Latest Developments

Cultural Trust Affirms Long-Term Commitment to Cultural District Riverfront Development Despite Current Credit Market Challenges

Pittsburgh, PA (May 23, 2008)—The Pittsburgh Cultural Trust citing on-going turmoil in residential mortgage and national credit markets announced a revised phasing sequence for the ambitious Cultural District Riverfront Development.

Originally unveiled in July 2006 as a $500 million phased development over ten years to include residential, commercial, and public improvements, the Trust's revised riverfront development strategy focuses on examining alternative approaches including possibly moving forward with public infrastructure.

"We still believe this location is a superb residential development site. Eventually credit markets will rebound to permit the residential and commercial elements to go forward," Trust President J. Kevin McMahon said. As credit markets recover to bolster investors' confidence, the Trust will explore ways to complete selective demolition and infrastructure components of the Cultural District riverfront development.

Thomas VanKirk, a trustee for the Pittsburgh Cultural Trust, added, "The revised approach is consistent with moving forward deliberately, cautiously and conservatively as a catalyst for private developers to invest as economically feasible development opportunities arise."

The Cultural Trust has a pending request for federal funding to pay costs of planning the riverfront park improvements.

Mr. VanKirk added, "The Cultural District riverfront development will happen. But we should remember that building the Cultural District has taken decades and has required overcoming many challenges and obstacles. The Cultural Trust and its stakeholders remain committed to doing the extraordinary work required to see things through to completion with prudence, superior design and accountability to the community."

Contact: Veronica Corpuz, Director of Public Relations, 412-471-6082