Penguins Say Financing Set To Redevelop Civic Arena Site
By: KDKA-TV News Staff
PITTSBURGH (KDKA) - The Penguins say they have the last piece of financing needed to redevelop the former site of the Civic Arena.
Clay Cove is investing in the 26-story First National Bank tower planned to be built on the site. The tower is the first big project planned for the former site of the arena and will hopefully be a bridge that connects the Hill District to downtown.
There are also plans for a hotel, retail space, homes, and a concert venue.
It hasn't been easy, but it's come together with a new business partner for the Pittsburgh Penguins: Wilmington-based Buccini/Pollin Group.
"We would like to take large complicated projects and create the mixed-use nature of it. So putting office and parking and entertainment," said developer Chris Buccini.
It all comes with the promise of minority jobs, and Clay Cove Capital is a minority investor. Pittsburgh may be one of the only cities in the country to be building a high-rise office tower in the midst of a pandemic.
"Pittsburgh is going to be leading the nation with what may be the first post-COVID, multi-tenant office in America," said Buccini.
A groundbreaking is expected in the spring.
