Gov. Rendell this week announced a $12.3 million investment from a number of state agencies in Pittsburgh's Cultural District Riverfront Development Project, the nation's first master-planned, "green," mixed-use neighborhood.

"By supporting the re-birth of Pittsburgh's cultural district, we're opening the doors to a better quality of life for local residents and stirring new opportunities for the city,” said Gov. Rendell. “This comprehensive and innovative effort has all the ingredients needed to create a vibrant environment that will draw attention and additional development. People will want to be here when the project is finished."

The Urban Land Institute called Pittsburgh's $460 million Cultural District Riverfront Development project one of the most significant and ambitious urban planning efforts in the country. The project is being coordinated by the Pittsburgh Cultural Trust.

A one-of-a-kind arts community, the Riverfront Development will break ground in mid-2007 and will be completed within seven-to-10 years. The project will include unique retail and art spaces, restaurants, parks, public art projects, pedestrian plazas and parking facilities. Plans call for seven new residential buildings, a street of townhouses, an upscale hotel and a performing arts venue.

The total cost for Phase I is expected to reach $90 million and will result in the creation of an estimated 90 retail jobs, 20 management jobs and 1,000 construction jobs, as well as 180-220 new residential units and new retail space.

The $12.3 million investment included:

· $7 million in Redevelopment Assistance Capital Funds for the preparation and construction of the underground parking garage, which will serve the entire area;

· $3 million Pennsylvania Housing and Finance Authority New Market Tax Credits, which will be used to supplement financing for both mixed-use building, including a total of 180-220 condominium units;

· $1 million DCED Growing Greener II -- Smart Growth funds to develop both the underground garage and the two mixed-use sites;

· $1 million DEP Growing Greener II -- Industrial Sites Reuse Program funds for site remediation of the location formerly occupied by the Duff's Building and the Pittsburgh Opera House, which will house the underground parking facility and the two mixed-use buildings; and

· $300,000 DCNR Community Conservation Partnership Program funds for building a public park space between the two mixed-use buildings.

For more information, visit the Pittsburgh's Cultural District Riverfront Development Project website.

1/26/2007