An end to Riverfront Parking in the strip?

At its December 2010 Board meeting the Urban Redevelopment Authority approved a creative deal intended to kick start development on the former Pennsylvania Railroad yard in the Strip District. In early February 2011 the City approved acceptance of $15 million of State development funds to prepare the site's infrastructure.

The area from 16th to 21st Street has been a railroad yard from almost the beginnings of the Pennsylvania Roalroad. The area downriver of Sixteenth Street was a railroad yard from the Great Depression era to the early 70s. (Before the DEpression it was the site of some of Pittsburgh's earliest foundries -- see Schoenberger Iron Works).

The Terminal Building, originally built to get the wholesale businesses out of the Golden Triangle in the 20s, will include the nonprofit-managed Pittsburgh market and other uses that create revenue for the Buncher Company.

The Buncher Company has been able to be in the right place to take advantage of opportunities. In the Seventies they were able to acquire key parcels of real estate just outside of the Golden Triangle from Penn Central Railroad as the railroad was forced to sale under fiscal duress. The Buncher Company may have had great ideas for developing the site. The PResident of the Buncher Company, Herbert Green, said that "They did not acquire the property just to look at it"

But "look at it" is what all Pittsburghers did...for over thirty years. The best use of the property was for parking...and there was no reason for Buncher to invest in improvements when revenue can be generated by the hundreds of cars that park there nearly every day.

Finally the wait may be over...and it appears Buncher's hold out wore down the public sector to the tune of at least $15 million (and probably much more public investment - stay tuned). Buncher will develop the parcel in return for the promise of rental income from the publically owned Terminal Buildings.

The area downriver of the Sixteenth Street will remain for parking for the foresseable future. Although the abandoned Seagate Building may find a reuse as a high tech incubator of sorts. The Seagate Building is owned by the Buncher Company and under lease to Seagate for another five years...even though Seagate abandoned the building in 2007.

I wonder if there were any other proposals for the Terminal Buildings reuse? The public planning process will begin earnest in 2011.