The University of Pittsburgh announced that it had secured an additional $1.5 million in funding for the ongoing construction of Pitt BioForge, a biomedical manufacturing and research center located in Hazelwood Green.
Pitt gained the $1.5 million through the federal New Markets Tax Credit program, which supplies investment to promote job creation in low-income communities. Construction on the $255 million BioForge project is expected to be completed by this fall. Once constructed, it will be utilized by Massachusetts-based precision medicine firm ElevateBio and BioForge LLC, a subsidiary from the University of Pittsburgh. ElevateBio expects to begin operating in the space in the first half of 2027, while the Pitt side currently has projects underway at a temporary facility and expects to formally move in by spring of 2028.
“The financing structure used here represents an innovative way to fund capital expenditures associated with such an important project, one that positions the University and city as leaders in delivering life-changing therapies to patients who need them quickly and more affordably,” Pitt Vice Chancellor for Finance and Resources, Health Sciences Jeffrey Bees said in a prepared statement. Bees is additionally the vice dean for finance of Pitt’s School of Medicine.
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