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PITTSBURGH (KDKA) — The City of Pittsburgh and the Pittsburgh Penguins have reached a revised agreement for the re-development of the old Civic Arena site.
Officials say $750 million will be invested to build office space, as well as space for entertainment and retail.
The development will also include more than 1,000 apartments, 20 percent of which will be affordable housing.
In a press release, Pittsburgh Penguins President and CEO David Morehouse said: “This agreement will pave the way for $750 million in private investment that will be truly transformative for Pittsburgh, creating a dynamic development that the region can be proud of – in addition to jobs, small business opportunities, affordable housing and community programs.”
The new agreement is set to bring about the long-awaited construction work on the old arena site.
The redevelopment of those 28-acres on the Lower Hill has been stalled by a series of deadline extensions, and relations between the Penguins organization and the city have grown testy.
While the hockey team cited roadblocks such as environmental problems, the city was growing impatient with the lack of progress.
But the two sides now say they’ve agreed to amend the agreement to eliminate obstacles in development. The amendment will be presented to the Urban Redevelopment Authority and the Sports and Exhibition Authority board meetings this Thursday.
There’s no word yet on a timeline for the work.