2015 State of Downtown Pittsburgh report - Pittsburgh Post

Transcription

2015 STATE OF
DOWNTOWN
P I T T S B U R G H
table of contents
04
06
14
20
26
34
38
42
48
BY THE NUMBERS & ACCOLADES
OFFICE, EMPLOYMENT & EDUCATION
HOUSING & POPULATION
RESTAURANTS & RETAIL
CULTURE, ENTERTAINMENT & HOTELS
TRANSPORTATION & CONNECTIVITY
ENVIRONMENT & SUSTAINABILITY
DOWNTOWN DEVELOPMENT
ACKNOWLEDGEMENTS
GREATER DOWNTOWN
BUSINESS IMPROVEMENT DISTRICT
State of Downtown Pittsburgh is produced by the Pittsburgh Downtown Partnership.
The data presented in this report is derived from many sources and covers activity within
the boundaries of the Business Improvement District and Greater Downtown.
Greater Downtown includes the Golden Triangle, North Shore, South Shore, Strip District,
Lower Hill and Bluff/Uptown.
The Pittsburgh Downtown Partnership is pleased to share
our fourth annual State of Downtown Pittsburgh report.
Downtown Pittsburgh has attracted almost $5 billion dollars in
investment over the last decade and these investments have
truly transformed our City with more housing and restaurants,
more amenities for employees and visitors, and a sense of
vibrancy that Downtown has not experienced in decades. Each year as the research and analysis of the data comes
together it is interesting to see the evolving trends that effect
development in Downtown Pittsburgh. And while we track
seven sectors of Downtown economic vitality indicators, it is
clear that the interconnectivity of the sectors is a vital piece of
the successful Downtown story. For example, the impact of the
new large-scale office developments such as the Tower at
PNC is also a very important piece of the environment and
sustainability efforts that continue to push Pittsburgh to the
forefront of vibrant Central Business Districts across the country.
In this edition of the State of Downtown Pittsburgh report,
we note several opportunities and challenges that are on the
horizon for Downtown. One needs only to study the creative and
innovative approaches that have been successfully employed
over the last several years to develop a true sense of enthusiasm
for how we will meet the challenges of the future. The Energy
Innovation Center is a spectacular example of creative reuse of
a space that is benefiting our region in substantial ways.
We hope this 2015 State of Downtown Pittsburgh report
will continue to be a valuable resource for current and
future Downtown Stakeholders. The Pittsburgh Downtown
Partnership is committed to providing excellent resources
and developing vital programming that ensures Downtown
Pittsburgh remains essential to the entire region.
Jeremy Waldrup
Grant Mason
President and CEO
Chairperson
GREATER DOWNTOWN
BY THE NUMBERS
Leasable Office Space (SF)
CBD Class A Occupancy
CBD Class A Lease Rate
2011 Employment
Sports Venue Attendance
Cultural & Entertainment Attendance
Existing Hotel Rooms
Planned Hotel Rooms
35M
94%
$27.12
113,110
Fortune 500 Companies
5
Apartment Occupancy Rate
Average Rent – 1 BR
4,752
51%
91%
$1,532
$2,069
$332,115
12,604
Number of Dining Establishments
Number of Retail Establishments
Average Pedestrian Weekly Spending
Average Retail Vacancy Rate
Restaurants with Outdoor Seating
Sources are listed in each section
4
2015 State of Downtown Pittsburgh
$252M
TRANSPORATION & CONNECTIVITY
Greater Downtown Residential Units
% Units Built After 2000
Average Condo Sales Price
2014 Population
Total Economic Impact of Arts
4.9M
3.0M
4,817
1,513
Number of Off-Street Spaces
Number of On-Street Metered Spaces
39,726
497
Average Monthly Lease
Average Daily/Evening Rates
Number of Zipcars
$239
$15/$7
27
Direct Destinations via Air
40
295
210
$108
6%
95
Sidewalk Planters/Hanging Baskets 500/440
Acres of Park Space
47.25
Miles of Riverfront Trails
13
Energy Star Certified Space (SF)
3.8M
Average Daily Temperature (high/low) 59o/40o
ACCOLADES
IN 201 4 , P I T T S BU RG H WA S RECO G N IZED AS …
One of the Most
Underrated American Cities
One of America’s
Most Stunning Views
A Best Opportunity City
One of the Most
One of the Top
Affordable Cities to Retire
Satisfaction
~ Niche, Inc.
~ inc.com
Best Cities for Staycations
Point State Park was named a Great
One of the Best
~ Livability.com
~ Conde Nast Traveler
Cities for Millennials
Top city for Employee
One of the
~ USA Today
~ Forbes
Places to Go in 2015
One of the Best
~ Conde Nast Traveler
~ Wallethub
Place in America
Cities for Recreation
~ American Planning Association
~ Wallethub
The Ultimate
Urban Hike in the U.S. ~ Yahoo! Travel
Top Three Best
Opportunity Cities
Among the Top
10 Most Affordable Foodie Cities
A Must Visit City
Among the 20 Best
~ Forbes
~ Esquire Magazine
Cities for 20-somethings
One of the Hottest
~ Greatist.com
American Cities for 2015
Most Diehard Fans in the NHL
One of the World’s
~ Wallethub
~ Business Insider
~ Forbes
Most Resilient Cities
~ Rockefeller Foundation
List compiled by Pittsburgh Regional Alliance
5
by the numbers
Employment (Greater Downtown, 2011)
4.9M
3.0M
4,817
Planned Hotel Rooms
1,513
$252M
35M
94%
$27.12
113,110
5
Source: CBRE; Fortune.com; On the Map – Local Employment Dynamics
Partnership; U.S. Census Bureau
2014 Population
Source: Arts/Entertainment/Sports Venues; Greater Pittsburgh
Arts Council; Pittsburgh Downtown Partnerhip; VisitPITTSBURGH
4,752
51%
91%
$1,532
$2,069
$332,115
12,604
Sources: Pittsburgh Downtown Partnership; U.S. Census Bureau;
Western Pennsylvania Multi-List Service
39,726
497
Number of Zipcars
$239
$15/$7
27
40
Allegheny County Airport Authority; Pittsburgh Downtown Partnership;
Pittsburgh Parking Authority; Zipcar
295
210
$108
6%
95
Acres of Park Space
47.25
13
3.8M
59o/40o
Average Daily Temperature (high/low)
Office, Employment & Education
Source: CBRE; Pittsburgh Downtown Partnership
Source: Green Building Alliance; National Weather Service; Riverlife;
Western Pennsylvania Conservancy
The most covered news stories related to the Downtown
Pittsburgh office market in 2014 dealt with two of the five
Fortune 500® companies located in Greater Downtown.
Ripple effects of the 2013 acquisition of H.J. Heinz Company
by Berkshire Hathaway and 3G Capital were felt as the
newly-privatized company made staffing cuts and underwent
space utilization efforts, vacating and making available for
sublease over 275,000 square feet of space in the Heinz 57 Center.
The second story broke in November with U.S. Steel Corporation’s
announcement that it would relocate its global headquarters,
vacating approximately 425,000 square feet in the U.S. Steel
Tower when its lease expires in 2017. The new 270,000 square-foot
office building will be constructed as a part of the larger Lower
Hill Redevelopment, replacing the demolished Civic Arena and
becoming the first commercial project announced for the site.
At the beginning of 2015, Class A occupancy was 94.0%
compared to 94.4% in the first quarter of 2014. Rents increased
by 2.3% during the same time period and rose to an average
of $27.00 per square foot. Nineteen lease transactions of over
15,000 square feet occurred in 2014 compared to sixteen in 2013.
The largest lease transaction in the Golden Triangle was related
to the second largest sale transaction, where EDMC sold the
Art Institute of Pittsburgh building at 420 Boulevard of the Allies
to M&J Wilkow in a leaseback arrangement for 177,500 square
feet. EDMC also renewed 117,000 square feet of office space in
K&L Gates Center after a series of layoffs and staffing cutbacks in
recent years.
Of additional significance, Michael Baker International leased the
top two floors of BNY Mellon Center for a new 22,000 square-foot
global corporate headquarters. The $1.3 billion engineering and
planning company moved its executive leadership and other
divisions from Moon Township bringing its Downtown workforce
to 65. Fox Rothschild leased 26,000 square feet, also in BNY
Mellon Center, moving across town from EQT Tower, and Direct
Energy renewed a five-year lease for 43,000 square feet at 1001
Liberty Avenue. UPMC subleased 140,000 square feet in the
Heinz 57 Center after Heinz’s departure, moving 450 employees
from Chatham Center and completing its exit from that property.
In demonstration of the burgeoning tech scene in
Downtown, startup baby product maker 4Moms leased
81,000 square feet in 912 Fort Duquesne Boulevard after The
Elmhurst Group completed a major renovation of the building.
Additionally, TrueFit, which relocated its headquarters from
Cranberry, and Jawbone leased a combined 30,000 square feet
in the Union Trust Building, Carnegie Learning leased 26,000
square feet in the Frick Building, and Resumator moved into
23,000 square feet at 40 24th Street in the Strip District,
previously vacated when 4Moms moved into Downtown.
Resumator and 4Moms are two of the six Greater Downtown
companies that InnovationWorks and Ernst & Young LLP
featured as 2014 Pittsburgh Investment Highlights in the report
Accelerating Growth: Investing in Pittsburgh’s Technology Sector.
Of additional significance is the 46% growth in total funding for
Pittsburgh companies in 2014, $437.8 million compared to
$300 million in 2013. Whereas the Pittsburgh MSA ranks 22nd in
size in 2014 when looking at the 40 largest MSAs in the country, the
region ranks eleventh in venture capital investment dollars per
capita and fifth in the number of venture rounds per million residents.
From an employment perspective and compared to peer
and aspirational CBDs across the country, Greater Downtown
Pittsburgh ranks eighth in the total number of wage and salaried
jobs according to the Local Employment Dynamics Partnership, a
program of the U.S. Census Bureau, with a 2011 total of 113,110.
Comparatively, Greater Downtown ranks fifth in the percentage
of jobs paying more than $3,333 per month.
Over 120,000 undergraduate and graduate students are enrolled
in four-year colleges and universities within the ten-county
region, nearly 60% (66,460) of which are within a ten-mile radius
of Downtown. Research spending at the University of Pittsburgh,
Carnegie Mellon University, and Duquesne University increased
by nearly 2% to $1.2 billion in 2013, of which $853 million was
through federal research dollars.
With a multi-year growth trend in rental prices and a low vacancy
rate, the Downtown office market remains one of the strongest
in the country. The recent news that BNY Mellon will vacate
approximately 650,000 square feet in 525 William Penn Place in
2015 places a large block of space on the market, something that
has not been available in recent years. Large blocks of space will
continue to become available as The Gardens at Market Square
brings 120,000 square feet of space to the market and the Union
Trust Building’s restoration repositions 250,000 leasable square feet.
These new blocks total 1.2 million square feet of space that provides
great opportunities to bring new large tenants to Downtown, an
opportunity that had not existed in recent memory.
