Pocono News Section

Wall Street Crisis Impacts Wall Street West

Wall Street Crisis Impacts Wall Street West - Tuesday, September 16, 2008 at 3:08PM EST

Reported by: Laurie Monteforte
Tuesday, Sep 16, 2008 @ 03:08pm EST
SMITHFIELD TOWNSHIP - The latest Wall Street crisis could prevent jobs and money from coming into Northeast Pennsylvania.

The recent market upheaval has slowed the progress of the Wall Street West project.

A developer was supposed to break ground on a business center in Smithfield Township last summer. But the lot is still full of trees.

"We're behind schedule for about a year or so," said developer Larry Simon of the Synchrium Group. He planned to be well on his way to opening the Penn Regional Business Center by now.

That center is part of a regional effort called "Wall Street West." It will create back up locations for big New York companies. But the Wall Street situation means companies are afraid to invest. "It protracts and already protracted process," said Simon.

The situation also delayed another big Wall Street West project, a high speed data transfer line from Pennsylvania to New York. Workers were supposed to break ground this year but the state isn't willing to spend million to build it until companies commit to opening offices in the area.

Wall Street West spokesman Gregory Morgan said, "The trouble over the last several days, and several months to be honest, has affected industries across the board and Wall Street West is no exception to that."

The Federal Government has already spent more than $8 million to train workers for the project. Morgan said that money is not wasted. He explained, "When the market does turn over and the companies start to consider these expansion projects again, Wall Street West is going to be in an even greater position to attract those jobs and companies."

Larry Simon agrees. He said he has four big companies just about ready to take spots in the buildings he plans to put up on his property.

"We're so close a commitment could come tomorrow, it could come in 120 days," he said.

Two Wall Street West companies have moved into Pennsylvania so far. One is an e-security company in Scranton. The other is a disaster recovery center in Breinigsville.