Pittsburgh Cultural Trust Selects The RiverParc Team
as a Partner to Design and Develop
the Nation's First Green, Mixed-Use,
Arts/Residential Development

Concord Eastridge Will Manage the $460 Million Project,
Pittsburgh's Largest Downtown Residential Development to Date

PITTSBURGH (July 10, 2006) - The Pittsburgh Cultural Trust today successfully completed a 12-month process to determine a winner for its Cultural District Riverfront Development and Design Competition, culminating more than 20 years of effort by the Cultural Trust. The Trust announced the selection of the RiverParc team-led by master developer Concord Eastridge Inc., and a world-class design team comprising Behnisch Architekten, architectsAlliance, Gehl Architects, Transsolar and WTW Architects-as the Trust's partner in the design and development of the six-acre site. The Urban Land Institute has called this project one of the most significant urban planning developments in the nation.

The $460 million project, bounded by Fort Duquesne Boulevard overlooking the Allegheny River, Penn Avenue, and Seventh and Ninth streets, will be the country's first master-planned "green," mixed-use, arts/residential neighborhood, providing approximately 700 new residential units and 9,200 jobs for the region.

"The Riverfront Development has a scope and magnitude unparalleled in the Cultural Trust's history," said the Cultural Trust's Chairman James E. Rohr, and Chairman of the Allegheny Conference on Community Development. "The economic impact of the project will exceed $1 billion, bringing Pittsburgh one step closer to the vision set forth by Jack Heinz in the 1960s to transform an abandoned downtown into one of the nation's leading urban arts and residential centers."

Susan Eastridge, CEO of Concord Eastridge, noted, "After months of careful planning and creative development sessions, we are very pleased to join the Trust on this critical piece of downtown Pittsburgh's Cultural District. Our breadth of experience in developing innovative mixed-use facilities combined with the Trust's vision for the Cultural District Riverfront Development will produce a vibrant mixed-use urban arts community based on an excellent master plan from the inception."

Launched in the summer of 2005, the distinctive competition process included an invited request for qualifications from more than 100 interested developers, architects, artists and design professionals from the United States and abroad. After conducting extensive evaluations and interviews in Pittsburgh, the Cultural Trust honed the list to three teams that proceeded to the final round of competition, narrowing the field to one winner with the guidance of a distinguished panel of local, national and international jurors.

At the conclusion of the deliberations, juror Robert Campbell, architect and Pulitzer Prize-winning architecture critic of the Boston Globe, praised the way Concord Eastridge and its design team "dealt intelligently with every significant urban-design issue." The jury was particularly impressed by the cohesiveness and collaborative spirit of the entire design, development and financing team. Campbell added that the Cultural Trust's competition process and outcome were outstanding.

The RiverParc team, led by master developer Concord Eastridge of Washington, D.C., and Phoenix, includes:

• A world-class design team, headed by Behnisch Architekten of Stuttgart, Germany, including architectsAlliance of Toronto; master planner Gehl Architects of Copenhagen, Denmark; and WTW Architects of Pittsburgh
• Climate engineer Transsolar of Stuttgart, Germany
• Civil engineer Gateway Engineers of Pittsburgh
• General contractor Turner Construction of Pittsburgh
• Project financier Merrill Lynch of New York
• Retail advisors S. Hamilton Group LLC of Washington, D.C.
• Legal advisors Keevican Weiss Bauerle & Hirsch LLC of Pittsburgh
• Parking advisors Walker Parking Consultants of Denver
• Residential sales specialist Howard Hanna Real Estate Services of Pittsburgh

Thomas L. VanKirk, project chairman of the Riverfront Development, said, "The Trust's Executive Committee and Cultural District Design Committee are very pleased with the results of our competition process. The creative concept introduced by the Concord Eastridge team is highly impressive and promotes a vibrant, sustainable community core that is anchored with diverse residential offerings."

In attendance at today's press conference, Allegheny County Chief Executive Dan Onorato, commented, "The Pittsburgh Cultural Trust's extraordinary vision, leadership and dedication to our region have played an instrumental role in the dramatic renaissance of our downtown."

"The Cultural Trust has become an international model for revitalizing the downtown core with its unique mix of performing and visual arts, education and community programs, collaborative shared services and real estate projects," noted the late Pittsburgh Mayor Bob O'Connor. "This is a grand-scale project that has critical importance to the future economic vitality of Pittsburgh."

The vision for the Cultural District Riverfront Development provides an essential component to Pittsburgh's 14-square-block Cultural District. The plan includes seven new residential buildings, a street of townhouses, a four-star hotel and a performing arts venue. Retail will be located on the ground floors and will occur throughout the development, and new parking structures will provide an additional amenity for the area.

A key component of the Concord Eastridge plan calls for LEED-certified and environmentally sensitive buildings, numerous parks and green spaces both inside the buildings and in the public realm, vertical winter gardens and roof terraces, and the addition of Three Sisters Gallery. The new park proposes an innovative capping of the highway between the Three Sisters Bridges, which would establish a park to cover the 10th Street By-pass facing the riverfront. It will provide an important connection to the river and offer multiple athletic, recreational and vending opportunities to service river-goers. The Three Sisters Gallery could also include a multi-use floating stage for special events.

"We have a lot of work ahead of us," concluded J. Kevin McMahon, CEO and President of The Pittsburgh Cultural Trust, "but with the proven determination of our trustees and generous support of our many funders-such as The Heinz Endowments, Claude Worthington Benedum Foundation and Richard King Mellon Foundation, among others-the Cultural District is poised to be a one-of-a-kind destination attracting positive, international attention for the city. In addition, the project will further enhance the cultural environment for residents, visitors and members of fellow arts organizations."

This fall, the design process will include public forums with the Cultural District Riverfront Development architecture team to engage residents, artists and members of community organizations.

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THE PITTSBURGH CULTURAL TRUST

The Pittsburgh Cultural Trust was incorporated in 1984 as a 501(c)3 organization created to lead the cultural and economic development of downtown Pittsburgh. Using the arts as a catalyst, the Trust's board and staff have pursued the late Jack Heinz's original vision of creating a dynamic Cultural District and have since developed an internationally recognized model that is revitalizing downtown, improving the regional economy and enhancing Pittsburgh's quality of life. With a 2008 budget of $43 million, the Trust is one of the largest nonprofit arts and cultural organization in the Commonwealth of Pennsylvania. For more information, call (412) 471-6070 or visit www.pgharts.org.

CONCORD EASTRIDGE INC.

Concord Eastridge is an experienced national real estate development firm focused on the financing and development of mixed-use, institutional and education related facilities and investment real estate. The senior leadership team of Concord Eastridge is staffed by interdisciplinary professionals with more than 250 years of collective experience in the execution of more than $7.5 billion in real estate development projects and real property transactions. The company operates on a national platform with offices in Washington, D.C., Los Angeles, Orlando, Austin and Phoenix. For more information, call (866) 266-1999 or visit www.concordeastridge.com.