Mayor Chooses Millcraft for Downtown Development
The Pittsburgh Business Times is reporting that Mayor Bob O'Connor has chosen Millcraft Industries, Inc. to develop the long planned "Fifth and Forbes" retail district downtown. Millcraft is currently developing the former Lazarus department store into retail, office and luxury condo space.
Millcraft plans on developing over 20 URA owned properties in a several square block area in the heart of Downtown Pittsburgh. Their plans include a European style grocery store, a 1000 seat live music venue, retail space and approximately 200 new rental and condo residential units.
O'Connor chose between Millcraft and Pittsburgh developer Ralph Falbo, after Washington D.C. developer Madison Marquette dropped out of the running last week.
The Millcraft proposal includes the most residential units and largest private investment of the two remaining proposals. In addition, the project will receive no public subsidy, no tax-increment financing, and no existing businesses would be displaced. ( The City will likely give the properties to Millcraft for free, or for a greatly discounted price. )
We have come a long way from the initial proposals for the corridor that used massive taxpayer financing to fund an out-of-town master developer. These plans called for the wholesale demolition of many historic downtown buildings, and the displacement of nearly all of the existing merchants.
The Fifth/Forbes corridor has been in dire need of investment for decades.
Pittsburghers have waited patiently for Downtown development to take shape,
and it seems that it is about to be transformed.
Read More at The Pittsburgh Business Times
Millcraft plans on developing over 20 URA owned properties in a several square block area in the heart of Downtown Pittsburgh. Their plans include a European style grocery store, a 1000 seat live music venue, retail space and approximately 200 new rental and condo residential units.
O'Connor chose between Millcraft and Pittsburgh developer Ralph Falbo, after Washington D.C. developer Madison Marquette dropped out of the running last week.
The Millcraft proposal includes the most residential units and largest private investment of the two remaining proposals. In addition, the project will receive no public subsidy, no tax-increment financing, and no existing businesses would be displaced. ( The City will likely give the properties to Millcraft for free, or for a greatly discounted price. )
We have come a long way from the initial proposals for the corridor that used massive taxpayer financing to fund an out-of-town master developer. These plans called for the wholesale demolition of many historic downtown buildings, and the displacement of nearly all of the existing merchants.
The Fifth/Forbes corridor has been in dire need of investment for decades.
Pittsburghers have waited patiently for Downtown development to take shape,
and it seems that it is about to be transformed.
Read More at The Pittsburgh Business Times
posted by Proud Pittsburgh at 9:10 AM
3 Comments:
It's a big improvement, though I still think exclusive rights to redevelop the city-owned properties should go to the highest bidder. Good--but not overly restrictive--zoning codes and design guidelines could be used to ensure that someone doesn't come in and open a bunch of pawn shops.
The mayor can have anyone he likes do a face lift to his own bathroom or kitched or even build a sun deck. But he is now talking about public property -- that isn't his to do whatever he wishes.
This is how corruption happens. It smells fishy.
Looks like the word today is the Millcraft is fishing for state subsidies.
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