Piatt Companies Breaks Ground on Esplanade Project

PITTSBURGH, PA (December 1, 2025) Piatt Companies broke ground today on the 15-acre, $740 million Esplanade project in the city’s Chateau neighborhood. After nearly nine years of planning, persisting through a global pandemic and market challenges, construction will begin to prepare the site for vertical construction. The long-anticipated project will transform riverside industrial property with new energy, connectivity, and economic opportunity.

“The Esplanade marks the beginning of a transformative investment made possible through years of disciplined planning, sustained effort, and a level of collaboration that reflects true public partnership,” said Piatt CEO Lucas Piatt. “Advancing a project of this magnitude requires coordination across government, private industry, labor, and community stakeholders – each contributing to a shared vision for growth, opportunity, and long-term value.”

Reflecting the collaborative effort of the project, Piatt was joined by Governor Josh Shapiro, Lieutenant Governor Austin Davis, LaShawn Burton Falk of Manchester Citizens Corporation, County Executive Sara Innamorato, Mayor Ed Gainey, Mayor-Elect Corey O’Connor, City Council President Daniel Lavelle, State Representative Aerion Abney, and Tom Link of the Urban Redevelopment Authority. They were also joined by community organizations, trade leaders, and elected officials.

The project, as rendered by AE7 architects, could include:

  • Up to 750 rental apartments from affordable to families making 80% of the area’s median income to luxury-end units
  • 126 riverfront condominiums,
  • 160,000 square feet of retail
  • 120,000 square foot innovation workspace
  • A splash park that becomes an ice skating ribbon in colder months
  • Upgrades to the Three Rivers Heritage Trail
  • 225-key hotel
  • Marina with house boats, leased and day slips, marine safety facility, and public pier
  • The Current: a dining culinary hub with a riverside amphitheater

Esplanade will also include a Ferris wheel with climate-controlled cabs and experiential entertainment options, while also serving homage its innovator George Washington Gale Ferris who lived on the Northside.

The Economy League of Greater Pittsburgh did an economic analysis of the Esplanade and projects it will support 9,300 jobs during construction, 4,500 permanent jobs, contribute $547.7

million to the regional economy and generate $1.5 billion in additional spending locally. The full economic impact study is here.

“Our company has a history of taking on complex projects because the rewards are shared across the community through jobs, amenities, and reinvestment,” said Piatt Companies Co-Owner and President of Piatt Hotel Group, Marcus Piatt. “We don’t pursue projects because they’re easy—we do it because we love Pittsburgh. This development brings together our full real estate expertise—site development, residential, hospitality, retail, and office—along with our vertical integrated businesses in one next-generation riverside community that will reconnect the river to the neighborhood and create a true destination for both locals and visitors.”

The project will be done in phases with Mascaro Construction beginning site work to prepare the site for vertical construction. Site work is expected to take 12-14 months and will include razing existing buildings, relocating and installing underground utilities, and filling the site above the flood plain. Concurrently, the project team will go into final design of the buildings to be built in the next phase, including the Ferris wheel, apartments, retail, parking garage, and the Current. Construction is expected to begin on that phase in 2026 and anticipated to be open in 2028. The condominium building will be built shortly after those buildings.

The second phase of vertical construction is expected to begin in 2027 and will take approximately 24 months to complete, anticipated to be open in 2029. This phase will include additional housing, potential innovation workspace, hotel, and a specialty entertainment destination.

Additional information and updates about the project can be found at esplanade-pgh.com.

Project renderings can be found here, with attribution to Piatt Companies and AE7.

Hilton Garden Inn – Southpointe

Hospitality

Opened in 2001 as one of the first Hilton Garden Inn hotels in the region, the Pittsburgh-Southpointe location offers ease of access to the Pittsburgh International Airport and Downtown Pittsburgh. The 20,000 square foot flexible ballroom space is a popular venue for weddings, trade shows, and seminars. A full renovation was completed in 2019. 

River Vue

Residential

River Vue is a 16-story luxury residential tower prominently located along the Allegheny River in Downtown Pittsburgh, offering residents panoramic city skyline and waterfront views within walking distance of the Cultural District, Market Square, and the city’s major business and entertainment destinations. The property features 218 apartment units and reflects Piatt Companies’ longstanding commitment to high-quality urban residential development and adaptive reuse.
 
