Piatt declares ‘the end of the beginning' in getting last key vote to start Esplanade
No one said getting a major riverfront development off the ground would be quick and easy, but at least things are moving forward for the Esplanade on the North Shore.
The political process of getting what's called the Manchester-Chateau Transit Revitalization Investment District to generate public financing for infrastructure took about six months to get full approval from three tax bodies, starting with the board of the Urban Redevelopment Authority of Pittsburgh last November.
Yet after Pittsburgh Public Schools and Allegheny County Council approved the new TRID in the last few weeks, Piatt Cos. CEO Lucas Piatt can consider that process a short chapter in a nearly 10-year slog to redevelop a 15-acre industrial patch of mostly mature industrial properties. The ultimate plan is for his mixed-use vision for Esplanade, a 1.7-million-square-foot riverfront destination of apartments, condos, restaurants, shopping and its signature attraction, a 200-foot-high Ferris Wheel.
'The last five years have been the toughest I've ever had in this business,' said Piatt, whose company kept the huge project, with a budget now expected to reach $740 million, alive through all the challenges of the pandemic as it now works through ongoing inflation issues and the cost threat of new tariffs.
But the TRID approval now means the company will break ground on preparing the site this summer, with Piatt estimating site work will take about a year before Piatt Cos. shifts to vertical construction of the first phase.
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