Dec 19, 2005 9:49 pm US/Eastern
PNC Announces Plans For Downtown High-Rise
by Jon Delano
PITTSBURGH (KDKA) ―
Less than a week after plans were announced to redevelop the empty Lazarus building on Fifth Avenue, PNC has entered the real estate arena.
PNC plans to build a $170 million complex in Pittsburgh - including a 23-story high-rise that will house a law firm, a 150-room hotel and at least 30 condominiums.
PNC chairman James Rohr says the project will be a catalyst to Downtown revitalization.
PNC owns a lot of Fifth Avenue and, with the governor's help, PNC is getting into the real estate development market.
The project, to be called Three PNC Plaza, is located in the Fifth and Forbes corridor, a stretch of two downtown streets that are now nearly lined with empty and decaying storefronts.
The law firm of Reed Smith will move its headquarters into the building.
PNC will invest $122 million in the project, which is expected to be finished in 2008.
The state is contributing $30 million and local governments are contributing $18 million.
"I think we will mark this day as a day when downtown Pittsburgh turned around for good," said Gov. Ed Rendell.
The facility will include retail stores, new offices for the Reed Smith law firm, a luxury hotel, underground parking and condominium units for residential living.
The focus on residential living Downtown is the latest evolution in efforts to restore the Fifth-Forbes corridor.
"Everyone talks about downtown, and we've tried a lot of things," said Mayor-elect Bob O'Connor. "I believe everyone knows that if it's going to happen we need residential living downtown."
Rohr said it was all possible because the state was contributing more than $30 million to the project -- a project that local elected officials said was important to the region, as well as the city.
"The way the city goes is the way the county goes," said Allegheny County Executive Dan Onorato. "If we let the city rot and die, the county is right behind it. This has to be the centerpiece of the county."
The old buildings are scheduled to be torn down in the coming year, with the new PNC Plaza completed by 2008 -- the 250th anniversary of the city.
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