URA Board Approves Nearly $10.4 Million for Downtown Development

PITTSBURGH, PA (November 14, 2024) The Urban Redevelopment Authority of Pittsburgh (URA) has announced that its board of directors voted to approve an additional $10.35 million for development, as part of a $23.075 million investment toward residential and mixed-use real estate in Downtown Pittsburgh. This new $10.35 million investment, coupled with $18 million in PA Redevelopment Assistance Capital Program awards brings URA and Commonwealth gap financing for office-to-residential conversions to just over $41 million.

Over the past several years, the URA has engaged with a regional coalition of public and private partners to advance multiple economic development and investment strategies that will stimulate the recovery and growth of Downtown Pittsburgh in the aftermath of the COVID-19 pandemic. Together, the URA and partners advanced a 10-year investment plan to reimagine Downtown as a diverse, vibrant, mixed-use neighborhood, with quality and affordable housing, robust cultural assets, modern infrastructure, improved parks and gathering spaces, and a thriving business district.

On October 25, 2024, local partners joined Governor Shapiro’s administration for an unveiling of a $600 million plan for Downtown’s revitalization, including a $22 million investment from the Commonwealth for five mixed-used projects.

As part of the local 10-year investment plan, the URA is leading efforts to boost the conversion of vacant and underutilized office buildings into residences through its Pittsburgh Downtown Conversion Program and Rental Gap Program, both partially funded by an Affordable Housing Bond.

Today’s vote by the URA board approved a commitment of an additional $10.35 million in funding for the following housing and mixed-use conversion projects:

• Smithfield Lofts (Woda Cooper Companies, Inc.)
  
  
• City Club Apartments (CCA CBD Pittsburgh LLC)
  
  
• 933 Penn Ave. (iPenn Ventures LP)
  
  
• The Porter / 601 Grant St. (RDC Design-Build Inc)

Completion of these four projects, in addition to the May Building, First and Market, Gulf Tower, and Triangle Building developments – all previously funded by the URA or Commonwealth – will bring a total of approximately 1,000 residential units Downtown, nearly a third of which will be affordable for residents with low-to-moderate incomes. The URA board will take a final authorization vote prior to the developers’ loan closings.

“I’m excited to bring this new investment before our board for approval. We know that public intervention in the investment in Downtown real estate is critical to its rebirth,” said URA Executive Director Susheela Nemani-Stanger. “I’d like to thank Governor Shapiro, DCED Secretary Siger, the PA Housing Finance Agency, and the Housing Authority of the City of Pittsburgh for investing in the people and future of Pittsburgh. The leverage provided through RACP grants and LIHTC awards were the catalyst to move these projects forward, and the URA is happy to fill funding gaps to complete these projects. We look forward to continuing our partnership with committed stakeholders — and to unlocking even more resources — to get shovels in the ground, create diverse housing opportunities, and breathe new life into our urban core.”

“A new and exciting chapter is being written for Downtown Pittsburgh, and the approval of these additional funds will continue to move us closer to revitalizing the heart of our city. As we work to address our city’s growing housing needs, the conversion of these underutilized spaces will help us ensure that all residents have access to safe, affordable, and equitable housing options. I am thankful to the URA for the contributions they continue to make to not only strengthen our downtown, but to create a more inclusive and vibrant city for all,” said Mayor Ed Gainey. 

“As a key piece of the holistic approach to unlock opportunities in Downtown Pittsburgh, we are investing in placemaking projects and rejuvenating green spaces, connecting pedestrian corridors, and establishing amenities to support families and residents as we work together to intentionally create a vibrant downtown neighborhood for all,” said Stefani Pashman, chief executive officer, Allegheny Conference on Community Development. “Public-private partnerships have paved the way for downtown revitalization efforts, and it’s encouraging to see the momentum of residential and mixed-use conversion projects – which in turn, will create diverse housing options, bolster economic development opportunities, and enhance the quality of life downtown and across the southwestern Pennsylvania region.”

Today, the URA board also authorized submission of a Letter of Intent to the U.S. Department of Transportation Build America Bureau to apply for a substantial investment of funding to seed a Downtown Pittsburgh Development Fund. This fund is intended to provide low-cost mezzanine debt to developers promising to create quality housing and new commercial activity in Downtown. Securing this funding will allow the URA to continue investing in a growing pipeline of new Downtown development projects.

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About the Urban Redevelopment Authority of Pittsburgh (URA) 

The URA is the City of Pittsburgh's economic development enterprise. We are committed to building a prosperous and equitable economy for all of Pittsburgh. We help bridge public and private interests to invest in meaningful, equitable developments that promote housing affordability, economic mobility, entrepreneurship, and neighborhood revitalization. Our work creates and sustains quality jobs, thriving neighborhoods, healthy communities, and sustainable businesses for the benefit of all Pittsburghers.