Commercial Real Estate Development

The largest development project Landmarks Development Corporation has embarked upon to date is Station Square.

In 1976, with equity funds granted by the Allegheny Foundation, and a charitable trust of Richard M. Scaife, PHLF began to redevelop the buildings and rail yards of the Pittsburgh & Lake Erie Railroad totalling 52 acres. This accomplishment was the largest renewal project in land size in Pittsburgh in the last century and the only one based primarily on the adaptive use of industrial buildings. LDC was formed in 1984 and thereafter joined PHLF in these activities.

The total investment by LDC & PHLF and its sub developers was over $100 million. Station Square was the first development program in Pittsburgh to utilize a riverfront for people rather than industry, the first to have a dock and public boat service, the first to have exteriors of historic buildings lighted at night, and the first to have a walking trail of over one-mile along the river exhibiting industrial artifacts.

Conversions Included:

• The Landmarks Building (formerly the headquarters of the Pittsburgh & Lake Erie Rail Road Company) was converted into 75,000 sq. ft. of rentable office space, and is now the location of our corporate headquarters.
• The former passenger waiting room was converted into the luxurious Grand Concourse, a 500-seat seafood restaurant.
• The Commerce Court office building was created in a warehouse.
• The former Freight House (train shed) was converted into 145,000 sq.ft. of leasable space, 75 shops and restaurants.
• Historic trolley cars were restored and can be viewed from the Riverwalk.
• New Construction: A 297-room Sheraton Hotel was developed which has enjoyed high occupancy. A summer Festival Tent that has been popular for 25 years.

As a result of PHLF/LDC efforts:

• After 19 years, PHLF/LDC sold Station Square to Forest City Enterprises & Promus Co. At the time of sale in 1994:
• 134 new businesses had opened up in Station Square;
• 3,000 people were currently employed;
• $4,000,000.00 million in real estate and parking tax revenue was being generated each year for the city , school district, and county governments;
• 3,000,000 visitors travelled to Station Square each year;
• All of this had been at no cost to the city, county, or state;
• The project has received an additional $70 million investment in new construction by the buyers between 1995–2005.

Highlights of our development of Station Square:

• the redevelopment of 52-acres, the first such use of riverfront property
  the adaptive reuse of 5 historic buildings into office and retail spaces
  a new hotel,
• the Gateway Clipper dock, and a summer concert venue
  a Riverwalk recognizing the area’s industrial past