Economic Development

Money Grows on Trees?

One of the most important reasons to rehabilitate Point State Park is the potential economic impact it could have on the region.

In addition to the $2.5 billion already invested in downtown riverfront development over the past five years, some $400 million in new commercial development is scheduled, bringing a significant number of additional workers Downtown. Add to that an already major influx of more than 3,200 new Downtown residents. They will all need outdoor space where they can spend their time and money.

An improved Point State Park will attract even more recreational visitors to downtown Pittsburgh. Additional visitor spending on dining, lodging and parking—the most conservative estimates show an annual increase of a quarter-million dollars—can cover many of the costs of maintaining the park itself, especially since that maintenance will be more cost-effective after the improvements.

The park also will be a draw for new business and residential development, increasing the local tax base and bringing well-paying jobs to the economy. Add that spending to revenue the city will get from parking taxes and higher real estate values, and it’s easy to see how renovating the Point makes good business sense.

But you don’t have to take our word for it.

Role Models

• Chicago’s recently completed, 25-acre Millenium Park is expected to add $2.6 billion to visitor spending over the next decade, as well as have a $1.4 billion impact on real estate.
• Chattanooga’s Riverfront Park has spurred $500 million of new, private-sector investment. You can read the Pittsburgh Civic Design Coalition’s report on their trip to Chattanooga here.
• San Antonio’s Riverwalk contributes $800 million to the local economy.
• Louisville’s 55-acre waterfront park created a 28 percent increase in business development, and the number of waterfront workers went from 350 to 5,300.
• Pittsburgh is becoming a worldwide leader in economic development based around parks and clean recreational spaces, such as the North Shore Riverfront Park and Washington’s Landing.

How will renovations make the Park more cost-efficient?

A new electrical infrastructure will offer more capacity with greater reliability and will be more resistant to outages from flooding. New drainage systems will help prevent flooding. Park maintenance will become more efficient and cost-effective. With updated infrastructure, event producers won’t need to drive tractor-trailers onto the green spaces of the renovated park, preventing the often long-term damage to the lawn and plants that has occurred from major events in the past. Not having to repair that damage will mean significant savings.