(PITTSBURGH) July 10, 2012 Mayor Luke Ravenstahl today introduced legislation that allows the City of Pittsburgh to potentially receive a $2 million grant from the U.S. Economic Development Administration (EDA) for the construction of public infrastructure at the $120 million Bakery Square 2.0 development, located at the former Reizenstein School site. The legislation will allow the Department of Public Works (DPW) to sign on as a co-applicant with the Urban Redevelopment Authority (URA), and allow the URA to act as the City’s agent for administration throughout the funding process.
“This grant allows us to continue the economic momentum and transformation of East Liberty, building on the success of Bakery Square, Target and the coming transit center,” Ravenstahl said, “Bakery Square 2.0 will create thousands of new jobs, millions in tax revenues and bring new residents to the City.”
The EDA grant will be matched by funds provided by Walnut Capital and the Pennsylvania Gaming Economic Development and Tourism Fund. The URA will work with DPW to construct the streets and associated public infrastructure, such as street lighting, curbing and storm, sanitary and water facilities, which will ultimately be dedicated to the City.
“Thanks to the success and expansion of Google, technology jobs are coming in faster than space is available,” said Todd Reidbord, president, Walnut Capital. “This grant will allow for the expansion of Bakery Square, providing the much needed office space for growing tenants like UPMC, the Veterans Administration and the University of Pittsburgh.”
ABOUT BAKERY SQUARE 2.0
Bakery Square 2.0 will be a $120 million mixed-use development (400,000 square feet of new office/lab space and adjacent high-quality residency options) on the site of the former Reizenstein School. The development will create an estimated 2,400 jobs and generate approximately $7 million in annual tax revenues. Companies looking for space in the near future will also be accommodated, since the Oakland/University/Medical Center office market has the lowest vacancy rates in the region and the most exponential growth rate.