URA sells land for use in half-billion-dollar Esplanade development – Pittsburgh, Pennsylvania

Pittsburgh, Pennsylvania 2021-12-20 10:18:37 –

The artist’s Esplanade initiative, planned by Millcraft Investments in the Château district of Pittsburgh, was submitted to the Board of Directors of the Urban Redevelopment Bureau on December 16, 2021.

Rich Road, Public Source

Canonsburg-based developers will buy public land along the Ohio River for a $ 475 million development plan that includes everything from affordable homes to ferris wheels.

The Urban Redevelopment Authority’s board has unanimously approved the sale of 5.6 acres of vacant lot in the former industrial chateau district near Manchester to an affiliate of Millcraft Investments. Developers pay $ 1.5 million for land, which costs $ 1,350,000 for URA and Allegheny County currently rates it at $ 256,100 for tax purposes.

Millcraft plans to use the land as part of a 15-acre esplanade. When complete, it may include:

A 300-unit apartment building, including 60 units priced for households earning less than 80% of the median income in the region
Restaurant and fresh food market
Riverside pavilion
Parking space for 550 cars
Marina and public pier
Medical and technical fields
A 53-meter (174-foot) Ferris wheel with views of downtown.

URA is considering the creation of a transit revitalization investment zone [TRID] Fund improvements to the infrastructure within and near the site. The state-created TRID program allows you to use your debt to cover development costs and pay off with future tax revenues.

Millcraft is in talks with Manchester Citizens Corp. [MCC] This will lead to the creation of community interest agreements aimed at ensuring that neighboring areas are provided by development.

“We are very pleased to move this project forward,” MCC Executive Director La Shawn Burton-Faulk said at a virtual meeting of the URA Board of Directors.

“We have a significant financial impact in terms of job creation and economic contributions, and we will work with Manchester to do so,” predicted Millcraft project manager James Holcomb.

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URA sells land for use in half-billion-dollar Esplanade development Source link URA sells land for use in half-billion-dollar Esplanade development

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