Piatt Companies’ $750 million Esplanade project that’s ready to move forward along the Ohio River is known for the housing, entertainment and 50-meter Ferris wheel it will bring to Pittsburgh’s Manchester neighborhood.
But the 15-acre transitional project also has a key transportation element involved because of the way it is funded. The project is being developed through a Transit Revitalization Investment District, which allows taxes from new development to be diverted to community projects such as public transportation.
As a result, Pittsburgh Regional Transit has been involved in the development of the Manchester-Chateau TRID for several years, and its board has to approve the funding program. Tom Link, chief development officer for Pittsburgh’s Urban Redevelopment Authority, presented the TRID overview, the transit agency’s role and how it will benefit at a meeting of the board’s Planning & Stakeholder Relations Committee Thursday.
Under the special district, 75% of the tax funds are set aside for community improvements and 25% goes to the taxing bodies. In this case, the community money of $53.9 million will be used for projects such as housing, public space improvements on Allegheny Avenue, upgrading the Juniata Underpass that passes under Route 65 between the Manchester and Chateau neighborhoods, and converting Beaver Avenue to two-way traffic.
One of the smaller elements of the program would earmark $1.5 million to Pittsburgh Regional Transit for two studies involving the light rail system: revamping and developing the area around the Allegheny Station across from Acrisure Stadium and extending light rail to the end of the McKees Rocks Bridge on the North Side.
Amy Silbermann, chief development officer for PRT, said the agency has no direct financial involvement in the project except as a beneficiary of the TRID. The two projects have been on the agency’s long-range plan, but it isn’t ready to move forward with either of them yet, so it doesn’t matter that the funds may not be available for several years.
The agency previously was involved in a TRID in East Liberty that helped it build the East Liberty Transit Center that opened in 2015.
Overall, the Esplanade development plan also will benefit other neighborhood projects. For example, some funds will be used to implement recommendations of a $1.4 million study funded by the federal Department of Transportation to help reconnect Manchester and Chateau, which were divided when Ohio River Boulevard was built between the neighborhoods in the early 1990s.
Link said the Esplanade is expected to create about 9,300 jobs during construction and result in about 4,500 jobs at the site when it is fully built out in about six years. The redeveloped site is expected to generate about $8 million in taxes each year, compared to about $83,000 now.
Pittsburgh, Allegheny County and Pittsburgh Public Schools all have approved the funding plan, and PRT’s committee recommended the board approve its involvement when it meets Friday.
Ed covers transportation at the Pittsburgh Post-Gazette, but he's currently on strike. Email him at eblazina@unionprogress.com.