7
CLASS A & B VACANCY RATES
CLASS A & B RENTS RATES
CBD
CBD
20%
16%
$30
16.1%
14.1%
$20
12%
8%
$25
$27.12
$23.92
$17.58
$18.84
$15
7.5%
6.0%
4%
$10
$5
Downtown Fringe
$30
18.2%
$25
15.6%
15%
$20
4Q14
1Q15
3Q14
2Q14
1Q14
4Q13
2Q13
3Q13
$24.03
$22.93
$16.29
$22.59
$15
Source: CBRE
Class A
4Q14
1Q15
3Q14
2Q14
1Q14
4Q13
2Q13
3Q13
1Q13
2Q12
1Q12
$5
4Q11
4Q14
1Q15
3Q14
2Q14
1Q14
4Q13
3Q13
2Q13
1Q13
2Q12
4Q11
1Q12
3Q11
1Q11
2Q11
0%
$10
3Q11
3.1%
1Q11
4.9%
2Q11
10%
5%
1Q13
Downtown Fringe
25%
20%
2Q12
1Q12
4Q11
3Q11
1Q11
2Q11
4Q14
1Q15
3Q14
2Q14
1Q14
4Q13
3Q13
2Q13
1Q13
2Q12
4Q11
1Q12
3Q11
1Q11
2Q11
0%
Class B
GREATER DOWNTOWN HIGH IMPACT SALES TRANSACTIONS
Building
Address
Buyer
Price
Square Feet
501 Grant St
The Davis Companies
$14,000,000 517,376
420 Blvd of The Allies
M&J Wilkow $10,000,000
177,508
424 3rd Ave
Greenway Realty Holdings $2,800,000 91,322
1819 Blvd of Allies
1819 Blvd of Allies
Blind and Rehabilitation Services of Pittsburgh
$2,500,000 87,000
225 Blvd of The Allies
201 Ninth Street Associates
$1,675,000 38,000
1040 5th Ave
Cypress Partners
$1,100,000 8,600
Union Trust Building
Art Institute of Pittsburgh
Former Salvation Army Bldg
American Red Cross Bldg
1040 5th Ave
Source: CBRE, HFF
8
GREATER DOWNTOWN HIGH IMPACT LEASE TRANSACTIONS (15,000+ S.F.)
Tenant
Building
Lease Type
Square Feet
EDMC
420 Boulevard of the Allies
New
177,500
UPMC
Heinz 57 Center
Sublease
140,967
EDMC
K&L Gates Building
Renewal
117,000
912 Fort Duquesne Blvd
New
81,166
100 West Station Square Drive
New
53,000
Liberty Center
Renewal/Expansion
42,954
One PPG Place
New/Expansion
33,634
EQT Corporation
EQT Plaza
Renewal/Expansion
32,107
Fifth Third Bank
Gulf Tower
Renewal
31,071
Frick Building
New
26,332
One Mellon Center
New
26,000
Net Health
40 24th St
Renewal
25,000
Resumator
40 24th St
New
23,350
One Mellon Center
New
22,145
New
17,500
225 West Station Square Dr
New/Expansion
16,486
PNC Center
New
16,369
100 Ross St
New
16,000
4 Smithfield St
Renewal
15,975
4Moms
J. B. Hunt
Direct Energy Business
Towers Watson
Carnegie Learning
Fox Rothschild
Michael Baker
TrueFit Solutions
Schell Games LLC
Smithfield Trust
The Housing Authority of Pittsburgh
CIBER INC
Source: Avison Young; CBRE; Grant Street Associates – Cushman Wakefield; HFF, JLL; Newmark Grubb Knight Frank
Pittsburgh ranked 11th in
venture capital investment
dollars per capita and
5th
in deals per million residents
compared to the 40 largest
MSAs in the U.S.
9
OCCUPANCY AND RENTAL RATES IN PEER
CBDs (TOTAL SUBMARKET, 4Q14)
0
80
60
40
20
Pittsburgh, PA
PITTSBURGH OFFICE MARKET
DISTRIBUTION (S.F.)
100
2.8M
87.8%
$23.26
Austin, TX
2.7M
2.3M
3.7M
93.4%
$41.65
Charlotte, NC
$24.97
Boston, MA
24.3M
4.6M
91.4%
4.7M
89.7%
$51.97
Seattle, WA
89.6%
$33.90
Philadelphia, PA
6.3M
89.2%
$27.92
Denver, CO
$31.58
Columbus, OH
10.6M
10.7M
87.3%
Greater
Downtown
accounts
for 47.9%
of the total
Pittsburgh
office
market
86%
CBD
$18.07
Indianapolis, IN
85.4%
$18.83
Minneapolis, MI
Downtown Fringe
Parkway West
83.8%
$25.37
Cleveland, OH
Parkway North
82.6%
$19.27
St. Louis, MO
Parkway East
81.3%
$17.27
Cinncinnati, OH
South
78.8%
$19.70
National CBD Average
Cranberry
Southpointe
87.4%
$39.54
CBD Occupancy
East End
CBD Lease Rate
Oakland
Source: JLL Research
REGIONAL FORTUNE 500 COMPANIES
Company
Rank
Revenue (Billions)
United States Steel*
166
17.4
PNC Financial Services Group*
172
16.9
PPG Industries*
190
15.2
H.J. Heinz*
239
11.6
WESCO International*
349
7.5
Mylan
3776.9
Dicks Sporting Goods
421
6.2
Top 2
Consol Energy
434
5.9
Smartest American Cities in 2014
*Headquartered in Greater Downtown
Source: Fortune.com
10
Forbes Magazine
named Pittsburgh in the
WAGE AND SALARIED JOBS IN
GREATER DOWNTOWN
WAGE AND SALARIED JOBS IN PEER CBDs
0
100,000
50,000
150,000
Golden Triangle
2009
129.854
29,329
Minneapolis, MI
Indianapolis, IN
127,556
Austin, TX
122,959
Denver, CO
119,999
Nashville, TN
115,306
113,110
100,216
Columbus, OH
2011
92,949
Cleveland, OH
Outlying Areas
Source: OnTheMap – Local Employment Dynamics Partnership, U.S. Census Bureau
300,000
288,493
Charlotte, NC
2007
250,000
238,451
Pittsburgh, PA
2005
200,000
Philadelphia, PA
Seattle, WA
$113,110
83,781
28.667
77,277
$105,944
30,477
$108,092
77,615
$108,001
30,396
120
110
100
90
80
70
60
50
40
30
20
77,605
Thousands
Totals
91,695
St. Louis, MO
72,588
Cincinnati, OH
60,633
Source: OnTheMap – Local Employment Dynamics Partnership, U.S. Census Bureau
Total 2013 % Grads Employed
Fall Enrollment
in Pittsburgh
Chatham University
2,170 35%
Duquesne University*
9,984 65%
623
N/A
Point Park University*
3,841 55%
Robert Morris University**
5,481 90%
University of Pittsburgh – Main Campus
28,649
51%
Penn State University – Greater Allegheny
*Greater Downtown University
** RMU Downtown and Bayer Center is included
$1,00
$800
$600
$15.7M
12%
$271M
11,740 Carnegie Mellon University
$1.16B
$873M
54%
$1.14B
$15.5M
2,428 $1.16B
$16.8M
Carlow University
$1.06B
$1,200
$899M $243M
N/A
$15.8M
1,544
$822M $223M
Art Institute of Pittsburgh*
Totals
Millions
Educational Institutions
HIGHER EDUCATION RESEARCH AND
DEVELOPMENT EXPENDITURES
$867M $256M
EDUCATIONAL INSTITUTIONS AND
ENROLLMENT, 2013
$400
$200
2010
2011
University of Pittsburgh
2012
2013
Carnegie Mellon University
Duquesne University
Source: National Center for Science and Engineering Statistics - Higher Education Research and
Development Survey
Source: Individual Institutions
11
FUNDING FOR PITTSBURGH TECHNOLOGY
COMPANIES BY TYPE OF INVESTOR
SUPPLY OF PITTSBURGH-BASED
VENTURE CAPITAL
Totals
2010
2011
VC
$0
2014
$88.2
$29.3
$7.1
$48.3
$65.9
$120.5
$18
$60
$20
Corporate and Other
Seed Funds and Accelerators
$80
$40
$124.0M
2013
$136.6
$100
$81.1
$95.4M
$4.7M
$21.7M
$54.2M
$120
$87.7
$4.7M
$34.1M
$66.7M
2012
Angels
$140
$3.8M
$28.2M
$72.9M
Millions
$4.5M
$20.4M
$36.3M
$437.8M
$300.0M
$227.2M
$6.3M
$29.3M
$92.3M
$189.3M
$140.6M
$205.8M
Millions
$450
$400
$350
$300
$200
$250
$150
$100
$50
$0
$160
$332.7M
$332.9M
$317.2M
$407.6M
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Note: Estimate of uncommitted capital at Pittsburgh-based VC firms
Source: Accelerating Growth: Investing in Pittsburgh’s Technology Sector, EY and Innovation
Works – Provided by Innovation Works
IPO
Note: Dollars invested in Pittsburgh technology companies through IPO’s, VC, angel investors,
seed funding, and other sources
Source: Accelerating Growth: Investing in Pittsburgh’s Technology Sector, EY and Innovation
Works – Provided by Innovation Works
OFFICE PIPELINE
Building
Square Feet
Developer
Status Est. Delivery
District
The Tower at PNC
800,000 PNC Financial Services
Under Construction
2015
Golden Triangle
Union Trust Building (repositioning)
250,000 The Davis Companies
Under Construction
2016
Golden Triangle
Tower 260 @ The Gardens
121,000 Millcraft Investments
Under Construction
2015
Golden Triangle
3 Crossings: Phase 1
55,000 Oxford Development
Under Construction
2015
Strip District
Planning
2016
Strip District
North Shore Tower
600,000 Alco Parking
Conceptual
—
North Shore
350 Fifth Avenue
Conceptual
2018
Golden Triangle
Ft. Pitt Boulevard Office Tower
300,000 Burns and Scalo
Conceptual
—
Golden Triangle
U.S. Steel Headquarters
268,000 Clayco
Conceptual
2017
Lower Hill
3 Crossings: Future Phase
Conceptual
—
Strip District
Riverfront Landing Office Tower
125,000 Buncher
Conceptual
—
Strip District
Total3,306,000
Source: Pittsburgh Downtown Partnership
$438M
12
was invested in Pittsburgh
technology companies
in 2014
UNION TRUST BUILDING RESTORATION
• $100 million total
investment
• 400,000 SF office
• 44,000 SF ground-level retail
Spotlight
• 190-space valet garage
• 375-seat tiered auditorium
One year after purchasing the Union Trust
Building, The Davis Companies is embarking on
a 10-month renovation project to restore and
modernize the 500,000 square foot building
into a Class-A, LEED-certified facility featuring
modern office and retail amenities.
The building, commissioned in 1915 by Henry
Clay Frick, will undergo work to restore exterior
elements including the gothic mansard roof as
well as interior spaces to serve building tenants
and the general public. The 44,000 square feet
of ground-level retail space will be positioned
towards restaurants and cafes that open outward
to the sidewalks and inward to the lobby.
New tenants Jawbone and Truefit begin to
position the building as a haven for technology
companies, joining AMEC Foster Wheeler and
Novitas Solutions, comprising approximately half
of the 400,000 square feet of modernized office
space. A new 190-space valet-served underground parking garage will be completed and the
building will include bicycle storage for tenants.
The Davis Companies expects to complete
this restoration project and improvements
in the first quarter of 2016.
Planned Hotel Rooms
35M
94%
$27.12
113,110
5
by the numbers
4.9M
3.0M
4,817
1,513
$252M
4,752
51%
91%
$1,532
$2,069
Number of Zipcars
2014 Population
$332,115
12,604
39,726
497
$239
$15/$7
27
40
295
210
$108
6%
95
Acres of Park Space
47.25
13
3.8M
59o/40o
Housing & population
The growth of the Greater Downtown residential market
continues to be one of the great success stories in the
transformation of Pittsburgh and the evolution of Downtown.
