Planning Commission Approval of First Phase FNB Financial Center Development Project Confirms that Lower Hill is Ready to Rise
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.
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.”
Watch the full Planning Commission Meeting here:
Penguins And BPG Announce Opening of Lower Hill First Source Employment Opportunity Center in the Historic Hill House
The Pittsburgh Penguins and development partner The Buccini/Pollin Group (BPG) are pleased to announce the opening of a Lower Hill First Source Employment Opportunity Center in the heart of Hill District, blocks away from the 28-acre Lower Hill redevelopment. The mission of the First Source Center is to provide a central location for residents to obtain better access to job opportunities, career training, and pathways to construction, professional and service-related employment in connection with the Lower Hill redevelopment, as well as more broadly with other employers across the City and region.
The First Source Center will be located on the first floor of the historic Hill House, located at 1835 Centre Avenue, in space leased from E Properties and Development, the owner and manager of the property. The build-out construction for the space is being completed by Massaro in a partnership with TD Construction, a Hill District-based minority contracting firm owned by Derrick Tillman and Darnell Dinkins.
Delivering upon the commitment by the development team under the Community Collaboration and Implementation Plan (CCIP) relating to the Lower Hill redevelopment, the grand opening for the First Source Center is planned for mid-May.
The Penguins and BPG recruited a group of founding partners to launch and operate the First Source Center, including PJ Dick, Massaro, and Mascaro construction companies, Partner4 Work, PA CareerLink, the Builders Guild of Western PA, and the A. Phillip Randolph Institute.
Programming at the First Source Center will assist residents seeking job opportunities, career training, career exploration, resume building and other workforce development services. Job readiness support including transportation assistance, record expungement, pardon assistance, and referrals to social and pro bono legal services will also be available at the First Source Center.
“We are excited to help bring job opportunities to residents in the heart of the Hill District,” said Dorin Dickerson, Director of Development with the Pittsburgh Penguins and formerly with Mascaro construction. “The opening of the First Source Center is timed with our advancement of redevelopment on the Lower Hill, which will bring thousands of construction jobs and thousands more permanent jobs to the city and the Hill District community,” said Dickerson.
The Penguins and BPG are coordinating a comprehensive outreach effort to fully inform residents from the Hill District and across the city and region of all employment opportunities on the Lower Hill redevelopment.
F.N.B. Corporation Invests in Initiatives Serving the Hill District Community of Pittsburgh, Pennsylvania
PITTSBURGH, PA – April 27, 2021 – F.N.B. Corporation (NYSE: FNB) announced the expansion of its commitment to drive economic development in the Hill District community of Pittsburgh, PA, with a significant investment in programs aiming to connect local businesses and entrepreneurs with essential funding.
Highlighting FNB’s commitment is a $5 million investment in the launch of its new, proprietary Hill District Gap Lending Program, which is designed to address financing gaps for real estate projects in the community. FNB will provide loans of up to $400,000 and flexible lending parameters for local businesses that require additional funding to complete a capital structure so they can move forward with developing or redeveloping community assets. With an emphasis on serving low- to moderate-income and predominantly minority census tracts in the Hill District, the program intends to support projects that improve the community and promote wealth building through the development and ownership of commercial real estate.
To ensure resources are directed toward opportunities that will best benefit the Hill District, FNB will collaborate with community organizations including the Hill Community Development Corporation and Neighborhood Allies to identify and engage prospective participants.
The Company also has invested $2 million in the Urban Redevelopment Authority of Pittsburgh (URA) and Invest PGH, Inc., a newly certified Community Development Financial Institution that spun off of the URA, to support lending programs for businesses that traditionally have experienced financing challenges. As part of FNB’s investment, $1 million will be utilized by the URA’s Small Contractor Line of Credit Program for minority contractors in the Hill District who are taking on projects that require access to working capital. Pending URA Board approval, the line of credit program will be launched on May 13, 2021. In addition, $1 million will be provided directly to Invest PGH, Inc. for its Accelerating Business Expansion Loan (ABEL) Program, which stimulates growth for small- to medium-sized businesses through flexible financing for real estate purchases, development and other expansion needs. Through ABEL, FNB’s funds will primarily benefit businesses in Pittsburgh’s Hill District and Northside communities.
“Our commitment to these initiatives, including our own new gap lending program, both extends FNB’s long history of service to the Hill District and affirms our plans for ongoing investment in this vibrant neighborhood,” said Vincent J. Delie, Jr., Chairman, President and Chief Executive Officer of F.N.B. Corporation and First National Bank. “Our goal is to connect historically underserved members of our community with access to capital and other resources so that we can foster opportunities and, ultimately, drive growth and success for the greater Hill District and the Pittsburgh Region overall.”
