive sign of a recovery that will hopefully drive new demand to the city.
The city of Pittsburgh’s appreciation is up 20% year over year, according to Redfin (NASDAQ: RDFN). This makes it currently one of the fastest valued cities in the country. Despite rising property prices, there are still a number of offers in this space and property prices are still below the national average, so investors entering the market now could benefit from continued growth going forward. A development facility doesn’t mean the city isn’t clear yet, but it’s a step in the right direction.