While the market remains strong, multi-family properties in the
Greater Downtown absorbed nearly 350 apartments, or a
7% increase, in the final third of 2014, which reduced the
occupancy rate of Greater Downtown apartments to 90.8% at
the end of 2014 compared to 95.6% one year prior. The average
rental price per square foot of Greater Downtown apartments
also felt the impact of these new units, decreasing slightly to
$1.77 compared to $1.82, or a 2.8% decrease at the end of
2014. Average monthly rent in Greater Downtown ranged
from $1,252 to $1,710 for a one bedroom unit and $1,665
to $2,471 for a two bedroom unit.
In 2014, the volume of condominium sales in Greater Downtown
increased significantly to 76, a 17% growth over 2013, with an
average sales price of $332,115, a 3.6% increase from the prior
year. The average sales price per square foot was $246.77,
increasing 4.8% from 2014, with an average unit size of 1,307
square feet. The average price per square foot has increased
by 21% since 2010.
When expanding the lens to analyze all home sales in ZIP codes
15222 and 15219, areas that encompass Greater Downtown but
also extend into periphery neighborhoods of the Upper Hill
District, median estimated home values have increased by
10.4% and 51.0%, respectively. It is anticipated that estimated
median home values will increase as the supply of for-sale units
remains relatively flat in Greater Downtown and the housing
market stabilizes and expands in the Hill District and Uptown
neighborhoods.
The population of Greater Downtown increased by 12.9%
between 2010 and the end of 2014, an estimate based on the
2010 decennial census and the number of new units absorbed
into the market, factoring in occupancy rates at the end of the
year. This analysis estimates that nearly 1,450 new residents
have moved into Greater Downtown in the past four years for
a 2014 population of 12,604.
Between the beginning of 2010 and the beginning of 2015,
1,084 residential units have been built and stabilized in
Greater Downtown. In the current pipeline, 220 units are under
construction at The Residences at the Alcoa Building, the only
units currently underway in the Golden Triangle. In the Strip
District, The Yards at 3 Crossings is under construction with the
first of 300 apartments expected to open in early 2016. The
Yards is adjacent to 2500 Smallman and 2419 Smallman which
have 11 contemporary town homes under construction and
38 condominiums, respectively, the latter of which is expected
to be under construction by the end of 2015. In the Uptown
neighborhood, the Flats on Fifth is under construction with
74 apartments scheduled to open in 2016, part of the 652
total units currently under construction in Greater Downtown.
Other projects in the pipeline but not yet under construction
include Continental Development’s plans to construct 250
residential units on the North Shore, and Millcraft Investments
committment to building 30 to 77 condominiums on top of the
350 Oliver retail and parking garage project. Q Development, in
a joint venture with Trek Development, purchased 711 and 713
Penn Avenue with the intent to renovate the upper floors into
approximately 50 residential units in the center of the Cultural
District. These buildings sit adjacent to the Pittsburgh Cultural
Trust’s development site encompassing the 800 block of Penn
Avenue. The development of the Trust’s site is expected to pick
up in the next few years as a legal dispute regarding past
development plans has been settled. Altogether there are
nearly 3,200 units planned in Greater Downtown.
The long-term viability of the Greater Downtown housing
market is not only dependent upon its short-term success
but also the inventory and pipeline throughout the region
compared to population growth projections. While the topic
of overbuilding inventory has been discussed in public forums,
Downtown Pittsburgh can remain competitive with further
thought about the services and amenities necessary in order
to attract and retain families.
15
4Q
2Q
4Q
2Q
4Q
2Q
4Q
2Q
4Q
RENTAL STATISTICS FOR GREATER DOWNTOWN APARTMENTS, 2014
Average S.F. Low Rent
High Rent
Average Rent/S.F.
$2.03
874
$1.7790.6%$1,252 $1,710
$1.69
988
$1.88
90.9%
$1,649
$2,057
$1.62
1,271 90.3%$1,796 $2,471
$1.68
1,729
91.6%
$2,944
$3,405
$1.84
1,087
90.8%
$1,721 $2,137 $1.77
4Q14
1,083 89.1%$1,665 $1,853
2Q14
4Q12
2Q12
4Q11
2Q11
4Q10
2Q10
4Q09
2Q09
$1.55
Larger Units
$1.50
$1.45
Total
$1.48
$1.40
$1.35
$1.30
% Occupied 578 95.0%$1,022 $1,328
4Q13
Studio
$1.90
1BR/1-2BA
$1.85
$1.80
1BR/1-2BA + Den
$1.75
$1.70
2BR/1BA
$1.65
2BR/2BA
$1.60
2Q13
TOTAL RESIDENTIAL UNITS ABSORBED IN
GREATER DOWNTOWN
3,110
5,000
4,000
70s
Completed
16
80s
90s
00s
Under Construction
1,084
1,334
60s
645
1,000
432
636
2,000
373
of available apartments in
Greater Downtown were rented
at the end of 2014
884
90.8%
3,000
10s
Proposed
4Q14
2Q14
4Q13
2Q13
4Q12
2Q12
4Q11
2Q11
4Q10
2Q10
2Q14
4Q13
2Q13
4Q12
2Q12
4Q11
2Q11
4Q10
2Q10
4Q09
80%
$1.48
4Q09
86%
84%
82%
$1.77
2Q09
89.6%
4Q14
$1.90
$1.85
$1.80
$1.75
90.8%
$1.70
$1.65
$1.60
$1.55
$1.50
$1.45
$1.40
$1.35
$1.30
96%
94%
2Q09
2Q
AVERAGE PRICE PER SQUARE FOOT OF
GREATER DOWNTOWN APARTMENTS
100%
98%
92%
90%
88%
4Q
2Q
OCCUPANCY RATES OF GREATER
DOWNTOWN APARTMENTS
2014
2013
2012
2011
2010
2009
2008
0
AVERAGE PRICE PER SQUARE FOOT OF
GREATER DOWNTOWN CONDOMINIUMS
Total Unit Sales
$350.00
51
76
63
65
76
$300.00
$256.34
1,084
$233.75
$250.00
$200.00
residential units
have opened since the
beginning of 2010
$150.00
$100.00
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
$50.00
Source: Western Pennsylvania Multi-list Service - Provided by New City Marketing
TOP 10 CONDOMINIUM SALES IN GREATER DOWNTOWN, 2014
Property
Asking Price
Sold Price
Days on Market
Quarter
Otto Milk
$999,000 $950,000 50
Q3
Piatt Place
$898,000
$860,000
132
Q2
151 First Side
$749,000 $789,000 408
Q1
Gateway Towers
$845,000
$726,505 40
Q4
Three PNC
$724,000 $724,000 0
Q2
941 Penn
$699,000 $673,000 77
Q1
Piatt Place
$648,888 $621,000 131
Q3
One Fifth Avenue
$585,000 $565,000 33
Q2
Piatt Place
$589,000 $562,500 34
Q2
Piatt Place
$553,875 $553,875 74
Q3
Source: Western Pennsylvania Multi-list Service - Provided by Millcraft Realty Services
SALE STATISTICS FOR GREATER DOWNTOWN CONDOMINIUMS, 2014
15222
15219
City of Pittsburgh
Allegheny County
$322,000 $82,000 $128,000 $149,000
10.4%
51.0%
4.1%
3.2%
46
84
74
68
Percent Owners
25.0%
32.0%
49.0%
66.0%
Percent Renters
75.0%
68.0%
51.0%
34.0%
Median Home Value
12 Month Change
Median Age
Source: Realtors Property Resource – Provided by Millcraft Realty Services
17
Greater Downtown Total
300
Strip District
14,000
220
Golden Triangle
12,000
Flats on Fifth
74
Uptown
10,000
Uptown Lofts
47
Uptown
8,000
2500 Smallman Street
11
Strip District
6,000
Total652
Proposed
UnitsArea
2,000
300
Golden Triangle
Lumiere
77
Golden Triangle
711/713 Penn Avenue
50
Golden Triangle
422 First Avenue
30
Golden Triangle
819-823 Penn Avenue
30
Golden Triangle
5
Golden Triangle
Lower Hill Development
800
Lower Hill
North Shore Development
250
North Shore
Greater Downtown:
Golden Triangle – Central Business District
Neighboring Areas – Bluff; North Shore; South Shore; Strip District
Census Tracts:
2000: 103; 201; 203; 1921; 2205
2010: 103; 201; 203; 5632-1; 9807; 9812
Notes:
The 2000 data corrects a previous U.S. Census error in which the Allegheny County Jail population
was incorrectly attributed to Census Tract 201 (CBD) instead of Census Tract 103 (Bluff).
The 2014 data are conservatively calculated by market growth and occupancy rate estimates.
Heinz Loft Addition
155
North Shore
Sources: U.S. Census Bureau; Pittsburgh Downtown Partnership
Station Square East
300
South Shore
Riverfront Landing 400
Strip District
Buncher Phase 2
400
Strip District
Wholey Building 144
Strip District
Produce Terminal
75
Strip District
40%
Penn Rose 70
Strip District
35%
1100 Smallman 59
Strip District
30%
2419 Smallman 38
Strip District
25%
Brass Building 14
Strip District
20%
18
34.6%
Under 15 15-19
20-29
30-39
Golden Triangle
40-49
50-59
5.4%
10.9%
60-69 Over 70
Greater Downtown
Source: U.S. Census Bureau, American Community Survey 2009 - 2013
4.5%
6.5%
11.4%
9.2%
7.3%
0%
8.7%
5%
14.7%
13.2%
10%
24.3%
24.3%
15%
31.4%
AGE DISTRIBUTION OF GREATER
DOWNTOWN RESIDENTS
units are in the
development pipeline in
Greater Downtown
2014
Neighboring Areas
Golden Triangle
Total3,197
3,849
2010
16.3%
1135 Penn Avenue
2000
0.2%
1.5%
Cultural Trust/8th Street Block
4,000
4,660
Residences at Alcoa Building
12,604
11,167
9,736
3,629
The Yards
7,944
Area
7,538
Units
2,576
Under Construction
GREATER DOWNTOWN POPULATION
7,160
GREATER DOWNTOWN RESIDENTIAL PIPELINE
THE YARDS AT 3 CROSSINGS
In 2014, Oxford Development broke ground on a 16-acre mixed-use riverfront development project in the Strip District
between 25th and 29th Streets called 3 Crossings. Included in this multi-phased development is The Yards consisting of 300
apartments along the Allegheny River.
The Yards will feature 80 studios, 150 one-bedroom, and 70 two-bedroom
units, and include an outdoor pool as a part of a larger riverfront backyard
with trail access, fire pits, and an enclosed dog park. The project will
benefit from additional amenities developed within the 3 Crossings
development including a multi-modal facility that will provide parking
Spotlight
and storage for cars, bicycles, and kayaks.
The project brings a residential density not realized in the Strip District
since the Cork Factory opened in 2006 and will increase the inventory of
the neighborhood’s apartment units by 70%. The Yards at 3 Crossings is
expected to open in spring 2016.
