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Tax Increment Financing a Possibility for Big Pittsburgh Redevelopment Project
"Pittsburgh’s Urban Redevelopment Authority is proposing to divert millions of dollars in new taxes over 19 years to help pay for improvements to Smallman Street as part of the redevelopment of the historic produce terminal in the Strip District," reports Mark Belko.
"URA board members will consider advancing a tax increment financing plan totaling nearly $8.7 million Thursday to make way for about $24 million in updates to Smallman between 16th and 21st streets. The updates are meant to improve pedestrian access, safety, and circulation," adds Belko.
The upgrades to Smallman Street would complement a plan by Chicago-based developer McCaffery Interests to adapt the historic produce terminal into a "food-centric market with restaurants, brew pubs, fitness space, retail and perhaps offices." The project includes an adaptive reuse of a building across the street into office and retail uses. In total, the project represents a $125 million investment.