Release Date: Thursday, October 27th 2011

Market Square Redevelopment Affirms Downtown Pittsburgh as a Center of Opportunity

For Immediate Release - October 27, 2011                                                                                                      

Contact:  Brooke Fornalczyk
412-325-0161
bfornalczyk@downtownpittsburgh.com

Map: Investment in and around Market Square since 2007

Market Square Redevelopment Affirms Downtown Pittsburgh
as a Center of Opportunity

PITTSBURGH, PA — Sixteen new restaurants. Hundreds of new residences.  The Market Square renovation, a $5 million improvement project spearheaded by Mayor Luke Ravenstahl has become a major stimulant for private investment in and around the area.

“What was once a place people avoided has now become a Downtown destination,” said Jeremy Waldrup, President and CEO of the Pittsburgh Downtown Partnership (PDP). “Meet me in the Square’ has become the catch phrase Downtown residents and workers use when grabbing coffee, lunch or dinner. Market Square is also serving as a major catalyst for the burgeoning restaurant scene, with people eating and enjoying the public space at all times of the day.  Couple this with a new office tower and a number of residential projects underway within blocks of Market Square and anyone can see this is the place to be.”

“Downtown is seeing over $4 billion of investments either under construction, completed or planned, and is experiencing its Third Renaissance,” said Luke Ravenstahl, Mayor of the City of Pittsburgh. “Projects like the newly redesigned Market Square are bringing more and more people into the heart of our City. There is positive momentum in Pittsburgh right now and we are committed to attracting more Downtown businesses, jobs and residents.”

In addition to encouraging new investments, the success of the Market Square initiative is also garnering international attention. The International Downtown Association (IDA), which is a champion for vital and livable urban centers, named the project a 2011 IDA Merit Award Winner for excellence in downtown management. It was among 11 qualified entries in the category of Public Space, which recognizes capital improvements that enhance the urban design, physical function or economic viability of downtown and the community. In addition, 10,000 Friends of Pennsylvania, which aims to raise awareness of projects that successfully demonstrate sound land use principles around the Commonwealth, awarded Market Square its highest award, Gold Level, for smart land use, smart design and smart growth. The Square also just ranked seventh in the “Top 100 Public Places Contest” by IdeaScale (http://publicspaces.ideascale.com/a/ideafactory.do?discussionID=13048). 

“Investors from all over the country are now looking at Pittsburgh as the place to buy property. We have more than 30 million square feet of office space and almost 130,000 workers,” said Richard Beynon, chairman of the board for the PDP. “In addition, we have new restaurants opening every month, new residential properties under construction, and increasing activity at night and on the weekends.”

There are currently several new projects underway that will continue to invigorate the Golden Triangle. A few of those include:

·         The Academic Village at Point Park University:The Academic Village at Point Park University is a multi-block living and learning hub that is transforming the University campus and Downtown Pittsburgh. It includes new cultural and academic facilities, as well as architectural and streetscape improvements.

·         Pittsburgh Downtown Preservation Project:  Mayor Ravenstahl and the Pittsburgh History and Landmark Foundation are leading efforts to spur downtown development through the historic renovation of several key historic buildings in the Fifth and Forbes area.

·         Tower at PNC Plaza:Construction is slated to start next year on PNC’s new fourth office tower at the corner of Fifth and Wood Streets, which will be the world’s greenest skyscraper and house 3,000 PNC employees. In addition, there will be street-level retail and 300 underground parking spaces.

·         Mellon Square Park Renovation:  The Pittsburgh Parks Conservancy is spearheading a complete renewal of the historic Mellon Square Park. The project will restore the Square to its 1950's Modernist design and expand the space by 15-percent.

·         Project Pop Up: Downtown:  The City of Pittsburgh, the URA and the PDP are spearheading a new project to activate vacant storefronts through the use of art, artist galleries and pop-up retail ventures in order to increase the vibrancy, safety, and economic health of Downtown.

Along with these projects, Highwoods Properties, the new owner of PPG Place is planning to invest $25 million in upgrades; discussions continue on the redevelopment of the Regional Enterprise Tower; and McKnight Realty Partners is close to completing a deal to take over the 101-year-old Oliver Building.

For more information on Downtown development, and to learn more about the development and investment in and around Market Square, visit www.downtownpittsburgh.com.

About the Pittsburgh Downtown Partnership

The Pittsburgh Downtown Partnership (PDP) is a dynamic, nonprofit organization comprised of business and community leaders, property owners, civic organizations, foundations and residents who provide energy, vision and advocacy for Downtown Pittsburgh. Working collaboratively with its partners, the PDP strives to create a positive Downtown experience for residents, workers and visitors alike. The PDP’s strategic initiatives include clean and safe services, transportation, housing and economic development and advocacy. For the latest Downtown news and information, visit DowntownPittsburgh.com, follow us on Twitter @downtownpitt and “like” us on Facebook.

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