Residents Welcomed At New, Luxurious Piatt Place Condos

Pittsburgh Mayor Luke Ravenstahl was among those welcoming residents to the new Piatt Place condos in downtown Pittsburgh.

A ribbon cutting ceremony was held Tuesday for the residents at Piatt Place.

The former Lazarus building houses retail stores, commercial office space and as of Tuesday, 60 luxurious residential condos.

The mayor said Piatt Place is only part of the success of downtown redevelopment.

"New deals keep coming to my table and new people are interested in developing here despite the downturn in the economy. Pittsburgh is a great place to invest and grow and obviously that creates opportunity, tax base and jobs -- the whole 9 yards," said Ravenstahl.

Thirty-four of the 60 units in the building have been sold.

Buyers qualify for a tax abatement program, which could save them $6,100 a year for 10 years.