• 300 apartments
• $62 million total project cost
• Riverfront backyard and pool
• Integrated parking
• Spring 2016 occupancy
5
$252M
4,752
51%
91%
$1,532
2014 Population
Number of Zipcars
$2,069
$332,115
12,604
by the numbers
39,726
497
$239
$15/$7
27
40
295
210
$108
6%
95
Acres of Park Space
47.25
13
3.8M
59o/40o
Restaurants & retail
The 2015 National Retail Report compiled and released by
Marcus & Millichap published Pittsburgh’s retail vacancy rate of
3.9% as among the lowest in the nation, propelling the market
up three spots in the National Retail Index to 16. The report cited
new residential developments and higher-paying employment
growth in the education, medicine, technology, and energy
sectors as evidence of the market’s success for increased
occupancy and lease rates in the CBD and the overall market.
Downtown Pittsburgh’s retail vacancy rate of 6% is in line with
the U.S. urban storefront average of 5.8%, according to data
provided by CBRE and Marcus & Millichap, respectively. The
report also details national demand for, and strength in, the
urban storefront market, referencing shifts in demographic
and technology trends of the millennial generation.
In Downtown, the majority of growth and success has occurred
with restaurant leafing. Notable full-service restaurant
openings in 2014 include Eddie Merlot’s in Four Gateway Plaza,
three different yet connected establishments at Sienna Mercato
at 942 Penn Avenue, and Hundred Wood at 100 Wood Street in
the former location of Osteria 100. Additionally, three breakfast
and lunch deli’s opened, including Erin’s Deli and Fine Foods
on the ground floor of K&L Gates Center, Wesley’s Delicatessen
on the ground floor of The Bank Tower, and Bluebird Kitchen’s
second location on the lower level of 11 Stanwix Street. The first
Downtown location of Five Guys Burger and Fries opened
adjacent to Market Square in 3 PPG Place.
The early 2015 opening of the Hotel Monaco featured the
entrance of its full-service restaurant, The Commoner, serving
breakfast, lunch, and dinner. The hotel also features The
Commoner Corner, a counter serving to-go breakfast and lunch
items that is accessible through a window facing Strawberry Way.
Other early 2015 openings include Howl at the Moon, a live
music entertainment venue and bar at 125 Seventh Street,
and Tako, a street-food fusion restaurant at 214 Sixth Street.
Also in 2015, the long anticipated Market St. Grocery opened
adjacent to Market Square at 435 Market Street. The grocery
offers produce, dry goods, meats, seafood, and prepared hot
and cold foods. Additionally, the store features a wine bar,
coffee bar, and a second outlet for Gaby et Jules Patisserie,
a bakery established in Squirrel Hill in 2013.
Fogo de Chao has leased approximately 10,000 square
feet of retail space at 350 Oliver, a parking and retail facility
replacing the former Saks Fifth Avenue, with 20,000 square feet
remaining in the building. One block away, The Davis Companies
is marketing approximately 44,000 square feet of retail space for
restaurant and bar concepts to service office workers in the Union
Trust Building as well as the general public. The PNC Financial
Services Group chose Eat’n Park Hospitality to operate a
convenience store featuring prepared foods and produce in
the lobby of The Tower at PNC which is slated to open in the fall
of 2015. This new outlet brings Eat’n Park’s Downtown holdings
to three including Six Penn Kitchen and Hello Bistro, the latter
of which opened in Fall 2014.
With these new restaurant deals, only a handful of major
exterior-facing ground floor space exists for retail use.
Approximately 20,000 square feet has been marketed for
lease at 623 Smithfield Street in the Heinz 57 Center, the
former Office Depot space. Pittsburgh History and Landmark
Foundation is marketing approximately 3,600 square feet of first
floor and mezzanine space for traditional retail use at 415
Wood Street. Construction and development activity aims to
add 130,500 square feet of retail space to the Downtown
market in the next 18 to 24 months.
21
RETAIL VACANCY RATES, 2014
8.0%
4.0%
23 dining establishments
opened in 2014, a
3.6%
3.0%
6.6%
5.0%
5.8%
6.0%
6.0%
7.0%
2.0%
67% increase
1.0%
.0%
CBD
Pgh Metro
compared to one year prior
U.S. Urban
U.S. Overall
Storefront Average Average
Sources: CBD – CBRE; Pittsburgh Metro, U.S. Urban Storefront Average,
U.S. Overall Average – Marcus and Millichap
GREATER DOWNTOWN RETAIL PIPELINE
Square Feet
Status
44,000 Under Construction/Reposition
The Gardens at Market Square
14,500 Under Construction/Fully Leased
350 Oliver Avenue
30,000 Proposed
350 Fifth Avenue
15,000 Proposed
PPG Wintergarden
15,000 Proposed
The Alcoa Building
6,000 Proposed
6,000 Proposed
Salvation Army Building
Total
22
130,500 GREATER DOWNTOWN DINING
ESTABLISHMENTS, 2014
6%
GREATER DOWNTOWN RETAIL
ESTABLISHMENTS, 2014
1%
7%
2% 2%
22%
10%
7%
8%
44%
14%
8%
39%
8%
12%
10%
Full Service
Quick Service
Coffee Shop
Bars & Nightlife
Bakeries
Health, Beauty & Fitness
Apparel
Convenience & News
Jewelry & Watches
Music & Electronics
Food & Beverage
Other
Home & Gifts
Optical
Art, Antiques & Hobbies
Books
Pittsburgh is one of the
Top 10
Most Affordable Foodie Cities
according to WalletHub
23
NOTABLE RESTAURANT OPENINGS,
2014 & 2015
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Bill’s Bar & Burger
34.3%
38.2%
61.2%
GREATER DOWNTOWN RESTAURANT AND
RETAILER TYPE, 2014
1001 Liberty Street
Bluebird Kitchen
11 Stanwix Street
444 Liberty Avenue
Eddie Merlot’s
61.8%
65.7%
Erin’s Fine Food and Deli
38.8%
Restaurants
210 Sixth Avenue
Five Guys Burgers and Fries
Retailers
Services
National
Local & Independent
3 PPG Place
Hello Bistro
292 Forbes Avenue
Howl at the Moon
125 Seventh Street
Hundred Wood
100 Wood Street
Market St. Grocery
435 Market Street
Sienna Mercato 942 Penn Avenue
Tako
212 Sixth Street
The Commoner
458 Strawberry Way
Wesley’s Delicatessen
307 Fourth Avenue
PEDESTRIAN ACTIVITY BY TIME OF DAY
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
Morning Commute
Late Morning
Wood St. & Blvd. of Allies
Market Square
Penn Ave. & Sixth St.
Liberty Ave. & Tenth St.
Lunch
Late Afternoon
Fifth Ave. & Market St.
Smithfield & Fifth Ave.
Evening Commute
Penn Ave. & Ninth St.
Sixth Ave. & Bigelow Blvd.
Source: 2012 Pedestrian Study - Pittsburgh Downtown Partnership
Greater Downtown has
95
outdoor dining cafes
24
Spotlight
RESTAURANT OPENINGS
Once known for restaurant hours that aligned with the
8:00 a.m. to 5:00 p.m. work day, Downtown Pittsburgh
has become a dining destination with the opening
of some of the most sought after tables in restaurants
around the region. Nearly 42% of the 295 dining
establishments located in Downtown Pittsburgh have
opened since the beginning of 2010. In 2014 alone,
23 dining establishments, including full service and
quick service restaurants, coffee shops, bars, and
bakeries, opened in Greater Downtown.
Nearly half of all dining establishments that opened
after 2010 have included sidewalk cafes or open
storefronts to provide outdoor dining elements
to patrons. This practice, becoming more common
among new and existing restaurants, has been
aided by matching grant funds provided by the Urban
Redevelopment Authority and the Pittsburgh Downtown
Partnership. One restaurant experienced a 30% uptick in
business after installing operable over-head
windows in its sidewalk-facing storefront.
More than 85% of retail space under construction
or announced has been committed to or planned for
restaurant uses. Property owners and restauranteurs are
capitalizing on Greater Downtown’s 113,000
salaried workers and 12,604 residents.
by the numbers
4.9M
3.0M
4,817
Planned Hotel Rooms
1,513
$252M
35M
94%
$27.12
113,110
5
2014 Population
4,752
51%
91%
$1,532
$2,069
$332,115
12,604
39,726
497
Number of Zipcars
$239
$15/$7
27
40
295
210
$108
6%
95
Acres of Park Space
47.25
13
3.8M
59o/40o
The overall occupancy rate for Greater Downtown hotels
increased to 69.1% in 2014, compared to 66.8% in 2013, and
peaked at 83% in August, nearly 6% higher than the highest
occupancy in 2013. The average daily rate for 2014 was $156,
representing a 2% increase compared to 2013. Since 2010, the
Greater Downtown hotel market absorbed 685 hotel rooms
with the opening of Fairmont Pittsburgh, Hyatt Place, Cambria
Suites, and Residence Inn. In that same time period, revenue
per available room increased by 20% for an average record
high of $109 in 2014, and the average daily rate increased by
11% during the same time period.
After the opening of the 247-room Hotel Monaco in January
2015, 903 rooms are under construction at The Embassy Suites,
Hilton Garden Inn, and Drury Hotel in the Golden Triangle,
Homewood Suites by Hilton in the Strip District, and Holiday Inn
Express on the North Shore. Hotels are also included in master
plans for the Lower Hill District, Station Square East, and the Strip
District, though room projections are not publicly available.
Total Greater Downtown art and cultural attraction attendance
was flat in 2014, drawing more than 3 million visitors. The Andy
Warhol Museum saw the highest relative gains of any museum
facility in Downtown with a 13.4% increase to 135,125 visitors,
in 2014. Performing arts and entertainment venues experienced
a minimal decrease (.85%) in visitors but art gallery attendance
increased by 19%, compared to 2013.
Total professional sports attendance has reached just over
4 million among the four professional sports teams in Greater
Downtown, a 6.9% increase compared to 2013. Of significance is
the 51% increase in annual Pittsburgh Pirates attendance since
2010. Attendance at Penguins games increased by 3.7% since
2013, the first ability to compare full seasons since the 2012
NHL lockout. CONSOL Energy Center hosted the P&G U.S.
Gymnastics Competition with 15,000 attendees and $5 million
in direct spending. The Steelers experienced the highest guest
attendance since 2011 with 497,811 attendees, however total
Heinz Field attendance is down 7.8% compared to 2013. The
reverse is the case at Highmark Stadium where Riverhounds
attendance decreased by 6.6% but total venue attendance for
the year increased by 15.8%, compared to 2013.
The David L. Lawrence Convention Center hosted 168 events in
2014, representing a 16.4% decrease compared to 2013, while
the total number of visitors increased by 15.4% to 727,932. The
largest conventions in 2014 were the International Quilt Makers,
which attracted 8,000 visitors, and National Catholic Education
Association with 6,300 visitors. Nearly half the Center’s total
attendance was for public shows such as the Home and Garden
Show, the Auto Show, and Pirates Fest. The Center was active for
82% of the year in 2014 compared to 78% of the year in 2013.
At the request of County Executive Rich Fitzgerald and Mayor
Bill Peduto, VisitPITTSBURGH, and the Sports and Exhibition
Authority (SEA), which owns the Convention Center, increased
public dialogue and analysis about a headquarter hotel attached
to the Convention Center. Research from VisitPITTSBURGH
details that Pittsburgh loses competitive conferences and
conventions due to the lack of a large supply of hotel rooms
connected or directly adjacent to the Convention Center. This
translates to an approximate loss of 675,000 hotel rooms and
over $400 million in revenue and state and local taxes in the
past ten years. At the beginning of 2015, the SEA received five
responses to a request for qualifications from developers with
interest in building a hotel or other mixed-use development
connected to the Convention Center. The SEA will continue to
work with government leaders to determine next steps related
to this potential development.
