LOWER HILL REDEVELOPMENT

On Friday October 8, 2021, officials participated in a celebratory ribbon cutting at Pittsburgh's historic Centre Avenue YMCA. Through a partnership between the YMCA of Greater Pittsburgh and ACTION-Housing, Inc. more than $7 million in funds were raised to make repairs, including adding elevator, new bathrooms, air conditioning and more. Plans include 74 sleeping rooms with new private bathrooms, improvements to the kitchen, common areas and programming space. In addition to building upgrades, residents will receive additional wrap around social services.  

The 100 year old building is rich in history and one of the1st YMCA's in the country to offer accommodations to African Americans. Tenants over the years included baseball greats Jackie Robinson and Satchel Paige, boxing legend Joe Louis and singer Ella Fitzgerald.  Speakers at the event recognized the buildings significance. It was where the Pittsburgh brand of the NAACP and the Urban League of Greater Pittsburgh were founded and it was the social center for generations of black Pittsburghers. 

The building will be owned by a nonprofit and governed by a board consisting of members from the YMCA, ACTION-Housing and the community. First National Bank (FNB) invested in the project (including loan, tax credits and grant), partnering with ACTION-Housing for the first five years. After those five years, interests will be relinquished and it will wholly be owned by the nonprofit. 

“Not only will this help a historically significant institution in the Hill District, but it’s going to help provide sanctuary and qualify of life opportunity for some of our men who are in need,” said State Rep. Jake Wheatley, D-Hill District in a 2020 interview. 

With a long history of service to the community FNB's total investment in the Hill District is in excess of $200 million in loans, investments and grants. Read more about it here. 

September 28, 2021 - Wilmington-based developer, The Buccini/Pollin Group, Inc. (BPG), F.N.B. Corporation (FNB), the Pittsburgh Penguins, and Clay Cove Capital are delighted to announce the closing on over $200 million of construction financing for the 26-story FNB Financial Center project, located in the Lower Hill District of Pittsburgh, on Friday, September 10, 2021. Equity for the project has been provided by Clay Cove Capital, one of the largest minority-owned real estate investment firms in the country. This is one of the largest community reinvestment projects in the state of Pennsylvania and has been recognized as a model for inclusive development around the United States. A ceremonial groundbreaking for the project was held earlier this month as well.
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“We are proud to achieve such important milestones for this transformational project – one that’s made possible by the strong partnership behind the FNB Financial Center,” BPG Co-President Chris Buccini said. “This partnership is made up of champions, and this project would not happen without our partners’ love of their hometown and our collective commitment to making Pittsburgh a better place for all its residents. We are excited about the future of this City, this community, and this significant investment, and look forward to working together to make great things happen in the Historic Hill District.”

The team’s community reinvestment efforts received a major boost from closing, as the transaction delivered over $7 million of monetized tax abatement benefits to the community-directed Greater Hill District Reinvestment Fund. The funding will be used to invest in development projects and other community needs in the Greater Hill District as outlined in the Community Collaboration and Implementation Plan (CCIP) between the neighborhood and the developers.  Possible applications for the funding could include local redevelopment projects, youth education programs, rent and mortgage assistance and other wealth-building and capacity-building efforts.
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Bomani M. Howze, Vice President of Development for the Buccini/Pollin Group, said, “We are excited to have delivered on our promise of the first installment of $7.2 Million toward the Greater Hill District Neighborhood Reinvestment Fund. The tax abatement monetization from the FNB Financial Center symbolizes a critical delivery on our commitment to ensuring that catalytic Lower Hill projects are developed to have lasting impact in the Middle and Upper Hill District.”

No other development in the city of Pittsburgh has ever generated such a large degree of direct cash impact to help invest in adjacent underserved neighborhood.

“I am grateful that we are not only seeing the development in the Lower Hill move forward to right the wrongs of the past and create opportunities in the historic Hill District, but that our development partners are demonstrating their commitment to the Hill community by providing community investment funding up front,” said Pittsburgh Mayor William Peduto. “I’d like to thank all of the partners in this development and the Hill District community for creating a model where communities and developers can work together to help ensure the community benefits and drives investment in their neighborhood from these developments.”

Based on estimates, the Lower Hill tax abatement district could generate up to $40 million overall for the Greater Hill beginning with the FNB Financial Center. The 26-story mixed-use tower is designed to kick-start the redevelopment of the historic Pittsburgh neighborhood and serve as the corporate headquarters of FNB, the parent company of First National Bank.

