Tinney Rebar and Wire Products of Pittsburgh is expanding to the Tampa Bay region to take advantage of construction related to stimulus funding, states a release from Colliers Arnold.

Tinney Rebar, which fabricates rebar and wire products for commercial, residential and public infrastructure construction projects, has leased a 16,000-square-foot warehouse on Tyson Avenue on south Tampa’s Rattlesnake Point.

The waterfront property is rail served and has port capacity, which will allow Tinney to serve the Florida market from Tampa.

The waterfront, rail-served location is a one-stop shop for Tinney, which will be able to send and receive materials on-site via rail, road or sea, said James Ulrich, who represented the tenant.

The company plans to begin operations Aug. 1.

Under the plan, first-in-line creditors -- those with debt backed by collateral -- would get an initial 95% stake in the company, which built luxury towers and well-known communities such as Pelican Bay. Lenders with unsecured debt would divide the remaining 5% stake.

Many of those are local businesses who did work for WCI, including carpet and air-conditioning companies. In return, the secured creditors would hold $450 million in debt in the company, including a $150 million promissory note. [Source: Fort Myers News-Press]

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