This artist’s conception of Esplanade, the development which Millcraft Investments plans for Pittsburgh’s Chateau neighborhood, was presented to the Urban Redevelopment Authority board on Dec. 16, 2021.
by Rich Lord, PublicSource
A Canonsburg-based developer will buy publicly owned land along the Ohio River in a move toward a proposed $475 million development that would include everything from affordable housing to a Ferris wheel.
The Urban Redevelopment Authority board voted unanimously to sell 5.6 acres of vacant land in the formerly industrial Chateau neighborhood, near Manchester, to an affiliate of Millcraft Investments. The developer will pay $1.5 million for the land, which cost the URA $1,350,000, and which Allegheny County now values for tax purposes at $256,100.
Millcraft plans to use that land as part of 15-acre Esplanade. When complete, it could include:
A 300-unit apartment building, including 60 units priced for households earning 80% or less of the area median income
Condominiums
A restaurant and fresh food market
A riverside pavilion
Stores
550 parking spaces
A marina and public pier
An aquarium
Medical and tech space
A hotel
A 53-meter (174-foot) Ferris wheel with a view of Downtown.
The URA contemplates creating a Transit Revitalization Investment District [TRID] to fund infrastructure improvements on and near the site. The state-created TRID program allows borrowing to finance development costs, paid off with future tax revenues.
Millcraft has been in talks with the Manchester Citizens Corp. [MCC] leading toward the crafting of a community benefits agreement meant to ensure that neighboring areas are served by the development.
“We are absolutely pleased to see this project move forward,” said LaShawn Burton-Faulk, executive director of the MCC, at the URA board’s virtual meeting.
Millcraft Project Manager James Holcomb predicted “a huge impact economically in terms of job creation and contribution to the economy, and we’re going to do that hand-in-hand with Manchester.”
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