east liberty station: realizing the potential - City of Pittsburgh

an extended Ellsworth Avenue corridor.
Similarly, the recently upgraded Village at
East Side is another suburban style shopping
center that could benefit from future
improvements aimed at multimodal use
and pedestrian connectivity. The property
benefits from tremendous access to the new
intermodal center and significant on-street
bus activity along Penn Avenue. Positioned
between the central business district and
Bakery Row developments, it could become
another anchor TOD within the district.
It is anticipated over $280 million of mixeduse
and residential development will occur
within the TRID Boundary over the 30 year
timeframe. 6 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. 7 This
conservative estimate does not include
smaller projects, background assessed value
growth or redevelopment of certain targeted
sites that could potentially occur following
district wide infrastructure improvements.
Assessed value projections are estimates
only and based upon assessment of
comparable properties both in and outside
the study area as well as previous studies. 8
6. Construction costs obtained from developers,
comparable projects and the Eastside TOD/TIF Analysis
performed by ERA (April 2008)
7. Assessed value estimates do not include potential
residential exemptions available for owner occupied units
and assume the study area is withdrawn from the LERTA
Program.
8. Eastside TOD/TIF Analysis performed by ERA (April 2008)
TOTAL STUDY AREA DEVELOPMENT PROGRAM
Product Type Units/SF Development Cost Estimated Assessed Value
Boundary I
Hotel 192 rooms $ 23,382,716 $ 14,535,837
Office 447,630 sf $ 105,536,214 $ 67,730,762
Mixed-Use Commercial* 153,995 sf
n/a
Theater* 5 screens n/a
Multi-Family Rental 75 units $ 12,500,000 $ 6,853,304
Stand Alone Commercial 10,000 sf $ 1,700,000 $ 2,100,000
Total $ 143,118,930 $ 91,219,903
Boundary II
Office 39,000 sf $ 7,485,000 $ 5,365,000
Mixed-Use Commercial* 10,000 sf n/a
Single Family Detached 76 units S 18,200,000 $ 25,400,000
Single Family Attached 106 units $ 20,289,000 $ 21,020,000
Multi-Family Rental 110 units $ 9,324,000 $ 7,603,300
Multi-Family For Sale 14 units $ 3,430,000 $ 2,152,500
Total $ 58,728,000 $ 61,540,800
Boundary III
Single Family Detached 12 units $ 3,000,000 $ 4,200,000
Single Family Attached 98 units $ 17,802,000 $ 18,400,000
Multi-Family Rental 160 units $ 16,320,000 $ 13,320,000
Multi-Family For Sale 80 units $ 19,600,000 $ 12,100,000
Stand Alone Commercial 35,000 sf $ 5,950,000 $ 7,350,000
Total $ 62,672,000 $ 55,370,000
Grand Total** $ 284,518,930 $ 233,897,776
*Cost included in office or residential component.
**Grand Total includes cost of known public infrastructure and the incremental increase in assessed value of land
93