Some great economic development news for Pittsburgh! PNC Bank received a green light for a major new building project on Thursday when the Urban Redevelopment Authority voted to sell PNC three adjoining parcels in downtown Pittsburgh for $1.1 million.
PNC intends to build a 40-story office tower using the latest “green technology”. The three parcels PNC is purchasing are home to old buildings that need replaced. Replacing these old buildings with a gleaming new skyscraper will be part of Renaissance III in downtown Pittsburgh. Construction is expected to begin in 2012 and be completed in mid-2015.
Pittsburgh is weathering the recession better than most cities because of its diversified economic base. PNC Bank has been a major player in keeping Pittsburgh healthy. Three PNC Plaza was completed in 2009. The 23-story downtown office tower rises 361 feet and is LEED certified as a green building. This new PNC project will be larger than Three PNC Plaza. If the building is constructed as proposed it will be the third tallest skyscraper in Pittsburgh, coming in between PPG Place and Mellon Bank Center, according to http://skyscraperpage.com/cities/?cityID=327.