New Housing Continues to Draw More to Live in Downtown Pittsburgh
In its annual report, the Pittsburgh Downtown Partnership also says more than two dozen new restaurants and bars have opened Downtown in the past year.
photo by dave dicello
More people want to live Downtown and landlords and developers are taking notice. According to the latest annual report from the Pittsburgh Downtown Partnership, building owners have invested more than $300 million in their properties and plan to spend another $140 million within the next year. Building owners also are spending millions on older buildings that have long been in need of an upgrade.
“Now the buildings are being retrofitted for future tenants. It’s great to see that investment in the core,” PDP President and CEO Jeremy Waldrup told the Pittsburgh Post-Gazette.
“You’re talking about half a billion dollars being invested in these buildings. That’s a new high for Downtown. You look at some of these buildings and they’re investing almost as much as what they paid for them.”
There are 15,860 people living Downtown, according to the report, an increase of 31 percent in the past 10 years. The occupancy rate for residential units was 93 percent in the fourth quarter of last year. Another 4,421 units are planned or under construction.
All of those people need places to eat and shop. The PDP says 26 new restaurants and bars and 16 retailers or other service providers opened in the Downtown area in the past year.
You can read the entire report here.