Downtown’s Golden Triangle could see $50 million redevelopment investment by the end of the year.

The city is looking to bring development to Downtown by using future real estate taxes to pay off loans for local improvements.

The URA asked council to approve the Downtown Pittsburgh Transit Revitalization Investment District (TRID) Project at the June 3 committee meeting.

If approved, the TRID would be in effect for 40 years. Council must give individual approval for each 20-year bond taken out for projects’ initial funding. Even though the TRID would also have to be approved by the county and school board, only the city will assume responsibility for paying interest on loans.

The area of the TRID includes the Central Business District (the Golden Triangle), a portion of the North Shore and the Strip District. The investment footprint is only the Golden Triangle. Typically, those footprints are the same.

Of the resulting money, 75% will be reinvested and 25% will be retained by the three taxing bodies (the city, the county and the school board). It will help fund projects such as transit infrastructure, small businesses and real estate development, including converting vacant office buildings into housing.

 Tom Link, the URA’s chief development officer, said currently offices comprise most of Downtown real estate at about 66%. Housing accounts for 20% and recreation the remainder. An ideal balance would be 45-40-15.

Construction projects that cost more than $5 million would qualify to be part of the program. Council does not have a say over which specific projects receive funding.

Link said that third-party financial analysis showed the potential of approximately $200 million in borrowing power over the TRID’s 40-year term. This would include an initial loan of $50 million. 

According to Catherine Murray, director of government affairs for the URA, that ask will likely happen before the end of 2026.

Council voted to hold the legislation for one week. According to Link, the school board will hear the proposal on Monday. It is not yet on the county council agenda.