east liberty station: realizing the potential - City of Pittsburgh

THE PROPOSED TRID
BOUNDARY
The identified TOD principles provide a
guide to key improvements that will enhance
the public realm, especially in the area
surrounding East Liberty station As
detailed above, significant investment in site
specific and district-wide public
infrastructure is necessary in the effort to
transform the elTRID study area into a place
more conducive to TOD. These public
improvements will increase the value of
surrounding private properties, in part due to
improved access to services and activities.
Sites in close proximity to public transit
investments often experience a 5-20%
increase in sale prices and rents for
example.
Funding such extensive public infrastructure
from capital budgets alone has become
more and more challenging. The TRID Act
details a mechanism that provides for the
capture of a portion of the new value
created as private property in the vicinity of
transit investments appreciates over time.
Within the proposed TRID Boundary, real
property tax and other select tax revenues
can be utilized for the purposes of
implementing the improvements detailed in
the planning study. Establishment of value
capture areas within the boundary allows for
the diversion of incremental tax revenues to
finance public transportation capital
improvements, site development, other
public infrastructure and maintenance in
accordance with the Act.
Within the study area, the current 5 year
development pipeline includes significant
projects that will redevelop sites for a mix
of new uses including residential, office,
retail, hotels and a proposed movie
theater. Much of this activity will focus on
the core of East Liberty’s commercial
corridor and the area commonly referred to
as the Eastern Gateway. The proposed
initial 5 year TRID Boundary focuses on
facilitating these opportunities and is
illustrated on the following page.
Reconstruction of the East Busway station
will help facilitate the next two phases of the
Eastside project by Mosites. The closed
former bus turnaround and transfer facility
along with a surface parking lot will be
redeveloped with several mixed-use
office/retail structures and a hotel. Site
infrastructure will transform 4 acres of
disconnected property into a new ground
plane to serve as a podium for high-density
development. More importantly, these
improvements will help physically and
psychologically reconnect East Liberty to
Shadyside as spatial barriers are
overcome. New critical infrastructure
constructed as part of the Eastern Gateway
Intermodal Center will allow the project to
be fully integrated with transit at this prime
TOD location.