In a news report over the past weekend, the CFO of Riverlife is quoted as saying that $130 million in city riverfront improvement has led to $4 billion in investments along the rivers. The $4 billion includes sports complexes, hotels, residences, office buildings and hotels. Presumably to get to the $4 billion figure the list would have to include the casino, the convention center, the amphitheater, the street upgrades, the North Shore Connector. (The statement was apparently made to a legislative committee hearing although the report does not explicitly make clear the site of the comment).
The Riverlife Task Force began putting together its plans for riverfront improvements in 1999.
Obviously, the riverfront improvements had little to do with Heinz Field, PNC Park and the convention center all of which had funding in place and were already underway in various stages. The hotels, restaurants and some of the office space came about as result of the stadium construction. The casino was built where it is because that was the site chosen as the best place in the City by a casino operator selection committee.
If the Consol Arena is in the mix, then that would be entirely inappropriate given its location.
By claiming the $130 million in improvements generated $4 billion in investments, the CFO is also asserting there has been $30 in investments for every dollar of improvements on the rivers. While there is no doubt that the riverfronts have been made are more appealing and might be a factor in promoting nearby development, the claim the improvement spending has a 30 to one leverage on investment spending must be viewed with more than a few grains of salt.