These programs build on FNB’s community lending, investments and strong relationships in the Hill District and align to its mission to improve the quality of life in the communities it serves. The Company has announced significant contributions to the Hill District Federal Credit Union and to the development of an innovative education facility in the Ammon Community Recreation Center. Throughout its footprint, FNB has strategically invested millions of dollars in local initiatives and relief funds that stimulate job growth, create affordable housing opportunities and foster overall social and economic development.
Visit FNB’s website to learn more about its legacy of community engagement and commitment to diversity and inclusion.
About F.N.B. Corporation F.N.B. Corporation (NYSE: FNB), headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in seven states and the District of Columbia. FNB’s market coverage spans several major metropolitan areas including Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, D.C.; and Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina. The Company has total assets of more than $38 billion and nearly 340 banking offices throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington, D.C. and Virginia. FNB provides a full range of commercial banking, consumer banking and wealth management solutions through its subsidiary network, which is led by its largest affiliate, First National Bank of Pennsylvania, founded in 1864. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, government banking, business credit, capital markets and lease financing. The consumer banking segment provides a full line of consumer banking products and services, including deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. FNB's wealth management services include asset management, private banking and insurance. The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol "FNB" and is included in Standard & Poor's MidCap 400 Index with the Global Industry Classification Standard (GICS) Regional Banks Sub-Industry Index. Customers, shareholders and investors can learn more about this regional financial institution by visiting the F.N.B. Corporation website at www.fnbcorporation.com.
The Planning Commission briefing for the catalytic FNB Financial Center on the Lower Hill April 20, 2021. The development team discusses it's transformative Lower Hill redevelopment and Greater Hill reinvestment plans. View the full presentation below!
BPG and Clay Cove Capital Announce Formation of $5 Million Greater Hill District Opportunity Zone Fund
The Buccini/Pollin Group and Clay Cove Capital are pleased to announce the formation of a $5 million Greater Hill District Opportunity Zone Fund to help maximize the positive community benefits arising from the Lower Hill redevelopment. The Fund is being formed to promote investment in real estate projects in the middle and upper Hill District and along the Centre Avenue corridor, and help address head-on the ongoing challenges of overcoming poverty and advancing sustainable community development in the greater Hill District neighborhood.
The founding investors in the Fund include BPG, Clay Cove Capital and the Pittsburgh Penguins.
“We are working to solve the access to capital problem that has been plaguing the Hill District for generations,” said Amachie Ackah, Founder of Clay Cove Capital, an anchor investor in the Fund. “There are residents and entrepreneurs in the Hill District who lack access to capital, and we are offering to bring Opportunity Zone investment to their projects and help the continued economic recovery of the Hill District.”
“We believe that a partnership with Clay Cove Capital, one of the leading Black-owned real estate management firms in the United States, and partnered with the Pittsburgh Penguins and FNB Bank, will allow us to attract investment into this important neighborhood,” said Chris Buccini, Co-President of The Buccini/Pollin Group.
The Lower Hill was recently added to the middle Hill District census tract as part of the 2020 Census, which now includes the Lower Hill redevelopment within the Greater Hill District Opportunity Zone. Because of this designation, investors seeking Opportunity Zone investments now have a federal tax incentive to invest in the entire Hill District.
The Fund will be created to make investments in the middle and upper Hill District neighborhood, including vacant and abandoned properties, improving housing conditions for existing residents, and ensuring overall long-term sustainable investment in the entire Hill District neighborhood.
The Fund is being formed by the Lower Hill development team as an additional coordinated community development strategy under the Community Collaboration and Implementation Plan (CCIP) adopted in 2014. The founding investors of the Fund will work with Councilman Daniel Lavelle, Representative Jake Wheatley, and members of the CCIP Executive Management Committee to identify the best ways to implement this fund in the Hill District.
About Opportunity Zones - Opportunity Zone legislation was passed in 2017 to attract capital to economically distressed areas. The legislation allows for investors to defer capital gains taxes on an investment by reinvesting into a new project in an opportunity zone that will be significantly approved. Ultimately, the Opportunity Zone will help the Hill District by attracting capital that would otherwise not invest.
Wednesday, March 31st from 6:00 - 8:00 PM streaming live via Zoom.
The development team is working alongside the community and stakeholders to deliver the highest commitments to minority-owned, local businesses and bring economic revitalization to the Hill District for neighborhood initiatives. We invite you to this panel discussion about economic impacts of the redevelopment featuring members of the development team. This virtual event will be moderated by Lower Hill historical consultant, Dr. Kimberly C. Ellis.