Urban Redevelopment Authority of Pittsburgh Announces Funding for Multiple Downtown Conversion Projects

PITTSBURGH, PA (April 9, 2024) - The Urban Redevelopment Authority of Pittsburgh (URA) released its April 2024 Board Agenda today, which included two Pittsburgh Downtown Conversion Program (PDCP) investments. This pilot program is intended to stimulate the economic recovery of Downtown Pittsburgh by creating new affordable housing development via the conversion of obsolete and underutilized office buildings into housing.

“Downtown is the heart and soul of the entire region, and these conversion projects are a critical piece of making sure that Downtown remains that way for generations to come,” said Mayor Ed Gainey. “Everyone who works Downtown, should have an opportunity to live Downtown, and as we move to transform historic office space into housing, we must have affordability in mind in order to build a Downtown for all.”

"I am excited to recommend these downtown conversions, and the substantial depletion of our pilot funds, to our Board for approval," added URA Executive Director Susheela Nemani-Stanger. "Thank you to the URA staff, our development partners, and the many engaged stakeholders for advancing the work of revitalizing our urban core from vision to action— and getting shovels in the ground."

URA staff is recommending that the Board approve a total of $4.875 million in PDCP funding between two projects— Hullet Development’s Triangle Building and Beacon Communities’ First and Market Project. The conversion funding is set to be approved in addition to more standard gap-fill funding provided through other URA financing. The result is an overall investment of $6.475 million in funding from the URA for projects with a combined total development cost of $54.151 million. 

Collectively the two projects will create 108 new residential units Downtown, with 101 of them set to be affordable for tenants with incomes at or below 80% of Area Median Income (AMI)— 4 units @ 50% AMI or below, 93 units @ 60% AMI or below, and 4 units @ 80% AMI or below. All 93 units of the First and Market project will be designated as senior housing. This, coupled with the family size units in the Triangle Building, demonstrates that the future of Downtown Pittsburgh can be a multigenerational neighborhood. 

With these awards, the URA has obligated all the State and Local American Rescue Plan Act (ARPA) dollars used to fund the PDCP pilot. The URA, City of Pittsburgh, Allegheny County, and Allegheny Conference on Community Development are fundraising for recapitalization and scaling of the program from local, state, federal, and other available opportunities. This is in addition to engaging other elected leadership, downtown stakeholders, as well as corporate and philanthropic communities to come together and co-create solutions for the future of Downtown Pittsburgh. 

“I applaud the URA and Mayor Gainey for moving forward with this critical investment in downtown, said County Executive Innamorato. “Prioritizing projects like this that will help build the tax base and create more residential units in buildings that are going underutilized is smart policy. We need to work together to build a more vibrant downtown neighborhood that provides more residential options, including affordable residential units, and builds up a more diverse downtown experience with options for shopping, culture, dining out, and more, and I thank all the partners who are working every day to make that vision a reality.”

“We are pleased to see this investment being made into our urban core, at a time when we need it most,” said Allegheny Conference on Community Development CEO Stefani Pashman. “We applaud the leadership and staff of the URA, the developers who are leading these projects, and all partners working together to create a livable community that offers a range of housing choices for individuals and families with diverse social and economic backgrounds. The allocation of this funding is a critical next step to creating a future downtown Pittsburgh neighborhood for all and we look forward to working with the URA on this and other future revitalization efforts.”

For Downtown to remain a vibrant neighborhood into the future, we need housing for our neighbors. The URA looks forward to continuing to work in partnership with all committed Downtown stakeholders to advance more office-to-residential and mixed-use conversions.

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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.