Report: Pittsburgh One Of Three Cities Reinventing Waterfront
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PITTSBURGH (KDKA) - Pittsburgh has been named in a magazine article as one of three cities serving as a model for reinventing the modern waterfront.
Citing intense pressure to provide something for people to do, Urban Land Magazine says as people are increasingly packed into urban areas, "the city, in essence, becomes one giant shared frontyard."
The widespread sharing of those urban areas is encouraging parks departments and city planners to create public spaces that promote active lifestyle programming.
Development along Pittsburgh's waterfront has included major investment projects such as the Rivers Casino, the Convention Center and renovations at Point State Park.
The magazine cites a total of $130-million in investments over a 15-year period which helped catalyze nearly $2.6-billion in riverfront development activity and nearly $4.1-billion in riverfront plus adjacent development. That resulted in a 20:1 ratio between park investment and riverfront development.
The magazine cites an average yearly tax revenue range of between $6.8-million to $15.6-million vs. the estimated annual debt payment of $3.3-million as a model for other cities to consider the value of a possible investment in riverfront development.
You can read the full article from Urban Land Magazine here.