Annual visitation to Greater
Downtown Art Galleries increased by
19%
between 2013 and 2014
27
HOTEL OCCUPANCY – PITTSBURGH MARKET
VS. COMPETITIVE SET, 2014
Nashville, TN
Existing Hotels in Rooms
Greater Downtown
72.1%
68.9%
Charlotte, NC
HOTEL ROOM & MEETING SPACE INVENTORY
IN GREATER DOWNTOWN
Pittsburgh, PA
68.0%
Wyndham Grand Pittsburgh Downtown
Baltimore, MD
67.6%
The Westin Convention
Center Pittsburgh
616
17,784
Omni William Penn Hotel
596
68,720
Pittsburgh Marriott City Center
402
9,100
Detroit, MI
65.1%
Memphis, TN
64.9%
Indianapolis, IN
64.6%
Louisville, KY
63.8%
Milwaukee, WI
63.4%
Columbus, OH
62.8%
Cleveland, OH
61.2%
Cincinnati, OH
60.4%
Comp Set Average
65.2%
National Average
0%
10%
64.4%
20% 30%
40%
50%
60%
70%
Source: Smith Travel Research – Provided by VisitPITTSBURGH
80%
Downtown Pittsburgh
hotels made up approximately
20%
of the 10-county hotel market
17,200
Sheraton Pittsburgh at Station Square
399
9,750
337
5,465
Renaissance Pittsburgh Hotel
300
10,000
Hotel Monaco
247
11,000
SpringHill Suites Pittsburgh
North Shore
198 –
Fairmont Pittsburgh
185
5,474
Courtyard Pittsburgh Downtown
182
1,130
Residence Inn Pittsburgh
North Shore 180
742
Hyatt Place Pittsburgh – North Shore 178
1,700
Hampton Inn & Suites
Pittsburgh Downtown
143
–
Cambria Suites Pittsburgh at CONSOL Energy Center
142
–
Proposed Hotels
Rooms
in Greater Downtown
Embassy Suites
240 Hilton Garden Inn
198 Drury Hotel and Suites
180 Homewood Suites by Hilton
150 Holiday Inn Express – 135 Federal Street
Distrikt Hotel
176 Even Hotel 155
The Forbes – Granite Building 104 The Andrew
100 Holiday Inn – First Avenue
75 Total1,513
712
Doubletree by Hilton Hotel &
Suites Pittsburgh Downtown
Total
28
Meeting
Space Sq. Ft.
4,817158,065
Status
Under Construction
Under Construction
Under Construction
Under Construction
Under Construction
Conceptual
Conceptual
Conceptual
Conceptual
Conceptual
$140
$100
$60
$40
2013
Average Daily Rate
$180
$120
$147.60
$149.55
$162.02
AUG
DEC
NOV
$144.92
$144.40
$146.45
$160.37
$161.52
$155.88
$173.10
$164.75
$171.29
$148.56
$150.40
$161.32
JUL
OCT
$160.28
$162.28
$163.24
JUN
$158.63
$167.15
$170.90
$151.10
$167.50
$167.49
MAY
DEC
NOV
OCT
SEPT
AUG
JUL
JUN
MAY
APR
MAR
50.0%
50.8%
56.0%
62.5%
68.0%
63.4%
81.0%
73.3%
79.4%
71.4%
78.6%
77.0%
76.6%
78.2%
83.0%
79.8%
73.4%
77.2%
75.9%
74.1%
76.8%
71.2%
75.6%
77.1%
68.1%
75.0%
71.7%
68.6%
59.2%
64.1%
80%
SEPT
$147.84
$157.36
$157.38
$170
APR
2013
2014
$160
56.1%
51.4%
54.8%
70%
2013
2012
$147.61
$137.77
$143.04
2012
MAR
0%
FEB
60%
2012
$80
FEB
$100
$133.80
$138.41
$139.61
$160
JAN
$120
44.3%
44.0%
48.4%
30%
JAN
40%
$133.43
$138.18
$137.05
50%
2011
2010
OCCUPANCY OF GREATER DOWNTOWN HOTEL ROOMS, 2014
90%
20%
10%
2014
AVERAGE DAILY RATE OF GREATER DOWNTOWN HOTEL ROOMS, 2014
$180
2014
AVERAGE DAILY ROOM RATE AND
REVENUE PER AVAILABLE ROOM
$141
$156
$91
$109
$80
$60
Revenue Per Available Room
29
GREATER DOWNTOWN SPORTS
TEAM ATTENDANCE, 2014
GREATER DOWNTOWN SPORTS
VENUE ATTENDANCE
Venue
PNC Park
2.44 M
2,000,000
2.26 M
2,500,000
2,091,918
2,256,862 2,442,564
CONSOL Energy Center 1,104,127 1,594,975 1,637,798
789,142
910,585 839,758
–
58,350 67,559
Heinz Field
1,500,000
2012 20132014
Pirates
Penguins
Steelers
44,835
Total
48,000
497,811
500,000
458,489
1.0 M
1,000,000
1.04 M
Highmark Stadium
3,985,187 4,942,241 4,987,679
Source: CONSOL Energy Center, Highmark Stadium, Pittsburgh Pirates, Pittsburgh Steelers,
Note: Attendance includes major league sports and other events held at venues.
Riverhounds
2014
2013
Source: Consol Energy Center, Highmark Stadium, Pittsburgh Pirates and Pittsburgh Steelers
CONVENTION CENTER ATTENDANCE BY
TYPE OF EVENT, 2014
2.5%
5.6%
2.0% 1.6%
DAVID L. LAWRENCE CONVENTION
CENTER ATTENDANCE
25,254
Events
19.1%
9,146 7,061
11,2882012
20132014
191 201168
Attendance
458,283 415,842 447,168
Total Visitors
85,255
695,055 631,004
727,932
Source: David L. Lawrence Convention Center
47.8%
21.3%
95,237
Public Shows
PUBLIC SHOWS
Sporting Events
SPORTING EVENTS
Conventions/Conferences
Special Events
Trade Show Events
30
213,927
TripAdvisor
ranked
CONVENTIONS/CONFERENCES
PNC
Park
the
SPECIAL
EVENTS
TRADE SHOW
EVENTS
Top Ballpark
in the
Country
Meetings
MEETINGS
Food & Beverage Events
FOOD AND BEVERAGE EVENTS
PERFORMING ARTS AND ENTERTAINMENT VENUE ATTENDANCE IN GREATER DOWNTOWN
2013
Events Attendance
Arcade Comedy Theater*
2014
EventsAttendance
279
7,720 490 12,649
27 5,995 24 5,481
235 500,228 229 468,470
46 3,485 81 3,043
Byham Theater
141 111,531 151 120,451
Cabaret at Theater Square
313 77,933 320 46,739
Harris Theater
487 17,600 449 15,500
Heinz Hall
171 314,735 190 339,222
New Hazlett Theater
137 28,176 182
27,859
O’Reilly Theater
236 75,342 221 82,940
48 3,400 64 1,846
Stage AE
171 269,300
191
279,200
Trust Arts Education Center
196 16,809 189 16,642
2,487 1,432,254
2,781
1,420,042
August Wilson Center
Benedum Center
Bricolage Production Company
Pittsburgh Playwrights Theatre Total
Source: Arcade Comedy Theater, August Wilson Center, Bricolage Production Company, New Hazlett Theater, Pittsburgh Ballet Theatre, Pittsburgh CLO, Pittsburgh Cultural Trust, Pittsburgh Filmmakers,
Pittsburgh Symphony Orchestra, Pittsburgh Playwrights Theatre, Pittsburgh Public Theater, Pittsburgh Opera, Stage AE
*Arcade Comedy Theater opened in 2013 partway through the year.
MUSEUM ATTENDANCE IN GREATER DOWNTOWN
Downtown Museums and Venues
2013 Attendance
2014 Attendance
Andy Warhol Museum
119,156 135,125
Carnegie Science Center/Highmark SportsWorks
511,800
501,849
Children’s Museum of Pittsburgh
269,415 261,394
Fort Pitt Museum
40,474 39,904
Mattress Factory
70,000 76,561
National Aviary
135,778 139,965
Senator John Heinz History Center
235,764 237,339
Society for Contemporary Craft
132,151
126,654
8,500 4,299
1,523,038 1,523,090
The ToonSeum
Total
Source: The Warhol, Carnegie Science Center, Children’s Museum of Pittsburgh, Fort Pitt Museum, Mattress Factory,
National Aviary, Senator John Heinz History Center, Society for Contemporary Craft, The Toonseum
31
ART GALLERY AND EXHIBITIONS ATTENDANCE IN GREATER DOWNTOWN
2013
ExhibitionsAttendance
707/709 Penn Galleries
2014
Exhibitions Attendance
7
7,785
6
8,833
15
9,634 20
12,292
SPACE Gallery
6
18,145 10
25,328
Wood Street Galleries
4
22,036 4
22,008
32 57,600 40 68,461
Future Tenant: a space for art
Total
Source: Pittsburgh Cultural Trust
ECONOMIC IMPACT OF GREATER DOWNTOWN ARTS ORGANIZATIONS
Total TotalTotal LocalState
Annual
Annual
Economic
Full Time
Household Tax
Tax
Attendance Spending
ImpactEquivalents
Income Generated Generated
2013
4M$165M$252M 7,491$156M$11.3M$14.9M
2014
3.7M$163M$243M 7,216$152M$10.9M$14.2M
Source: Greater Pittsburgh Arts Council
Total visitor spending in the
Pittsburgh region was
$7.6 Billion,
a 1.4% increase since 2012
32
ECONOMIC IMPACT OF THE ARTS - 2014
In 2013, The Greater Pittsburgh Arts Council (GPAC)
released a report titled Arts, Culture & Economic
Prosperity that detailed the sizable impact that the arts
sector has in Allegheny County and the region. Using
this report as a starting point, GPAC expounded upon
the initial research and its economic impact calculator
tool to assess the impact of 39 arts and culture
organizations and festivals in Greater Downtown
in 2014.
• The organizations’ annual expenditures on
salaries and benefits, physical plant, programs,
communications, and professional services
totaled $165.2 million, which is an increase of
1.1% from 2013.
• Spending by these organizations’ 4 million
attendees on event-related items such as meals,
souvenirs, transportation, and lodging totaled
$86.5 million. • Total combined spending by these arts and
culture organizations and their audiences was
$251.7 million. These Greater Downtown statistics on activities of
the arts and culture sector equate to 7,491 full-time
equivalent jobs (4 out of 5 outside of the arts) and
$156 million in household income. Additionally, local
Spotlight
and state tax revenue from these activities surpassed
$26.1 million in 2014 from taxes on property, sales,
fees, licenses, and utilities.
For the first time, GPAC studied the impact of
large-scale events such as the Dollar Bank Three
Rivers Arts Festival, Highmark First Night, EQT
Children’s Theater Festival, and the Pittsburgh Jazz
Live International Festival. These events brought
more than 480,000 visitors to Downtown Pittsburgh. OFFICE, EMPLOYMENT & EDUCATION
4.9M
3.0M
4,817
Planned Hotel Rooms
1,513
$252M
35M
94%
$27.12
113,110
5
by the numbers
4,752
51%
91%
$1,532
2014 Population
Number of Zipcars
$2,069
$332,115
12,604
39,726
497
$239
$15/$7
27
40
295
210
$108
6%
95
Acres of Park Space
47.25
13
3.8M
59o/40o
Transportation & Connectivity
Port Authority of Allegheny County bus ridership decreased
by 1.1% in 2014 and light rail ridership decreased by 1.9%, the
first recorded decrease in rail ridership since 2011. And while
ridership on the Duquesne Incline increased by 2.9%, combined
ridership of all three systems of the Port Authority of Allegheny
County decreased by 1.1% in 2014, a loss of just over 711,000
riders. However, officials reported ridership increases on 22 bus
routes in which scheduling, frequency, and routes were changed
to accommodate overcrowding caused by service cuts in March
2011. These service additions, while minimal, were made
possible by increased transportation funding approved
through Act 89 in 2013.
