Tripp Umbach was contracted by 1501 Penn LLC to prepare an economic impact analysis to quantify the economic, employment, and government revenue benefits related to the construction and future operations of the proposed mixed-used development at 1501 Penn Avenue in the Strip District of Pittsburgh, PA. The impact analysis calculates direct, indirect, and induced impacts from both the initial period of construction and the operational impacts of the development following the construction period. This analysis also examines the regional and community impacts such as the economic health of the county and increased quality of life resulting from the project.
Tripp Umbach concluded that the Project at 1501 Penn Avenue will have a significant and meaningful economic impact on the city of Pittsburgh — serving as a catalyst in the Strip District to foster environmental sustainability, wellness, quality of life, and economic mobility. The project’s significant economic and societal benefits help strengthen the economic health of the neighborhood, city, region, and state.
See an article on the project here.