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Phone: (412) 325-2457

Email: engage (at) fourtheconomy.com

 

Fourth Economy Consulting
1501 Preble Avenue
2nd Floor
Pittsburgh, PA 15233

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Homewood Station Transit Oriented Development Study

Pittsburgh, PA
THE CLIENT

The Urban Redevelopment Authority of Pittsburgh is the City of Pittsburgh's economic development agency, committed to creating jobs, expanding the city's tax base, and improving the vitality of businesses and neighborhoods.  

 

THE CHALLENGE

Homewood has made a significant effort to plan its development in a way that would benefit and prevent the displacement of its residents. Fourth Economy Consulting provided market analysis and assistance to estimate the potential post-development tax increment to assess the feasibility of a Transit Revitalization Investment District (TRID) around Homewood Station that would align with the goals of the community.

 

OUR APPROACH

Fourth Economy was part of a team that included Delta Development (Project Manager), the Studio for Spatial Practice (Architecture and Urban Design), Cosmos Technologies (Civil Engineering), and Mongalo-Winston Consulting (Public Engagement).

 

We analyzed the real estate, commercial, and retail sectors as well as the properties, parcels and development plans within a half mile of the Homewood Station. For each development scenario, the URA and the project team identified comparable developments to provide a basis for estimating the post-development tax increment. Our work was guided by a 31-member Advisory Committee and informed by a series of community workshops and meetings. We also worked closely with two other community-led planning efforts to ensure alignment and integrate community input.

 

THE RESULTS

The study demonstrated ways to improve the Homewood Station area by implementing public infrastructure projects and facilitating development. However, the market and financial analysis determined that a TRID alone would not be sufficient to accomplish this strategy and would need to be supplemented by other sources. We worked with the team to develop recommendations around an appropriate TRID boundary, the phasing of priority public projects, and implementing the TRID in a way that would benefit residents and businesses. 

PROJECT TYPE

Market Analysis 

SCALE

Community

CLIENT TYPE

Nonprofit