Pens, city reach deal on old arena site
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PITTSBURGH – The Pittsburgh Penguins reached agreement with the city on a plan to redevelop the site of the now-demolished Civic Arena, the team’s former home.
The hockey club owns the development rights to the 28-acre site.
The Penguins will get another 13 months to begin work on a mixed-use development including retail, commercial and residential space. The deal provides for affordable housing and minority participation on the arena site as well as neighborhood reinvestment.
A financing plan requires that most of the new tax revenue generated by the development will go into a fund controlled by the Pittsburgh Urban Redevelopment Authority for improvements to the Hill and Uptown neighborhoods.
The financing plan requires approval from City Council, the Pittsburgh school board and Allegheny County Council.