PNC To Build New Building Downtown

PITTSBURGH (KDKA) -- It's a deja vu all over again -- this time on Wood Street.

Five-and-a-half years ago, local elected officials, Gov. Ed Rendell, and PNC Chairman Jim Rohr announced the tearing down of buildings along Fifth Avenue to construct a gleaming new building -- Three PNC Plaza.

Now, a block between Fifth and Forbes along Wood Street will be torn down for a new PNC headquarters.

"We're pretty excited with the notion of what they're proposing to do across the street here," Rob Stephany, executive director of the city's Urban Redevelopment Authority told KDKA Money Editor Jon Delano.

Stephany says this fourth PNC building, "has the opportunity to connect Forbes with Fifth Avenue in the heart of that district, a block away from all the exciting stuff in Market Square."

For months, people have speculated about who was buying up this property. Now, we know it's PNC who will develop 25,000 square feet of property.

Of course, that will displace some familiar shops like Eastern Wigs and Steelers Country on the corner of Fifth and Wood, although that store just opened a shop around the corner.

"We knew it was a matter of time -- somebody bought this property -- that we would be going," says John Vazquez of Steelers Country. "You like to think when you build something it's going to stay and last awhile, but one never knows -- such with progress."

City officials think this advances the city's most recent renaissance.

"I don't know what the earlier renaissances looked like, but I feel like we're in the middle of one now," says Stephany, "and PNC Bank is really giving us the opportunity to have that level of optimism."

It would be hard to find anyone who wants to keep the shabby look along Wood Street. The full details of PNC's plans will be announced on Monday.

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