A major redevelopment project that would bring a Ferris wheel, marina and splash park to the North Side is one step closer to happening.
At its meeting Thursday, The Urban Redevelopment Authority of Pittsburgh voted to approve the sale of 5.59 acres of land along the Ohio River for $1.5 million to Millcraft Investments, a Canonsburg based developer who proposed the Esplanade nearly four years ago.
The vote also approved Phase 1 of the $475 million project, which would also include apartments, retail space and an amphitheater.
Phase 1 is expected to cost $236 million. Future phases of the Esplanade would require land outside URA property boundaries, but could include condominiums, an aquarium and a hotel.
"We have a huge impact economically in terms of job creation and contributions to the local economy, and we're going to do that hand-in-hand with Manchester," said Jim Holcomb, project manager at Millcraft.
The Manchester and Chateau neighborhoods are expected to be most impacted by the development, but Pittsburgh City Councilman Daniel Lavelle assured they'd continue conversations with residents and businesses.
"We believe there are ways for this to be really exciting for the region, but also be to the explicit benefit of the historical neighborhood directly next door to it," Lavelle said.
The URA says Millcraft has agreed to work with Manchester Citizens Corporation and the community to create job and educational opportunities, sustainability, a community benefits agreement, financing, and affordable housing prior to closing.
This is likely not the last time the proposal will go before the URA. Before final approval, the board will vote at least one more time to authorize the deed to the property.