URA Announces Successful Completion and Upcoming Retirement of Multiple Pittsburgh Tax Diversion Projects

3 Crossings development; Courtesy of Oxford Development Company

URA Announces Successful Completion and Upcoming Retirement of Multiple Pittsburgh Tax Diversion Projects

Local taxing bodies will receive millions in annual tax revenue as a result of their investments

PITTSBURGH, PA (September 10, 2026) The Urban Redevelopment Authority of Pittsburgh (URA) announced today the successful completion of three tax diversion projects, including the retirement of the Pittsburgh Technology Center Tax Increment Financing (TIF) District and the 3 Crossings Parking Tax Diversion (PTD), and the upcoming retirement of the 3 PNC Plaza/Fifth and Market TIF District in October 2026.

These three projects transformed major development sites in Downtown, Oakland and the Strip District. With two districts now retired and the third scheduled for retirement next month, all future tax revenues generated by the projects will flow to the applicable local taxing bodies, including Allegheny County, the City of Pittsburgh and Pittsburgh Public Schools for the TIF districts, and the City of Pittsburgh for the 3 Crossings PTD.

About Tax Diversions

TIF and PTDs are economic development programs administered by the URA to catalyze long-term economic growth in the City of Pittsburgh. The tools leverage private investment to help expand the city's tax base, create quality full-time jobs, improve public infrastructure, foster large-scale development that would not be feasible otherwise, and enhance residents' quality of life.

Throughout the life of each TIF or PTD district, the taxing bodies continue receiving the existing tax revenues they collected before a development occurred. Once site improvements are constructed, the site's taxable value increases. TIFs are designed to capture growth in property tax revenue within a specific district, while PTDs capture growth in parking tax revenue. A percentage of the additional tax revenue is temporarily diverted to repay debt from eligible public infrastructure and project costs. After the debt and projects costs are paid off, and the district is "retired," all future tax revenues generated by the project flow directly to the taxing bodies.

Financial Gains

Once all three districts have been retired, the URA estimates that the applicable taxing bodies will share a combined total of approximately $5.5 million in new annual taxes.

"The successful retirement of these financing districts demonstrates how strategic public investment can unlock private development and create long-term growth for Pittsburgh," said URA Executive Director Susheela Nemani-Stanger. "Though these tools are temporary, the economic benefits they create continue long after the districts are retired. We appreciate the local taxing bodies' investment and are pleased that they will receive their full return on investment through increased taxes."

"These projects show how critical public investment can be in creating long-term growth," said Mayor Corey O'Connor. "Without the use of these economic development tools, and the public's investment, these major projects would not have happened. The return on these programs is also reflected in the 14x annual taxes - which went from $390,000 to $5.5 million. That is revenue that will go to the local taxing bodies to reinvest in public projects and services."

Pittsburgh Technology Center TIF

Established in 2006, this was the second TIF district to occur at the Pittsburgh Technology Center (PTC). It built upon the success of Pennsylvania's first-ever TIF district, which was created for the brownfield redevelopment of PTC in 1994, and supported continued redevelopment and investment at the site.

Located at the former Jones & Laughlin Hot Strip Mill site, the second TIF district proceeds financed roadway relocation, utility improvements and construction of a publicly accessible structured parking garage to support future and existing PTC tenants, helping to further position the PTC as one of the region's leading centers for biotechnology, engineering, research and innovation.

Tax Increase:
Before the second PTC TIF District was created and the development proceeded, the taxing bodies received approximately $197,000 annually in real estate taxes from the site. With the retirement of the TIF District, the URA estimates that the taxing bodies will receive approximately $2.3 million annually in real estate taxes.

3 Crossings Parking Tax Diversion

Established in 2016, the 3 Crossings Parking Tax Diversion funded public space improvements for Oxford Development Company's 3 Crossings mixed-use development, which helped transform 16 acres of former brownfield and industrial property into the 3 Crossings riverfront community.

PTD proceeds supported utility relocation, upgraded street lighting, new sidewalks, street trees, landscaping, a new public plaza, and transportation amenities. Located between 25th and 27th Streets and between Smallman Street and the Allegheny River, 3 Crossings includes 300 apartments, 375,000 square feet of urban flex office space, 16,000 square feet of retail, and an intermodal parking garage. Those investments enabled the subsequent development of an additional four acres of office, residential, retail and parking uses.

Tax Increase:
Before the PTD and 3 Crossings development, the taxing bodies received $0 annually in parking taxes on this site. With the retirement of the PTD, the URA estimates that the City of Pittsburgh will receive approximately $95,000 annually in new parking taxes.

"3 Crossings demonstrates the lasting impact that thoughtful public-private partnerships can have on a neighborhood," said Shawn Fox, President and CEO of Oxford Development Company. "What began as a vision to reconnect former industrial land to the Strip District has become a thriving part of the community and a catalyst for continued investment. We're proud of what we've been able to create and are even more excited about what comes next."

3 PNC Plaza/Fifth and Market TIF

Established in 2006, the Fifth and Market TIF District helped advance the construction of 3 PNC Plaza, a mixed-used development that was a catalytic investment in the ongoing revitalization of Downtown Pittsburgh and its commercial core. TIF proceeds financed public infrastructure improvements, including development of a public parking garage, and enabled the construction of a 750,000-square-foot skyscraper. Located in the heart of the Central Business District, the development includes the 180-room Fairmont Pittsburgh hotel, 360,000 square feet of office space, and the Residences at PNC, a 30-unit condominium.

Tax Increase:
Before the TIF and redevelopment, the taxing bodies received approximately $193,000 annually in real estate taxes from the properties that make up the site. After retirement, the URA estimates that the taxing bodies will receive approximately $3.1 million annually in real estate taxes.

"These tools are doing exactly what they were designed to do," said URA Chief Development Officer Thomas Link. "By catalyzing major redevelopment projects, the URA can help to dramatically increase the city's tax base, while providing lasting public benefits. We're proud to mark the successful completion of two of these financing districts and the upcoming retirement of the third. We continue to administer 10 active TIF, PTD and Transit Revitalization Investment District (TRID) projects as part of our broader economic development strategy to support continued investment and growth across Pittsburgh."

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About the Urban Redevelopment Authority of Pittsburgh (URA)
The URA is the City of Pittsburgh's economic development enterprise. We are committed to building a prosperous and equitable economy for all of Pittsburgh. We help bridge public and private interests to invest in meaningful equitable developments that promote housing affordability, economic mobility, entrepreneurship and neighborhood revitalization. Our work creates and sustains quality jobs, thriving neighborhoods, healthy communities and sustainable businesses for the benefit of all Pittsburghers.