“This point is the beginning of a transformational development not only for the Lower Hill, but the region,” said David Morehouse, CEO of the Pittsburgh Penguins at the office tower’s September 1st groundbreaking ceremony.

The tower is expected to generate 1,250 construction jobs, 2,000 permanent jobs and over $40 million in investments in the Middle and Upper Hill District. It will contain more than 475,000 square feet of Class A office space, consolidate FNB’s regional headquarters operations, and include open space and terraces for community events at the adjacent Plaza at FNB Financial Center. Construction of the tower at Bedford Avenue and Washington Place will further restore connections between the Greater Hill District and Downtown Pittsburgh and is the first step in an estimated $1 billion redevelopment of the 28-acre former Civic Arena site led by BPG, the Pittsburgh Penguins and their partners.

To expand participation by minority and women-owned businesses in the project, the development team hired e-Holdings at the start of the year to boost inclusive procurement efforts.  In June, the Penguins and BPG opened the First Source Center on Centre Avenue as a one stop shop for those seeking assistance with employment and contracting opportunities at the site, which, following construction of FNB Financial Center, will next include a live music venue, parking garage and housing.

Construction of FNB Financial Center will be led by P.J. Dick. Internationally renowned Gensler is leading the design team for the project. The Pittsburgh office of JLL is responsible for commercial leasing efforts.
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Construction of FNB Financial Center and the Plaza is expected to be completed in late 2023.

​PITTSBURGH, PA (September 1, 2021) F.N.B. Corporation (FNB), the Pittsburgh Penguins, Clay Cove Capital and The Buccini/Pollin Group (BPG) today joined members of the Historic Hill District community and elected officials to break ground on FNB Financial Center, the 26-story mixed-use tower that will kick-start the redevelopment of the historic Pittsburgh neighborhood and serve as the corporate headquarters of FNB, the parent company of First National Bank.
 
With more than 150 years of service to western Pennsylvania, construction of FNB Financial Center further marks FNB as one of the greatest drivers of Pittsburgh’s revitalization through its commitment to raising the quality of life for all in the region. The tower is expected to generate 1,250 construction jobs, 2,000 permanent jobs and $40 million in investments in the Middle and Upper Hill District. It will contain more than 475,000 square feet of Class A office space, consolidate the company’s regional headquarters operations and include open space and terraces for community events at the adjacent Plaza at FNB Financial Center.
 
“Through the dedication of our partners and community, today we commenced a project that will fulfill a vision for transformation in our region that has been years in the making,” said Vincent J. Delie, Jr., Chairman, President and Chief Executive Officer of F.N.B. Corporation and First National Bank. “We are proud to continue to grow our Company in our headquarters city and for FNB to be such an integral part of Pittsburgh’s future.” 
 
Construction of the tower at Bedford Avenue and Washington Place will further restore connections between the Greater Hill District and Downtown Pittsburgh and is the first step in an estimated $1 billion redevelopment by the Pittsburgh Penguins of the 28-acre former Civic Arena site.
 
To expand participation by minority and women-owned businesses in the project, the development team hired e-Holdings at the start of the year to boost inclusive procurement efforts.  In June, the Penguins and BPG opened the First Source Center on Centre Avenue as a one stop shop for those seeking assistance with employment and contracting opportunities at the site, which, following construction of FNB Financial Center, will next include a live music venue, parking garage and housing.
 
“The Penguins are proud to be one of the most community-driven teams in professional sports, and while there is still much work to be done, today’s groundbreaking shows that we stand by the promises made to our Hill District neighbors,” Penguins CEO and President David Morehouse said. “FNB too has a long history of supporting our city, and with this project they are providing a tremendous boost to Pittsburgh’s economy and job creation as we rebound from the COVID-19 pandemic.”
 
BPG is the master developer of the commercial elements of the Lower Hill District.
“We are delighted to achieve such an important milestone for this transformational project – one that’s made possible by the strong partnership behind the FNB Financial Center,” BPG Co-President Chris Buccini said. “This partnership is made up of champions, and this project would not happen without our partners’ love of their hometown and our collective commitment to making Pittsburgh a better place for all its residents. We are excited about the future of this City, this community and this significant investment and look forward to working together to make great things happen in the Historic Hill District.” 
 
Construction of FNB Financial Center will be led by P.J. Dick. Internationally-renowned Gensler is leading the design team for the project. The Pittsburgh office of JLL is responsible for commercial leasing efforts.
 
Construction of FNB Financial Center and the Plaza is expected to be completed in late 2023.

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.”

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.