Downtown Pittsburgh continues on strong growth trajectory
Developers announced about three dozen economic development projects totaling $526 million in Pittsburgh’s Greater Downtown in 2014, capitalizing on dramatic growth in recent years, according to a report released Thursday.
“With more than $5 billion of transformative investment in Downtown Pittsburgh over the last decade, Downtown is well-positioned,” said Jeremy Waldrup, president and CEO of the nonprofit Pittsburgh Downtown Partnership.
The group, dedicated to promoting a positive image of Downtown, released its annual State of Downtown report during an event at Kimpton’s Hotel Monaco on William Penn Place. Greater Downtown includes the Golden Triangle, North Shore, South Shore, Uptown, the Bluff and the Strip District as far as northeast as 31st Street.
Among its findings, the report said Greater Downtown’s population increased last year to 12,604, up 2 percent from the year before and 13 percent from 2010. Seventy-six condos sold for an average price of $332,115 — including a $724,000 condo at Three PNC Plaza that sold without spending a day on the market.
Attendance at professional sporting events and the David L. Lawrence Convention Center increased, as did the number of restaurants. The report said Greater Downtown has 300 dining establishments, including 95 with outdoor seating.
The report said the 37 economic development projects announced last year are expected to add 142 residential units, 356 hotel rooms and 1.2 million square feet of office space. About 40 percent of the $526 million will be spent on renovating or converting older buildings.
Tom Fontaine is a staff writer for Trib Total Media. He can be reached at 412-320-7847 or [email protected].