The transit agency released TrueTimeSM, a real-time vehicle
tracking system with estimated arrival times for bus routes.
The system will be expanded to the light rail routes in 2015.
The Port Authority also unveiled plans for updated bus stop and
rail station signage to make navigating routes easier. The first phase
of signage improvements will begin in Greater Downtown in 2015.
Port Authority, county, and city leaders continue planning and
advocating for a Bus Rapid Transit corridor between Downtown
Pittsburgh and Oakland with the intention of spurring development
in the neighborhoods between the two major employment centers.
Ride sharing made an impactful entrance to the market in 2014
with the introductions of Lyft and Uber nearly simultaneously.
Though each service was met with challenges brought forth by
the Pennsylvania Public Utility Commission that oversees taxi and
transportation services, the mobile-app controlled systems provide
alternative mobility options. Pittsburgh Transportation Group, the
local owner of Yellow Cab taxi service has since launched Z-Trip, a
mobile app-based ride sharing service of its own. In the same realm,
Zipcar increased its offerings in Downtown by 29%, now providing
27 options for members in Greater Downtown. Pittsburgh Bike
Share’s 2015 introduction will round out the multi-modal
transportation sharing model in Pittsburgh. Nearly half of the
50 bike stations will be located in greater Downtown.
Average weekly Amtrak ridership from the Downtown Pittsburgh
station increased by 10.4% as total boardings and alightings at
the Downtown Pittsburgh station increased by 12.5% with a
total of 152,053 in 2014. There were 230,767 trips made on the
Pennsylvanian line between Pittsburgh and New York, a 5.9%
increase compared to 2013. The PDP and other stakeholders
continue to advocate for increased service and frequency of
trains along the Pennsylvanian line.
Greyhound continues service in Pittsburgh with daily trips that
access more than 2,300 cities nationwide, including 16 express
routes. Megabus scaled back its Pittsburgh service by three cities
in 2014, leaving access to six direct destinations via the
discount bus line.
Passenger traffic at Pittsburgh International Airport increased for
the first time since 2011 with nearly 8 million total passengers, a
1.4% increase compared to 2013. In 2014, the Allegheny County
Airport Authority announced 11 new routes, eight of which are
non-stop flights to airports not previously serviced. Allegiant,
a new ultra-low cost carrier, began service to three Florida
destinations. Sun Air Express began service to smaller regional
markets in Pennsylvania and New York to serve as commuter and
feeder routes to and from PIT. Delta announced seasonal non-stop
flights to Paris would increase frequency with daily flights between
June and September 2015.
Downtown Pittsburgh, Oakland, and North Side stakeholders
continue planning for a comprehensive wayfinding system for the
three neighborhoods that can be replicated and adapted in other
neighborhoods throughout the city. The vehicular and pedestrian
orientated wayfinding programs are being developed with a tiered
system of destinations that will be based on visitor volume and
prominence. The Wayfinding Advisory Committee and consultants
are working with community stakeholders on wayfinding content
and tiers before moving into the functional design of the
wayfinding program for each neighborhood.
35
TOTAL PORT AUTHORITY RIDERSHIP
AVERAGE WEEKDAY AND SATURDAY
BUS RIDERSHIP
2010
2011
2012
2013
2011
2013
85,876
85,914
2012
Average Weekday Bus
Source: Port Authority of Allegheny County
175,496
177,821
86,857
181,860
2010
2014
86,096
59
83,732
60
61.2M
63.9M
61.3M
61
187,782
190,000
170,000
150,000
130,000
110,000
90,000
70,000
50,000
30,000
63.1M
62
62.9M
Millions
63
184,104
64
2014
Average Saturday Bus
8.4
Daily Boardings & Alightings
Liberty Ave. at Wood St. 3,600
Liberty Ave. at Market St. 3,585
5th Ave. at Wood St.
3,525
8.2
8.1
8.0
7.9
7.8
7.7
7.99M
3,817
7.88M
6th Ave. at Wood St.
8.3
8.04M
6,474
8.30M
Smithfield St. at 6th Ave.
Millions
PIT AIR PASSENGER TRAFFIC
8.19M
MOST ACTIVE BUS STOPS IN DOWNTOWN
PITTSBURGH, 2014
7.6
7.5
2010
2011
2012
2013
2014
Source: Allegheny County Airport Authority
Amtrak ridership from the Downtown
Pittsburgh Station increased
150,000
13% in 2014
130,000
DOWNTOWN PITTSBURGH WALK SCORE
Walk Score | 99
Walker’s Paradise; Daily errands do not require a car
152,053
AMTRAK RIDERSHIP – DOWNTOWN
PITTSBURGH STATION
135,137
120,000
129,372
133,855
140,000
110,000
100,000
2011
2012
2013
2014
Source: Amtrak
Transit Score | 100
World-Class public transportation
Bike Score | 99
Flat as a pancake, excellent bike lanes
Source: Walkscore.com
36
Note: Walk Score assessed at Market Square
27 Zipcars are stationed in
Greater Downtown
Spotlight
HEALTHY RIDE
Launching in May 2015, Healthy Ride will be one of
77 bike share programs in North America. Launched
by the non-profit Pittsburgh Bike Share, Healthy
Ride is designed to provide an active transportation
option for residents, students, and visitors of
Pittsburgh. During the initial installation and
launch, 50 bike-sharing stations will be installed
throughout the City, 16 of which will be located
in the Greater Downtown area.
Healthy Ride is launching with 500 Nextbike
manufactured bicycles at solar-powered kiosks
and docking stations throughout Pittsburgh’s South
Side, Oakland, Bloomfield, Shadyside, East Liberty,
Garfield, and the North Side neighborhoods. Users,
one time or registered, may take a bike from a
docking station and return it to any other station
within the system.
Pittsburgh Bike Share was made possible with
support from a $1.6 million Congestion Mitigation
and Air Quality Improvement grant through the
Federal Highway Administration, local foundations,
and the City of Pittsburgh. Highmark and Allegheny
Health Network have committed to title sponsorship
of Healthy Ride. Pittsburgh Bike Share plans to
increase density and the network of stations by
the end of its first year of operations.
4,752
51%
91%
$1,532
2014 Population
Number of Zipcars
$2,069
$332,115
12,604
39,726
497
$239
$15/$7
27
40
by the numbers
295
210
$108
6%
95
Acres of Park Space
47.25
13
3.8M
59o/40o
Environment & sustainability
The urban core is a driving force in green development with
over 62% of all LEED certified spaces in the Pittsburgh region
located in Greater Downtown, ahead of Minneapolis (44%),
Denver (32%), Charlotte (28%), and Cincinnati (6%). With more
than ten million square feet of LEED certified space, Downtown
Pittsburgh is a valuable asset for attracting and retaining
businesses and investors with a focus and commitment to
sustainable and efficient operations.
Since the first building in Downtown obtained certification in 2000,
there has been an average 26% increase in LEED certified square
footage each year. In 2014 alone the total square footage of LEED
certified spaces increased by over two million square feet, or
26%, indicating desire and need for commercial, residential,
municipal, and non-profit spaces alike to focus on sustainable
construction and operational practices. Additionally, Downtown
Pittsburgh has seven Energy Star certified buildings.
The Pittsburgh 2030 Downtown District, a program of the Green
Building Alliance to reduce energy and water consumption and
transportation emissions and improve indoor air quality by the
year 2030, has commitments from 60% of all eligible properties
and added 657,000 square feet of space in 2014 for a total of
more than 34 million square feet committed to the program.
By establishing a baseline for water consumption over the past
few years, the program determined that buildings committed to
the district consume over 450 million gallons of water annually
and is committed to finding ways to reduce that consumption
by more than 50%, which would be the equivalent of 3,000
households annually.
Riverlife completed the first phase of Allegheny Landing
improvements with the restoration of the dock, while continuing
to raise funds to restore the public plaza, landscaping, trails, and
public art. Riverlife also advanced construction plans for the
Mon Wharf Switchback, a project to connect Smithfield Street
and Fort Duquense Boulevard with the Mon Wharf Landing,
with construction anticipated to begin in the spring of 2016.
Simultaneously, the Pennsylvania Department of Conservation
and Natural Resources is finalizing plans for the Point State Park
Connector that will establish a permanent bike and pedestrian
connection between Point State Park and the Mon Wharf
Landing. The Pittsburgh Parks Conservancy completed a
multi-year restoration of Mellon Square and reopened the
1.4-acre garden plaza to the public in May with restored
fountains and new landscaping. The Pittsburgh Cultural Trust
began work on a parklet at the corner of Eighth Street and
Penn Avenue that is expected to open in summer 2015.
The Western Pennsylvania Conservancy continued beautification
efforts in Downtown with plantings in over 500 concrete planters,
440 hanging baskets, and in a number of Downtown gardens, an
annual investment of nearly $500,000. Planted streetscapes and
vegetation not only improve the aesthetic appeal of Downtown,
but national studies have shown trees and plantings have a major
impact on the economic vitality of business districts.
Research from the University of Washington entitled Green
Cities: Good Health details that commercial office buildings with
quality landscaping and vegetation have a 7% premium on rental
rates. A separate analysis in New York City by CBRE Group Inc.
in 2012 detailed that office buildings located across from five
city parks had 44% higher average rental rates than comparable
buildings nearby. The Green Cities: Good Health research also
finds that shoppers will travel a greater distance and spend more
time visiting a district with high quality trees and plantings and
that shoppers will spend 9% to 12% more for goods and services
in central business districts with a high quality tree canopy.
A 2014 analysis of Downtown’s 8% tree canopy finds a total
annual benefit of $80,372 from street trees in the Central
Business District. This statistic is the product of i-Tree Eco,
a software application designed to monitor local hourly air
pollution and meteorological data to quantify urban forest
structure, environmental effects, and value to community.
