east liberty station: realizing the potential - City of Pittsburgh

capture to fund these
improvements. The recommended
elTRID value capture strategy will
guide investment in project specific
infrastructure, district-wide improvements
and maintenance.
Ultimately, successful TOD requires
good markets, good station areas
and excellent coordination between
numerous parties all dedicated to
its success. With all of these
ingredients, the study area is
uniquely positioned to capitalize on
TOD opportunities. However as
discussed, the current infrastructure
and urban fabric remains a
hindrance to dense, mixed-use
development in the vicinity of East
Liberty station. Uncertainty as to
how these improvements will be
financed deters the development
community from advancing projects
despite improving market
conditions.
A financial strategy to address the
site specific and district-wide
impediments to TOD is critical to
unlocking the redevelopment
potential in the elTRID study area.
It is anticipated over $280 million of
mixed-use and residential
development will occur within the
TRID Boundary over the 30 year
timeframe. This includes known
projects within the pipeline as well
as sites that have been identified as
potential redevelopment
opportunities. At full build out, this
new development is expected to
create over $230 million of total
assessed value.
Approximately $125 million of
incremental assessed value would
be created by the development
program at the peak of the TRID
value capture area. The newly
created value represents a 20%
increase over the base assessed
value today. Within the half-mile
study area, new incremental value
created in the TRID Boundary would
represent an approximately 33%
increase in total assessed value
after all value capture areas
expired. Annual incremental real
property tax revenue of $3.8 million
would be generated by this increase
in assessed value during the peak.
Approximate $65 million of
incremental revenues would be
generated by new projects within
the TRID Boundary over 30 years
by phasing implementation of the
value capture areas. A portion of
these new revenues would be
diverted to fund specific project
infrastructure or district wide
improvements as outlined in the
recommended elTRID
comprehensive value capture
strategy.
Obviously the capture of TRID
revenues within the proposed value
capture areas represents taxes
foregone by the local taxing bodies.
Every dollar of this public
investment will leverage at least
six dollars of private investment.
However, significant economic impacts
are expected within the study area
following implementation of the elTRID.
Estimated benefits include private
investment, job creation, retention of
existing jobs and other non-real
property or income tax revenues/fees
associated with area wide revitalization
following transportation and
infrastructure improvements.
PROCESS
The elTRID planning study was
undertaken by a multi-disciplinary team
led by GSP Consulting Corp (GSP), a
Pittsburgh-based consulting firm that
specializes in economic development
strategies, development finance and
government relations. GSP coordinated
a comprehensive TRID financing
strategy based upon viable market
alternatives and community
assessment. The firm also managed
the efforts of the consultant team and
schedule. Studio for Spatial Practice, a
local architecture, urban design and
planning firm, provided conceptual
designs for planned or potential TOD in
conjunction with infrastructure
improvements. They also worked to
facilitate public input into the planning
process, including the production of
outreach and training materials.
Fitzgerald & Halliday, Inc assessed
transit, transportation and parking
systems and identified improvements.
Review of utility infrastructure was
conducted by Civil and Environmental
Consultants, Inc.
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