LOWER HILL REDEVELOPMENT

The Buccini/Pollin Group (BPG), Clay Cove Capital and the Pittsburgh Penguins are pleased to have received unanimous Planning Commission approval today to advance the first phase of the Lower Hill redevelopment, the 26-story FNB Financial Center.
 
“Priorities for our Lower Hill redevelopment go far beyond constructing new buildings, but are about investing in people. We have a great opportunity with this project to write a new chapter for the Lower Hill, create jobs and wealth opportunities for residents of the Hill District, and have an ongoing positive economic impact on the neighborhood and the entire city,” said Bomani Howze, Vice President of Development for BPG.
 
Business owners and people seeking jobs and long-term careers stand to benefit as well as the Lower Hill leads a regional rebuild from the aftermath of the pandemic.  The iconic new headquarters of First National Bank is the all-important catalyst to kick off phases of development and waves of community reinvestment.
 
The first phase FNB tower will generate over $50 million in tangible benefits for the Hill District community, not including the tens of millions of dollars in contracts for construction services with Black- and women-owned businesses are factored in later this year.  This first project to build a signature mixed-use building featuring the latest in office space design, welcoming retail space, on-site parking and vibrant public terraces and plazas, and will be a catalyst for continued redevelopment of the Lower Hill.

Upfront Funding:

• Accelerated investment into the Hill District Reinvestment Fund ($7.5 million)
• Support for Small Businesses featuring critically-needed growth capital ($2.5 million)
• Pre-development contracts for Black - and women owned businesses ($2 million +)

 
 
Ongoing Investments:

• FNB Financing for projects along the Centre and Wylie Avenue corridors ($17 million)
• Housing Stabilization & Development through the Housing Opportunity Fund ($8 million)
• Clay Cove / BPG Greater Hill Opportunity Fund to make equity investments in Hill-based real estate projects ($5 million)
• Development of culturally responsive, destination parks and open space ($2.5 million)
• FNB Hill District Gap Lending Program with loans and flexible lending parameters for local businesses ($5 million)

 
Priorities for the Lower Hill go far beyond dollars and cents as well.  Hill District residents will see job opportunities for friends and families, funding to expand a business or fix a roof, as well as a boost to the long-anticipated Centre Avenue corridor revitalization.  Additional highlights in “resident-oriented investments” include support for the UPREP Milliones High School’s CTE program and scholarships for post-secondary education.
 
“America needs a new model for equitable development, and we are working with Hill District stakeholders to create it,” BPG’s co-President Chris Buccini said. “We are particularly grateful to Councilman Daniel Lavelle for his determined leadership to help elevate our engagement efforts and to guide us to the doorstep of full approvals. This iconic FNB Financial Center project will be the place where Pittsburgh builds back better.”
 
“We are proud to be partnering with FNB and The Buccini/Pollin Group to rebuild the Lower Hill into the new center of energy” said David Morehouse, President and CEO of the Pittsburgh Penguins. “After years of planning and hard work, we are now advancing to create thousands of jobs, build job and wealth opportunities for local residents, and delivering upon our long-term commitment to invest in the growth of this region and in the revitalization of the historic Hill District.”
 
Community partnerships, capacity building and providing better access to capital are part of the development team’s commitment to the Hill District.
 
Clay Cove’s Managing Partner Amachie K. Ackah noted, “Monumental projects like this are not possible without the hard work and dedication of an amazing team. I would like to thank our development partner, The Buccini/Pollin Group, along with our championship caliber local partners, First National Bank, the Pittsburgh Penguins and the dedicated team in Mayor Peduto’s administration for their steadfast support and leadership.”