FNB to Anchor New Tower at Former Civic Arena Site
PITTSBURGH, Pa. – F.N.B. Corp., the parent company of First National Bank of Pennsylvania, will be anchor tenant of a new 24-story mixed-use tower at the site of the former Civic Arena.
FNB Financial Center, will be situated on the site of the former arena, where the Pittsburgh Penguins have development rights. Buccini/Pollin Group will serve as the project’s developer.
Construction on the $1 billion project is expected to begin in the third quarter of 2020, with FNB moving in by mid-2022. The company has a 20-year term on the space.
The sustainable mixed-use project will contain over 387,000 square feet of Class A office space, over 20,000 square feet of multilevel retail space and a two-story parking structure. The green space adjacent to FNB Financial Center also will be named The Plaza at FNB Financial Center, where the company plans to host community events.
FNB will occupy more than 160,000 square feet of office space with additional options to expand to accommodate future growth, and nearly 2,000 square feet of street level retail space which will be occupied by a state-of-the-art FNB technology branch. FNB Financial Center will enable the consolidation of the company’s regional headquarters operations, driving improved efficiency, collaboration and productivity. The building will create a central hub that houses FNB’s executive leadership as well as multiple groups within the company’s commercial, consumer banking, wealth and support departments.
“FNB has successfully served residents and businesses across Western Pennsylvania for more than 150 years and is proud to call Pittsburgh home,” said Vincent J. Delie, Jr., FNB chairman, president and CEO, in a statement. “Being raised in Pittsburgh, I have experienced the city at its highest and lowest points, including its continued progression to becoming a globally recognized destination for innovation, culture and equality. That’s why it’s important to me and the entire FNB team to be an instrumental part of Pittsburgh’s next renaissance that will further revitalize the region and work toward improving the quality of life for our communities.”
FNB intends to support the overall development of the Lower Hill District with more than $200 million in loans and equity investments, creating an economic engine for the benefit of the local residents and community. FNB also will be an integral part of the community as they continue to partner and expand their relationship with the Hill District Federal Credit Union and provide financial literacy programs throughout the district. Development on this parcel is expected to generate up to $9 million in LERTA funding for the Greater Hill Reinvestment Fund.
“We are very pleased that FNB has stepped forward to provide equity capital and become the first major corporate tenant on this site,” said David Morehouse, president and CEO of the Penguins. “Through their vision and commitment to Pittsburgh, FNB will be a true catalyst, leading the way for everything that happens in the development moving forward.”
Published by The Business Journal, Youngstown, Ohio.