Total annual benefit from street trees
in the Central Business District
$80,372
39
PITTSBURGH 2030 DISTRICT REPORTS AND TARGETS
2014 DOWNTOWN ENERGY PERFORMANCE
20
20
00
2013
BASELINE2013
BASELINE
2014
2014
2015
2015
2020
2020
2025
2025
2030
2030
NationalMedian
MedianAverage
Average
National
DistrictAverage
AverageSite
SiteEUI
EUI
District
-10%
-10%
-10%
-10%
-20%
-20%
-35%
-35%
-50%
-50%
2015
2015
2020
2020
2025
2025
2030
2030
15.4 WUI
15.4 WUI
40
40
18
18
16
16
14
14
12
12
10
10
88
66
44
22
00
17.1 WUI
17.1 WUI
60
60
-50%
-50%
77.5 EUI
77.5 EUI
94.4 EUI
94.4 EUI
SITE EUI (KBTU/FT22)
SITE EUI (KBTU/FT )
80
80
-35%
-35%
-20%
-20%
WUI (GALLONS/FT22)
WUI (GALLONS/FT )
-10%
-11.6% -17.9%
-11.6%
-17.9% -10%
100
100
2014 DOWNTOWN WATER PERFORMANCE
BASELINE 2014
2014
BASELINE
DowntownPittsburgh
PittsburghWater
WaterBaseline
Baseline
Downtown
2030District
DistrictGoals
Goals
2030
DistrictAverage
AverageSite
SiteWUI
WUI
District
Source: Pittsburgh 2030 District, Green Building Alliance
Source: Pittsburgh 2030 District, Green Building Alliance
BENEFITS OF TREE CANOPY IN CBD, 2014
Impact
AmountOutcomes
Greenhouse Gas
$405
122,589 lbs
CO2 reduced
Water
$3,566
445,690 gallons
mitigated
Energy
$23,077
32,623 kWh and
13,144 Therms saved
$3,116
519 lbs pollutants
Air Quality
mitigated
Property
$50,208
Eight Big Belly Solar Trash
Compactors and Recyclers were
installed in Downtown in 2015
83,445 leaf surface area
(square feet)
Source: TreePittsburgh
COMMERCIAL SPACE CERTIFIED TO LEED STANDARDS, 2014
Building
One PPG Place
Certification
Gross Square Footage
LEED-EBOM Certified
1,012,685
LEED-EBOM Gold
513,017
PNC at 500 Smithfield
LEED-CI Gold
154,103
UPMC at U.S. Steel Tower, Floors 40, 41 & 42
LEED-CI Gold
106,455
UPMC at U.S. Steel Tower, Floors 7, 11 & 31
LEED-CI Gold
100,585
LEED-NC Certified
89,558
UPMC at U.S. Steel Tower, Floors 12 & 55
LEED-CI Silver
68,752
UPMC at U.S. Steel Tower, Floors 5 &14
LEED-CI Gold
66,114
PNC Firstside - Channel Services/IRA
LEED-CI Silver
18,635
KPMG
LEED-CI Silver
18,380
LEED-CI Retail Silver
3,708
LEED-NC Silver
3,599
11 Stanwix Street
Lot 24
PNC Bank Branch - PPG Place
PNC Lantern Building
Total2,155,591
Source: Green Building Alliance
40
Spotlight
ENERGY INNOVATION CENTER
The Energy Innovation Center formally opened in the first quarter of 2015 after a
multi-year, $45 million dollar renovation project to convert the former Connelly Trade School
into an urban laboratory for research, workforce training, and business incubation. The
redevelopment included renovating 170,000 square feet of space while retrofitting HVAC,
electrical, mechanical, and plumbing systems with energy efficient systems that are projected
to reduce energy costs by approximately $1.00 per square foot. The systems will also be
used as a training laboratory for a sustainability-focused workforce.
Pittsburgh Green Innovators and Pittsburgh Gateways Corporation designed the project
to LEED Platinum standards and engaged multidisciplinary teams from business, labor,
government, nonprofits, and universities, as well as experts from around the world who
employ the science of sustainability to meet modern workforce and economic needs. To date,
the University of Pittsburgh, Pennsylvania State University, and Duquesne University have
each leased spaces for academic programs, community engagement, and office uses.
Downtown Development
More than $2.1 billion has been invested in Downtown over
the past five years. In 2014, 37 development projects valued at
$526 million were announced with almost half (43%) located in
the Golden Triangle. By sector, Transportation (30%) , Office and
Retail (23%), and Education and Civic (17%), developments
were the majority of the investment dollars committed to
Greater Downtown, with Hotels, Entertainment, and Mixed
Use projects accounting for 10% each and Parks and Trails at
1% for 2014. The projects announced in 2014 alone will add 356
hotel rooms, 142 residential units, and 1.25 million square feet of
office space to the development pipeline for Greater Downtown.
The number of building permits issued in the Golden Triangle
decreased by 48% from 199 in 2013 to 104 in 2014. The recorded
permit value decreased from $224 million to $91 million during
the same period. In the Strip District, the number of permits
increased by 13% to 25 in 2014 while the recorded permit value
increased by more than 700% to nearly $11 million. In total,
permits issued in Greater Downtown decreased by 39% from 286
in 2013 to 175 in 2014 while the recorded permit value decreased
by 61% from $280 million to $110 million. The decrease in value
is in large part due to values for The Tower at PNC and North
Shore Place recorded in 2013.
One notable aspect of Downtown Pittsburgh development is
the number of projects focused on renovating or converting
older buildings into new uses of higher utility. More than 40%
of the $500 million in projects announced in 2014 are focused
solely on renovations or conversations of older buildings.
These redevelopment projects continue to enhance the urban
landscape, preserving the historical significance of Downtown
Pittsburgh while positioning for a promising future.
Activity outside of the commercial office core remained strong
in 2014. Strip District saw the ground breaking of 3 Crossings,
an 11-acre mixed-use development with 300 residential units
and 55,000 square feet of office space under construction, and
plans to add an additional 320,000 square feet of office space,
riverfront improvements, and a 575 space parking garage in
future phases. On the North Shore, construction completed
at North Shore Place 1 and 2 where anchor restaurant tenants
including Burgatory and Toby Keith’s I Love This Bar were
announced along with the Pittsburgh Post-Gazette securing
30,000 square feet, leaving approximately 50,000 square feet
of office space remaining.
Large-scale development plans were announced and progress
is being made on a number of existing projects throughout
Downtown. The preliminary land development plan (PLDP) for
the 28-acre mixed-use Lower Hill District Redevelopment was
approved with initial infrastructure work beginning in the second
quarter of 2015. A PLDP was also approved for the 14-acre
mixed-use Station Square East development along the
Monongahela River. Preliminary plans include 300 residential
units in the first phase with additional units, hotels, and office
space anticipated in the long term. In Uptown, city and
community leaders formed the Uptown Eco-Innovation District,
which is expected to create a neighborhood redevelopment
plan focusing on sustainable development. Approaches
include mutli-modal transportation planning, innovation and
entrepreneurship, and meeting the needs of the community
by building upon market development opportunities.
In addition to the Downtown Pittsburgh Investment Map
on page 50, readers can view an interactive version of
the map with completed projects dating to 2006 at
DowntownPittsburgh.com/investment.
$2.6 billion
total investment active
and in the pipeline
43
COMPLETED INVESTMENT PROJECTS
BY TYPE, 2006-2015
ACTIVE AND ANNOUNCED INVESTMENT
PROJECTS BY TYPE, 2006-2015
2%
1%
5%
18%
10%
22%
10%
22%
30%
14%
13%
13%
20%
16%
2%
18%
30%
5%
22%
10%
17%
Hotel/Entertainment
Hotel/Entertainment
EDUCATION/CIVIC
Mixed Use HOTEL/ENTERTAINMENT
Transportation
Education/Civic
Transportation
MIXED USE
Office/Retail
OFFICE/RETAIL
Education/Civic
PARK/TRAIL
Residential
RESIDENTIAL
Park/Trail
TRANSPORTATION
Residential
Mixed Use
Office/Retail
Park/Trail
GREATER DOWNTOWN RENTAL MARKET STATISTICS, 2014
Permits
Recorded Development Costs
Golden Triangle North Shore Strip District
South Shore
2010 137 $61,851,741 26 $10,278,676 24 $2,574,201
Uptown
6 $99,714
2011 169 $49,432,238 16 $2,138,721 31 $15,546,894 9 $310,431
——
——
2012 188 $80,263,124 16 $2,774,196 49 $2,779,492
13$4,917,000 24$37,937,673
2013
4
199
$224,278,002
19
$37,977,118
22
$1,327,201
$374,700
2014 104 $91,155,877 14 $2,908,963 25 $10,772,856 5 $126,087
42
27$5,385,799
Source: Department of City Planning and Bureau of Building Inspections, City of Pittsburgh
Pittsburgh was named a
Best Opportunity City
by Forbes in 2014
44
$16,319,613
POINT PARK UNIVERSITY’S
PITTSBURGH PLAYHOUSE
Point Park University is ready for a new stage.
Construction of the university’s much-anticipated new
Pittsburgh Playhouse, a cultural and educational hub in
Spotlight
the heart of the Downtown campus, is now under way.
Set to open in 2017, the 92,000 square-foot structure
will occupy 1.6 acres along Forbes Avenue near PNC’s
new world headquarters and the new Gardens at Market
Square. Planning for the $74 million Playhouse project
began in 2008 as an important part of the University and
community driven Academic Village Initiative reshaping
the Wood Street, Forbes Avenue and Boulevard of the
Allies neighborhood that the University calls home.
Preservation is a key element of the new Playhouse,
which will encompass three historic structures. A new
five-story addition, with space for several theaters,
technical production, and cinema arts, will be seamlessly
interwoven with two historic bank buildings — the
current University Center and the Stock Exchange
Building. A public courtyard will feature three historic
Forbes Avenue façades that will be reconstructed
as major focal pieces.
In addition to showcasing the extraordinary
performances that the original Playhouse (in Oakland)
has long been known for, this unique facility has been
designed to provide a view into 100% of the creative
process: a 24/7 operation. It may be the only
theater of its kind in the United States.
Expected to attract about 60,000 non-student patrons
to Downtown Pittsburgh on an annual basis, the new
Playhouse will generate about $15 million in new tax
revenues for the city and $4 million in increased property
value. Estimated economic output from the Playhouse,
in its first five years, is $74 million.
The new Pittsburgh Playhouse will be a creative
crossroads that provides a wealth of interdisciplinary
opportunities for Point Park’s talented students, faculty,
and visiting artists, and will bring together Downtown
neighbors and cultural patrons from far and wide.
45
GREATER DOWNTOWN
DEVELOPMENT PIPELINE
HOTELS
Hotels
Rooms
Location
Embassy Suites
240
Golden Triangle
Hilton Garden Inn
198
Golden Triangle
Drury Hotel and Suites
180
Golden Triangle
Distrikt Hotel
176
Golden Triangle
Even Hotel
155
Golden Triangle
The Forbes–Granite Building
104
Golden Triangle
75
Golden Triangle
Homewood Suites by Hilton
150
Strip District
The Andrew
100
Strip District
Holiday Inn Express
Federal Street
135
North Shore
Holiday Inn–First Avenue
Total Rooms
1,513
RESIDENCES
Residences
Units
Location
Cultural Trust/8th Street Block
300
Golden Triangle
Residences of Alcoa Building
220
Golden Triangle
Lumiere
77
Golden Triangle
711/713 Penn Avenue
50
Golden Triangle
422 First Avenue
30
Golden Triangle
819-823 Penn Avenue
30
Golden Triangle
5
Golden Triangle
Lower Hill Development
800
Lower Hill
Riverfront Landing
400
Strip District
Buncher Phase 2
400
Strip District
1135 Penn Avenue
OFFICE SPACE
Office Space
Square Footage
Location
The Yards
300
Strip District
The Tower at PNC
800,000
Golden Triangle
Wholey Building
144
Strip District
350 Fifth Avenue
467,000
Golden Triangle
Produce Terminal
75
Strip District
Ft. Pitt Boulevard
Office Tower
300,000
Golden Triangle
Penn Rose
70
Strip District
250,000
Golden Triangle
1100 Smallman
59
Strip District
Tower 260 @ The Gardens
121,000
Golden Triangle
2419 Smallman
38
Strip District
North Shore Tower
600,000
North Shore
Brass Building
14
Strip District
3 Crossings: Future Phase
245,000
Strip District
2500 Smallman
11
Strip District
Riverfront Landing
Office Tower
125,000
Strip District
North Shore Development
250
North Shore
Heinz Loft Addition
155
North Shore
75,000
Strip District
Station Square East
300
South Shore
55,000
Strip District
Flats on Fifth
74
Uptown
268,000
Uptown
Uptown Loft
47
Uptown
U.S. Steel Headquarters
Total Square
Footage
3,306,000
Total Units
46
3,849
47
PDP STAFF
Jeremy Waldrup
President & CEO
Phoebe Downey
Project Manager
Lucinda G. Beattie
Vice President, Transportation
Lynda Fairbrother
Administrative Assistant
Tracy Brindle
Operations Manager for Clean
and Safe Program
Russell A. Howard
Vice President, Special Events
& Development
Cindy Day
Director of Finance
Brian Kurtz
Director of Economic
Development
Jack Dougherty
Marketing and Special
Events Manager
Sean Luther
Executive Director of
Envision Downtown
Mairin Petrone
Marketing and Special
Events Manager
Becky Thatcher
Business Development
and Research Manager
Leigh White
Vice President, Marketing
& Communications
PDP BOARD OF DIRECTORS
OFFICERS
Grant Mason
Oxford Development Co.