Originally constructed as the State Office Building, River Vue underwent a comprehensive renovation and conversion from office space into luxury residential apartments under Piatt Companies’ ownership and management oversight. The transformation preserved the building’s prominent downtown presence while repositioning the asset as a premier residential destination within Pittsburgh’s evolving urban core. Through strategic redevelopment, operational excellence, and a strong focus on resident experience, Piatt Companies helped establish River Vue as a distinguished example of successful downtown adaptive reuse and long-term asset stewardship.

MARKET SQUARE PLACE

Mixed-Use

Located in the heart of Downtown Pittsburgh’s historic Market Square, Market Square Place is a dynamic mixed-use property featuring luxury residential apartments, a 35,000-square-foot UFC Gym, and a diverse collection of street-level retail tenants that contribute to the energy and walkability of Downtown Pittsburgh. The retail mix includes restaurants and casual dining concepts, fine dining establishments, banking services, fitness and wellness offerings, and unique retail experiences featuring integrated podcast studio space. Through proactive property management, Piatt Companies helps preserve the long-term value and performance of the asset by overseeing daily operations, tenant relations, maintenance coordination, and the overall property experience. By maintaining high operational standards and supporting a vibrant urban environment, Piatt contributes to the property’s continued success as a premier downtown destination for residents, retailers, and visitors.

HIGHMARK STADIUM

Entertainment

Highmark Stadium, the home of the Pittsburgh Riverhounds soccer team, offers a gorgeous view of Downtown Pittsburgh from Station Square. Piatt operated as the owner’s representative throughout the construction of the 3,500 seat entertainment venue.

ST. CLAIR HOSPITAL OUTPATIENT CENTER

Medical

St . Clair Hospital’s 40,000 square foot outpatient facility in Peters Township opened in 2013. As the owner’s representative, Piatt managed design and construction, and helped cut costs through value engineering and pre-construction negotiation. The center offers a much-needed location for numerous medical services and offices.

LUCAS PIATT

Chief Executive Officer — Piatt Companies

Lucas B. Piatt is the Chief Executive Officer of Piatt Companies and Piatt Sotheby’s International Realty, where he blends visionary leadership with a deep-rooted commitment to the future of Western Pennsylvania. With more than 25 years of experience in real estate, development, and executive leadership, Lucas has led the transformation of Downtown Pittsburgh, investing over $500 million as part of a broader portfolio exceeding $1 billion in revitalization efforts across the region.

Lucas is the driving force behind The Esplanade, a transformative waterfront development that will redefine Pittsburgh’s North Side. Designed to be a world-class destination for innovation, entertainment, hospitality, and public space, The Esplanade reflects Lucas’s bold vision for shaping the future of Pittsburgh through large-scale placemaking rooted in community, inclusivity, and global ambition.

A respected collaborator, Lucas brings people together—developers, civic leaders, creatives, and community members—to reimagine the built environment and make it a catalyst for growth and connection. He is committed to delivering luxury experiences that serve a greater purpose, with an eye toward sustainable and inclusive development.

His leadership extends far beyond real estate. Lucas actively supports organizations such as the Pittsburgh Downtown Partnership, Washington County Chamber of Commerce, Point Park University, the Pittsburgh Film Office, the Alzheimer’s Association, and serves on the Board of Directors for St. Clair Health Foundation, helping to shape the future of regional healthcare and community access.

As founder of the Piatt Family Foundation’s Rock, Reggae and Relief Festival, Lucas has harnessed the power of live music to raise significant funds for impactful causes. Beneficiaries have included ovarian cancer initiatives, Café Momentum Pittsburgh, 412 Food Rescue, MCG Youth & Arts, and Catapult Greater Pittsburgh, among others—supporting efforts around food security, youth empowerment, education, and economic mobility.

Beyond his professional and philanthropic commitments, Lucas is a devoted family man who finds his greatest joy in spending meaningful time with his wife Renee and their children, River and Marlea. Whether attending concerts and music festivals, traveling, or sharing life’s great experiences, Lucas lives with intention and heart—always seeking to build something greater for the next generation.

TOWER 260

Office

Tower Two-Sixty, in Market Square, offers seven floors of Class A office space and an integral public parking garage offering 330 spaces. Also in the building are the Hilton Garden Inn Pittsburgh Downtown and four new local restaurants.

This LEED Certified Silver building is the first opportunity in almost 30 years for distinguished Pittsburgh businesses to take up residence in a brand new trophy building. Partnering with JLL as the anchor tenant and property manager, the building’s other tenants include Coury Financial, Merrill-Lynch, McGuireWoods, and Piatt Companies.