In Pittsburgh, PA, a long-shuttered industrial bakery property has been undergoing revitalization in recent years. Sitting at the intersection of five city neighborhoods, the site is a linchpin for attracting new employment opportunities and providing services. Redevelopment of the property allows Pittsburgh to meet demands for growth of the city’s high tech and healthcare sectors, and helps the city provide urban living options, boosting its regional competitiveness.
The Bakery Square redevelopment in and of itself stimulates the local economy, and the massive project is being undertaken in phases. To quantify the impacts of phase three, the developer, Walnut Capital Management turned to Econsult Solutions, Inc. (ESI). Analyzing local data on construction activity and building operations we documented the economic infusion in terms of spending, jobs created, and fiscal impacts.
Our report to the client went further to capture the benefits of the redevelopment beyond the economic and fiscal. With academic-level rigor we researched and reported on the trends that are reshaping Pittsburgh’s economy which position it to compete on a global level for the location of industries reliant on a rich knowledge infrastructure. We summarized the results of our findings that makes the case for the endeavor in a two-page executive summary that provides the client with a document they can share with officials, investors, and site selectors.
Having the sound economic expertise to analyze economic and fiscal data together with the academic-level rigor and real-world experience to understand trends allows ESI to provide objective, pragmatic decision support.