Chairperson
E. Gerry Dudley
CBRE, Inc.
Vice Chairperson
William R. Clarkson, Jr.
Strategic Investment Fund, Inc.
Treasurer
Mark Broadhurst
Eat ‘n Park Hospitality Group Inc.
Secretary
48
Richard L. Beynon
James E. Blue II
Michael Brunner
Herbert Burger*
Jamie Campolongo
Lisa M. Carey
David Case
H. Daniel Cessna
Guy Costa
Debra Donley
Melissa Dougherty
Rich Fitzgerald Mariann Geyer
Jessica Graham
Thomas B. Grealish
Thomas M. Hall, II
Melanie Harrington
Thomas J. Harrington Larry Jackson
Ken Knapp
Barry Kukovich
R. Daniel Lavelle
Kevin McMahon
Clare Meehan
Tom Michael
Susan Niedbala
Dan Onorato
David Onorato
Lucas B. Piatt
Ken Rice John R. Roach
Robert Rubinstein
Izzy Rudolph
Janice M. Smith
Merrill Stabile
Craig R. Stambaugh
Aaron Stauber
Matthew Sterne
Thomas L. VanKirk*
Jake Wheatley, Jr.
George Whitmer
Tishekia Williams
* Emeritus
Beynon & Company
Rootstock Wealth Advisors
Brunner
Speedwell Enterprises
Yellow Cab Company
Northwest Savings Bank
PMI
PennDOT District 11
The Office of Mayor William Peduto
Hertz Gateway Center
Cohen & Grigsby, P.C.
Allegheny County Executive
Point Park University
Highmark, Inc. (via Leadership On Board)
Henderson Brothers, Inc.
First Presbyterian Church
Vibrant Pittsburgh
Winthrop Management, LLC
Acusis
BNY Mellon
Peoples Natural Gas
City of Pittsburgh, City Council
The Pittsburgh Cultural Trust
Alphagraphics
Larrimor`s
Highwoods
Highmark, Inc.
Pittsburgh Parking Authority
Millcraft Investments, Inc.
KDKA-TV
CBRE, Inc.
Urban Redevelopment Authority
McKnight Property Development
Crowe Horwath LLP
ALCO Parking Corporation
UPMC
Rugby Realty Company, Inc.
The Fairmont Pittsburgh
Highmark, Inc.
State of Pennsylvania
PNC Bank
Duquesne Light Company
ACKNOWLEDGEMENTS
P RE S E N T I NG SPONSOR
S UPPORTING S PON S ORS
FE AT URED S PONSORS
INFORMATION SOURCES
Alco Parking
Allegheny County Airport Authority
Amtrak
Andy Warhol Museum
Art Institute of Pittsburgh
Avison Young
BikePGH
Bricolage Production Company
Carlow University
Carnegie Mellon University
Carnegie Science Center
CBRE
Chatham University
Children’s Museum of Pittsburgh
City of Pittsburgh Bureau of Police
City of Pittsburgh Department of
City Planning
City of Pittsburgh Department of
Permits, Licenses, and Inspections
Colliers International
CONSOL Energy Center/AEG
David L. Lawrence Convention
Center
Downtown Rebirth: Documenting
the Live-Work Dynamic in 21st
Century U.S. Cities
Duquesne University
Energy Innovation Center
Energy Star
Ernst and Young
Fort Pitt Museum
Fortune.com
Grant Street Associates - Cushman
Wakefield Alliance
Greater Pittsburgh Arts Council
Green Building Alliance
Greyhound
HFF, LP
Highmark Stadium
Innovation Works
JLL
Marcus & Millichap
Mattress Factory
Megabus
Millcraft Realty Services
National Aviary
National Center for Education
Statistics
National Center for Science and
Engineering Statistics
National Weather Service
New City Marketing
New Hazlet Theater
Newmark Grubb Knight Frank
Oxford Development Company
ParkPGH
Penn State University
Pittsburgh and Allegheny County
Sports and Exhibiton Authority
Pittsburgh Ballet Theatre
Pittsburgh Bikeshare
Pittsburgh CLO
Pittsburgh Cultural Trust
Pittsburgh Downtown Partnership
Pittsburgh Filmmakers
Pittsburgh Opera Theater
Pittsburgh Parking Authority
Pittsburgh Parks Conservancy
Pittsburgh Penguins
Pittsburgh Pirates
Pittsburgh Playwrights Theatre
Pittsburgh Public Theater
Pittsburgh Regional Alliance
Pittsburgh Steelers
Pittsburgh Symphony Orchestra
Point Park University
Port Authority of Allegheny County
Realtors Property Resource
Robert Morris University
Senator John Heinz History Center
Smith Travel Research
Stage AE/PromoWest North Shore
The Davis Companies
Tree Pittsburgh
U.S. Census Bureau
U.S. Green Building Council
University of Washington - Green
Cities: Good Health
Urban Redevelopment Authority
VisitPITTSBURGH
Walk Score
Western Pennsylvania Multi-List
Service
Zipcar Pittsburgh
49
225
IN T
DOWNTOWN PITTSBURGH
INV E STME NT
MA P
191 1
205
2015
|
228
SECOND QUARTER
215
199
208
209
194
226
190
27
201
212
214
192
188
197
220
222
217 223
218
183
198
187
224
200
PROJECTS COMPLETED
PROJECTS ACTIVE
PROJECTS ANNOUNCED
$3,406,098,700
$1,193,829,880
$1,505,224,000
*This ongoing list represents active and publicly announced projects in Downtown Pittsburgh as of 03/15. The study area
includes the Golden Triangle, North Shore, South Shore, Lower Hill/Uptown, and the Strip District. Projects are listed in
three categories. Announced: meaning a project has been publicly announced and/or a construction schedule has been
determined and due diligence is under way. Active: meaning ground has been broken. Completed: meaning there is no
longer active construction at the project site. Visit DowntownPittsburgh.com/Investment for more information.
50
216
TOTA L I N V E S T
JANUARY 2006 THR
$6,105,15
THE STRIP DISTRICT
E D U C AT I O N / C I V I C
77
78
102
157
179
183
185
186
209
211
222
223
189 196 206 227 221
193
213
204
Point Park University: Pittsburgh Playhouse
Point Park University: Student Center
Energy Innovation Center
(Connelly School)
Heinz Field Seat Additions
Point Park University:
Thayer Hall Improvements
Carnegie Science Center Expansion
Benedum Center Expansion
Duquesne University Theatre
Federal Courthouse Renovation
Blind and Vision Rehabilitation Services
Building Redevelopment
Allegheny County Courthouse Renovations
City-County Building Renovations
RESIDENTIAL
4
210
211
82
101
163
170
174
176
180
189
196
204
205
214
225
226
227
Wholey Building Conversion
711/713 Penn Avenue
422 First Avenue
1135 Penn Avenue
The Yards at Three Crossings
1100 Smallman Street
2500 Smallman
Solara Group Condos
Brass Building Apartment (Indovina)
City View Upgrades (Washington Plaza)
Park View Upgrades (Allegheny Center)
350 Oliver: Phase 2 (Lumiere)
Heinz Lofts: Phase 2
Continental Residential Development
Penn Rose Building Redevelopment
O F F I C E / R E TA I L
203
TMENTS
ROUGH MARCH 2015
52,580
17 North Shore “Option Area” Development
107 Burns and Scalo Ft. Pitt Blvd Tower
110 The Tower at PNC Plaza
125 PPG Place Market Square Upgrades
144 350 Fifth Avenue
167 11 Stanwix Plaza Renovation
173 Verizon Building Restoration: Phase 2
188 Union Trust Building Improvements
190 EQT Plaza Enhancements
191 Three Crossings — 2501 Smallman Street
192 Skinny/Roberts Building
Façade Rehabilitation
199 Liberty Center: Phase 1 Building
Improvements
208 Alco Parking Office Towers and Garage
213 U.S. Steel Headquarters
215 Liberty Center: Phase 2 Curtainwall
Replacement
217 The Lawyers Building Upgrades
224 Steelworkers Building Plaza Renovation
T R A N S P O R TAT I O N
99
108
109
128
141
164
193
194
197
203
15
26
47
118
119
137
142
146
206
216
220
228
10th Street Bridge Rehabilitation: Phase 1
Sister Bridges Rehabilitation
Traffic Signalization Upgrade — CBD
Bus Rapid Transit Corridor
Allegheny Valley Commuter Rail Line
Fort Pitt Boulevard Bike Track
Civic Arena: Road Infrastructure
579 Cap: Design
Forbes Ave. Reconstruction:
Wood to Smithfield
Liberty Bridge Rehabiliation
MIXED USE
Civic Arena: Site Redevelopment
Cultural District Riverfront Development
The Gardens at Market Sqaure
Strip Produce Terminal Redevelopment
Riverfront Landing
604 Liberty Avenue
Regional Enterprise Tower Conversion
350 Oliver Garage: Phase 1
Three Crossings: Future Phases
Station Square East Redevelopment
Macy’s Redevelopment
Allegheny Commons Renovation
PA R K S / T R A I L S
21
135
177
178
198
200
210
Mon Wharf Trail: Switchbacks
Point State Park Connector
Gateway Island Project
Cultural Trust 8th Street Park
Carnegie Science Center Riverfront Trail
Josh Gibson Park
Curtain Call/Pittsburgh Garden Passage
H OT E L / E N T E R TA I N M E N T
27
56
58
62
73
104
160
182
187
201
212
218
221
Forbes Hotel (Granite Building Conversion)
Homewood Suites - Smallman Street
Ross Street Hotel Development
Convention Center Hotel
Holiday Inn Express – Federal Street
Forza Fort Pitt Blvd Hotel
Embassy Suites & Oliver
Building Restoration
Drury Hotel and Suites (Federal
Reserve Conversion)
The Distrikt Hotel (Salvation Army
Building Conversion)
Heinz Hall Renovation
Stage AE North Shore Entertainment
Complex: Phase II
Rivers Casino Hotel
The Andrew Hotel
Italic Font
| Conceptual Projects
Regular Font | Projects that are in Planning
or Under Construction
51
DOWNTOWNPITTSBURGH.COM
925 Liberty Avenue, 4th Floor
Pittsburgh, PA 15222
412.566.4190

2015 State of Downtown Pittsburgh report - Pittsburgh Post

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