Ferris wheel, entertainment district and housing coming to North Shore
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A rendering of the Esplanade development hugging the Ohio River. Image: Courtesy of Piatt Companies
Work on one of Pittsburgh's biggest new developments has begun, and it includes a plan to reconnect a downtrodden neighborhood to the waterfront.
The big picture: The 15-acre development looks to bring housing, shopping and entertainment, including a signature 180-foot-tall Ferris wheel, to a brownfield site in Chateau, near the Rivers Casino along the banks of the Ohio River.
Driving the news: Gov. Josh Shapiro, Allegheny County Executive Sara Innamorato and Mayor Ed Gainey joined developer Piatt Companies on Monday afternoon to break ground on the $740 million project.
Zoom in: It will include a 750 new housing units — 20% of which will be affordable to low- to middle-income families, said Gainey — and a 126-unit condo complex, as well as:
- An amphitheater with riverfront views will be flanked by a trail and a new marina
- A 650-space public parking garage and a hotel
- Restaurants and retail spaces
Future phases could include an aquarium, movie theater or a grocery store.
What they're saying: Piatt CEO Lucas Piatt recognized the Esplanade had attracted skeptics because it took 10 years to reach the groundbreaking and it faced ballooning costs (40% higher than when they started).
- But he said the persistence was worth it. "This project is good and it was worth fighting for."
Follow the money: A mix of private funding and state grants is financing the project. A Transit Revitalization Investment District, or TRID, covers the Esplanade and will divert 75% of future property tax revenue in the district to fund infrastructure and transportation for Chateau and the surrounding communities.
Between the lines: It's part of a larger concept to connect Chateau and North Shore attractions with Manchester.
- LaShawn Burton-Faulk of the Manchester Citizens Corporations said she is proud of the project and its goal to reconnect Chateau and Manchester to the riverfront after Route 65 bisected the communities.
- "We can respond to economic opportunities in ways that uplift the community," she said.
Context: The Esplanade is one of the most expensive recent developments in the city, rivaling the $1 billion UPMC Presbyterian hospital tower in Oakland.
Fun fact: George Ferris, inventor of the Ferris wheel, lived for much of his career in a North Side home just a mile from where Piatt is proposing to build its wheel.
What's next: Site work starts this week, with the demolition of warehouses, Piatt spokesperson Molly Onufer told Axios.
- Vertical construction should begin in 2027, with the first phase of the project, including the Ferris wheel, targeted for completion in 2028, said Onufer.
- The second phase, which includes housing, is slated for 2029.