PITTSBURGH - The Pittsburgh Penguins and city leaders have reached a tentative agreement on developing the former Civic Arena site.
Both agreed to amend the "option agreement" to eliminate obstacles in developing the 28-acre site in the lower Hill District.
The move will allow for $750 million of private investment, which will include more than 1,000 residential units, 500,000 square feet of office space and 250,000 square feet of entertainment and retail.
There will also be affordable housing.
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Penguins representatives are working with a development company to finalize some of the tenants.
Under the plan, the city won't have to pay the Pens $15 million.
The team will now be obligated to develop six of the acres by 2020.
The city will also get a section of the land to build a 1,000 space parking garage.
Infrastructure work on roads and utilities has been ongoing at the site and is almost completed.
A new energy plant is being built behind PPG Paints Arena that will service the new development.
The agreement must still be approved by the Urban Redevelopment Authority and the Sports and Exhibition Authority.
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