Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

City Officially Acquires Property in Hays for Park

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

City Officially Acquires Property in Hays for Park

Article excerpt

As of Thursday, Pittsburgh officially has a new park.

The city and Pittsburgh Development Group II have completed the transaction of 660 acres in Hays that it plans to turn into the city's largest park, the mayor's office announced.

The announcement was made after negotiations were completed by Mayor Bill Peduto, the city's Urban Redevelopment Authority and the development group.

"This tremendous gift - one of the largest ever to Pittsburgh or any other city - is a perfect way to further celebrate the city's 200th birthday," Mr. Peduto said in a statement. "It will preserve hundreds of acres of untouched urban forest for generations, and underscore the city's ongoing work to preserve and protect our environment."

The URA authorized a $5 million payment to secure the property last month. The mayor's office said the property was acquired "far below" the market value of the mineral rights, the value of the land itself, and the $15 million that Pittsburgh Development Group II had invested in the site. …

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