Several banks, universities, companies and hospitals Friday made their investments to downtown Erie development official.

The board for the Erie Downtown Development Corporation (EDDC) hosted a signing ceremony at the Erie Insurance Firehouse on French Street to officially recognize and finalize the financial commitments.

So far, $24.25 million has been raised. The initial goal is $40 million.

The money has been committed by:

  • Thomas B. Hagen
  • Erie Insurance
  • Highmark/Saint Vincent Hospital
  • Erie Community Foundation
  • Gannon University
  • UPMC Hamot
  • ErieBank
  • Northwest Bank
  • Mercyhurst University
  • Marquette Savings Bank

EDDC hopes to grow the economy through real estate development in downtown Erie.

"This is a transformational day," said Jim Martin, Secretary for Board of Managers, Erie Downtown Equity Fund. "It's the first time we've had this much private money coming together. We're really excited about where Erie, PA is going to go."

EDDC is led by business and community leaders.