With Project Pop-Up and the Downtown Rent Abatement Program, Pittsburgh Downtown Partnership has created a pair of financial incentives to encourage retail investment in the central business district.
12
months of subsidy available through the Downtown Rent Abatement Program
7
Project Pop-Up businesses in the works
92.1
percent retail occupancy in downtown
Thanks to the efforts of the Pittsburgh Downtown Partnership and its Project Pop-Up program, several fresh new retail options are making moves throughout the central business district. And with its Downtown Rent Abatement Program, even more retail choices are now on the horizon.
Project Pop-Up, which offers grants to cover expenses and low or no-rent lease terms to entrepreneurs interested in exploring the retail potential of downtown, ushered in a handful of new businesses recently. These included The Refillery, on the ground level of Encore Apartments at 100 7th Street; PAIR Charcuterie in Greenwood Smithfield in the former Pitt Building (former Gloria Jean’s storefront); and Stevasana Juice Co., which squeezes fresh juices daily and distributes them via pickup orders and weekly delivery subscriptions from a small storefront at 210 Forbes Avenue near Market Square.
Would-be retailers are getting a boost from downtown supporters in a big way in the last few months. Project Pop-Up is on track to have seven new businesses established in the program’s first year, and downtown visitors and residents can expect even more retail openings as the next phase of financial incentives ramps up: the Downtown Rent Abatement Program.
Offering a subsidy of up to 50% of a storefront’s monthly rent (up to $2,000/month), the Downtown Rent Abatement Program looks for applicants that align well with the initiative’s criteria for independent retailers or restaurants that fill a gap or build on an existing destination cluster of similar businesses, according to Aaron Sukenik, vice president of district development for Pittsburgh Downtown Partnership.
“We see our role as helping to bring a diverse and well-balanced mix of retailers so that we are not only catering to the historically predominant office employee market, but we are also building for the existing and expanding residential and tourism markets,” Sukenik told IndexPGH.
Who are the ideal candidates for rent abatement? “This program is best for an established business owner actively pursuing a downtown location, but newcomers to the Pittsburgh retail scene are welcome to apply as well,” Sukenik said.
“Despite downtown having a healthy retail occupancy rate above 90%, we are unfortunately seeing some long-time businesses vacating and some high-profile storefronts are staying vacant for longer than before,” Sukenik said. “That doesn’t mean a return to bygone days though. Each vacancy has potential to become a vibrant new destination that can contribute to the downtown ecosystem as it exists today. As we work together to build a downtown Pittsburgh for the future, we look forward to sharing updates and progress of these exciting programs along the way.”
