east liberty station: realizing the potential - City of Pittsburgh

5 This project is currently within the KOZ and not
included in conservative value capture estimates.
Potential increment could be collected in 2017 and
dedicated to the elTRID VC Fund.
90
Another significant project is planned for
vacant and underutilized properties at the
corner of South Highland Avenue and Penn
Avenue. A joint development of ELDI and
Blasier Urban, the Odeon building will
feature a 5 screen movie theater and café
with additional restaurant space on the
second floor. Levels 3-6 will each include
13,000 square feet of Class A office space.
The redevelopment effort is seen as a
significant catalyst for the core of East
Liberty.
Walnut Capital and Massaro Properties will
soon commence another key project at the
Highland Building within the central
business district. The long vacant
architectural landmark was constructed in
1909 by industrialist Henry Clay Frick.
Rehabilitation of the historic building and
adjacent Wallace Building will create 123
market rate rental residential units along
with ancillary commercial space in to
compliment the expansion of the South
Highland Avenue entertainment district. 5
ELDI is also negotiating with a ‘trendy’ hotel
operator to occupy the former YMCA
building on Whitfield Street. Public spaces
within the unique structure can
accommodate hotel amenities such as a
ballroom, gymnasium and swimming pool.
After a series of failed redevelopment
attempts, the new concept will include
approximately 65 boutique rooms.
The proposed initial value capture area
extends along the southern side of Penn
Avenue to Penn Circle West. Following
their recently completed East Liberty Place
North project, The Community Builders are
also advancing plans for a second phase
on the south parcel of the former East Mall
apartment complex. It is anticipated the
project would include 60 additional
apartment units above approximately
13,000 square feet of ground floor
commercial space.
At the far eastern end of the Phase I area
along Penn Avenue lies another significant
potential development site within the
elTRID study area. The former
Reizenstein Middle School is now occupied
by the Pittsburgh Public School District
(PPSD) Barack Obama Academy of
International Studies (Pittsburgh Obama).
Born out of the closed Schenley High
School in Oakland, the magnet school
serves grades 6-12. PPSD announced
plans to relocate the Pittsburgh Obama to
the Peabody High School building in 2010
as part of a reconfiguration throughout the
East End.
Faced with an estimated $50 million
renovation of the facility, PPSD decided
instead to obtain bids for the prime
location. The proposed development
program includes a mix of office, retail and
market rate residential uses. It is
anticipated the initial phase would focus on
redevelopment of the Penn Avenue
frontage with the commercial components
in an effort to build off the momentum of
the adjacent Bakery Square project.
This front portion of the Reizenstein parcel
which will be the focus of the first phases of
redevelopment is included within the
boundary. The Penn Avenue Right of Way
is also included so that the proposed value
capture area remains contiguous with other
areas in the core.
Phasing of the TRID value capture
delineation in response to changing market
conditions and development potential is a
key component of the elTRID value capture
strategy. It is anticipated the proposed
TRID value capture area could be
expanded by the elTRID Management
Entity at a later date in an effort to continue
revitalization within the study area. The Act
specifically includes provisions for the
expansion of the specific value capture area
based on local circumstances such as
economic development and planning goals,
community character, property boundary
and scale variations. Expansion must be
authorized by the Management Entity based
upon the findings of the TRID Planning
Study.
Based upon the findings of elTRID
contained here within, expansion would
focus on facilitating redevelopment of key
sites not currently within the known pipeline.
However, these areas are situated in close
proximity to the first wave of investment and
thus present opportunities where market
forces are likely to drive redevelopment.
The 2 nd phase of the proposed TRID value
capture area would remain contiguous with
the initial area as well.
Proposed expansion would focus on similar
areas within the central business district
and Eastern Gateway. The Phase II area
extends to the north of the commercial core
between Penn Avenue and Harvard
Square. The top floors of many structures
along the northern side of Penn Avenue