Proposed Esplanade development on Pittsburgh's North Side receives $10M boost

The Washington County-based developer planning a $600 million project that would bring a massive Ferris wheel, splash park, marina, ice skating rink and housing project to Pittsburgh’s North Side received $10 million in state funding for the project.

Millcraft Investments purchased the 5.5-acre property along the Ohio River from the city’s Urban Redevelopment Authority in December for $1.5 million, plus closing and other costs.

The project, called Esplanade, has been in the works for several years. An earlier iteration of the proposal included a lagoon that would transform from a beach in the summer to an ice skating rink in the winter.

Millcraft’s current plans include a 45,000-square-foot pavilion for year-round entertainment, a courtyard and winter garden, restaurant, fresh food market, retail kiosks and a Ferris wheel overlooking the city. The development also would include a mixed-purpose marina that would be available for public use, houseboats and slips.

Esplanade would include a 300-unit apartment building, with 20% of units earmarked as affordable housing to individuals making 80% of the area median income or lower. The median income in Pittsburgh is $59,400, making 80% of the median income $47,500.

Future phases, which would be built outside of the property purchased from the URA, could include an aquarium, additional housing and a hotel, according to the developers.

The project is in the design phase, and the developer hopes to begin construction in 2024, with the first phase complete in 2026, said Molly Onufer, a Millcraft spokeswoman.

In total, Esplanade is projected to cost $600 million and create 7,100 jobs during construction and 4,500 permanent jobs upon completion, she said. It’s estimated that the development will generate nearly $1.1 billion in economic output, she said, citing data from the Esplanade Economic Impact Analysis done by the Pennsylvania Economy League of Greater Pittsburgh through the Allegheny Conference on Community Development.

The project also will generate millions of dollars in taxes annually, Onufer said.

“Esplanade will create connectivity to the riverfront, amenities and new economic and job opportunities,” said Lucas Piatt, CEO of Millcraft. “The success of our project is in public and private partnerships and working with the community, and we thank all of our partners and the Wolf Administration for this critical $10 million investment in our project. With this kind of support, Esplanade will be the gateway to unlocking more than 225 additional acres of riverfront property for sustainable, long-term and community-centered development which means even more jobs, more housing and more community improvements.”

The development was granted $10 million in state funds from the Redevelopment Assistance Capital Program.

The city of Pittsburgh was awarded $56.8 million from the fund, which will be used for various projects that aim to improve city parks and recreation centers, expand affordable housing and upgrade infrastructure throughout the city.