Real Estate

BUILDING A LEGACY OF PROGRESS...

Nothing tells the story of our legacy better than the changing landscape of downtown Pittsburgh. One of the crown jewels of our city is its thriving Cultural District, which has transformed from a seedy, red-light district to a destination for arts and entertainment. In an effort to continue to enhance the Cultural District, and serve as a model for other cities, the Trust made meaningful progress in real estate development in 2019.

Pittsburgh Cultural Trust Master Plan 2020

“History has its eyes on you.”

BUILDING A LEGACY

Master Plan Stakeholder Meeting

Eighth Street Block

The overall vision for the Eighth Street Block, as a mixed-use development project, came into sharper focus in 2019. After two years of in-depth planning with members of the Trust team, the District Design Committee, and various external stakeholders and constituencies, the Master Plan was fi nalized. This document will inform the future development of the property while remaining fl exible to the needs of the growing Cultural District over the next seven to 10 years.

Additionally, in 2019, a key piece of the Eighth Street Block pre-development was fi nalized. Working in collaboration with the Pittsburgh Parking Authority, the Trust coordinated the demolition of the Authority’s former garage, and the Trustowned Duff’s Building in the most

Duff’s Building

effi cient and fi scally prudent manner. Furthermore, through cooperation with the Parking Authority, we engaged in discussions to ensure that the footprint of the new public garage will align with the Trust’s Master Plan.

Lastly, the Trust witnessed the opening of the fi rst residential development project in the Eighth Street Block. Trek Development, in partnership with Q Development, completed a 140-unit residential tower on the corner of Eighth Street and Penn Avenue. This project was made possible as a result of a land sale of Trust-owned property to the developers. In addition, the Trust District Design Committee provided design oversight including the recommended installation of the Erwin Redl lighted art bridge which connects the new Trust Oasis art park with the center of the Eighth Street Block.

Eighth Street Block 820 Liberty Avenue

In 2019, the renovation of the former Trust-owned Palace Credit building, located at 820 Liberty Avenue, was completed. The building was sold to Grandview Development, who made a $6,000,000 investment to create upper-fl oor residential units and an upgraded fi rst-fl oor retail space. The Trust will be responsible for attracting a tenant to the fi rst-fl oor space, which is in keeping with the Trust’s desire to activate Liberty Avenue with vibrant and complimentary uses.

820 Liberty Avenue: Before and After

937 Liberty Avenue

In preparation for a 2020 construction project, the Trust completed the building evaluation and design work for 937 Liberty Avenue. This Trustowned building currently incubates small arts organizations and houses a visual arts gallery. The project calls for a renovation of plumbing requirements on all three floors and improvements

to the overall safety of the building.

Cineplex

Working with a team of architects, the Trust concluded the design of the future Cineplex project in the former Bally’s Health Club on Sixth Street. In addition, the Trust identified a successful movie theater operator through a selective RFP process.