Mayor Ed Gainey, Allegheny County Executive Sara Innamorato, and Business Community Celebrate Collective $600 Million Investment to Revitalize Downtown Pittsburgh

Mayor Ed Gainey, Allegheny County Executive Sara Innamorato, and Business Community Celebrate Collective $600 Million Investment to Revitalize Downtown Pittsburgh

The major financial backing comes after Mayor Gainey united the Commonwealth, local government, the private sector, and the philanthropic community to develop a 10-year plan to turn the Golden Triangle into a vibrant neighborhood

Pittsburgh, PA - On Friday, October 25, 2024, Mayor Ed Gainey, County Executive Sara Innamorato, and members of the local business community celebrated a major step forward in the plan to revitalize Downtown Pittsburgh. The state announced a collective $600 million investment to be used to turn Downtown into a thriving hub for economic growth, culture, and industry over the next 10 years. Like many cities across the country, Downtown Pittsburgh struggled to recover following the COVID-19 Pandemic due to lack of a clear vision and strategic plan.

"When I came into office, I promised we'd get to work, not only to restore, but to reimagine a more vibrant downtown filled with opportunity. A goal this ambitious couldn't be met without convening every stakeholder to create a plan for businesses, residents, and visitors alike," said Mayor Ed Gainey. "In close partnership with the County Executive, we convened our regional leadership and presented the Commonwealth with a united vision for Downtown and the resources needed to achieve it. I'm thankful that Governor Shapiro believed in our vision and provided the critical investments that will position Downtown Pittsburgh to secure and deepen its role as the economic and cultural heart of Southwestern Pennsylvania."

"I'm thrilled to be a partner in this work and today's announcement of nearly $600 million to be invested in Pittsburgh's downtown to make it a more livable, vibrant, safe and clean neighborhood where everyone can feel comfortable and welcomed," said Allegheny County Executive Sara Innamorato. "Allegheny County is working hard to incentivize conversions from commercial to residential buildings, and through our Department of Human Services of we are leading the way on providing help to our unhoused neighbors and people in need of mental health and substance use disorders so everyone can feel safe and welcomed downtown."

Of the $600 million committed towards specific, shovel ready projects, the Commonwealth is investing $62.6 million, the City of Pittsburgh is investing $22.1 million dollars through the Urban Redevelopment Authority for the revitalization, and Allegheny County is committing $5 million through the Allegheny Regional District.

The funding will assist in the conversion of outdated commercial office spaces into 893 new housing units, while further preserving another 86 housing units. A third of those will be affordable housing for low-to-moderate income residents.

"Today marks a significant moment in our city's history. I'm thankful to Governor Shapiro and DCED Secretary Siger for their support of our plan. Built through a collaborative process with local public and private partners, we've illustrated a solid vision-to-action strategy to advance the revitalization of Downtown," said URA Executive Director Susheela Nemani-Stanger. "Historically, the URA has led countless site-specific economic development and financing strategies to rebuild the city and position our residents for success. We know that with thoughtful planning, vision, and investment strategies, as well as forming a collective energy amongst our regional partners, we can create a place where future generations will want to stay. The challenge we now face is also a new opportunity to provide for a diversity of quality and affordable housing, job creation, infrastructure, and placemaking for our regional core."

The locally developed plan will also revitalize popular spaces like Market Square and Point State Park, while converting underutilized parking lots in the Cultural District into a civic space to be named the "8th Street Block." Overall, the plan will enhance the quality of life for residents who choose to visit or live in Downtown and aid the Pittsburgh Downtown Partnership in the reopening of its small business support programs. Funding will also be used to provide critical resources for social and safety services, helping the unhoused population and investing in public safety initiatives. The Pennsylvania Council of the Arts will be awarded $400,000 to continue fostering the local arts scene.

A true testament to the power of collaboration, various private sector leaders and regional foundations have committed more than $40 Million to the plan. They include: BNY, Dollar Bank, Duquesne Light Company, Federated Hermes, FNB Bank, Giant Eagle, Highmark, Pitt Ohio, PNC Bank, PPG Industries, Reed Smith, the Buhl Foundation, the Eden Hall Foundation, the Heinz Endowments, the Hillman Foundation, the Jewish Healthcare Foundation, the Pittsburgh Penguins, the Pittsburgh Pirates, and the Pittsburgh Steelers. These public and nonprofit dollars are expected to spur an additional $376.9 million in private sector investments from real estate developers Downtown.

While investing in Downtown Pittsburgh's infrastructure, the 10-year plan will also improve the overall quality of life for residents by boosting investments in local businesses and public safety, by having cleaner streets, and by fostering a thriving local arts scene. All of the projects are expected to be completed by the end of 2028.

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