Point Park University's $244 million academic village project has the potential to do far more than just beautify Downtown. It could add hundreds of millions of dollars to the local economy as well.

At least that's the conclusion of the Pennsylvania Economy League of Southwestern Pennsylvania, which estimated the series of initiatives -- including the move of the Pittsburgh Playhouse from Oakland to Downtown -- could result in $281 million in direct economic impact and create 3,724 jobs.

That's on top of the $244 million the school intends to spend on such projects as the playhouse relocation, the conversion of the current Downtown YMCA building into a student union, street improvements and construction of a park at the corner of the Boulevard of the Allies and Wood Street over the next seven years.

"This is a significant series of projects. It will have a significant impact in terms of job creation and spending in the region, and it will help create a vitality in this part of the city that is very much needed," Dennis Yablonsky, chief executive officer of the Allegheny Conference on Community Development, said at a briefing yesterday. The Economy League is a conference affiliate.

Of the projected $281 million in economic impact, more than $215 million will be in the form of wages; more than $50 million in rents, lease payments and other investor and property owner income; and $13 million in sales, property and other indirect business taxes.

The academic village project is expected to be completed in phases through 2015.

Aided by a $1.5 million anonymous donation, Point Park hopes to start work this fall on a park at Wood and Boulevard of the Allies. It's expected to include a water feature, seating, space for smaller outdoor concerts and perhaps food vendors.

Point Park President Paul Hennigan said the university also planned to consolidate its business school, now located in three places, into the West Penn Building on Wood this summer. It already has converted three floors of the structure purchased two years ago into classrooms.

In the fall, it expects to house another 80 students in one of the two buildings it bought on the boulevard and converted into apartments. In all, Point Park now has six residence halls housing about 1,000 students Downtown, Mr. Hennigan said.

The YMCA conversion, which is expected to include construction of an adjacent field house, and the playhouse relocation will take place in later phases.

The playhouse, to be built on Point Park-owned property on Forbes and Fourth avenues, will be the last piece completed. According to the Economy League, it also will have the biggest economic impact -- $200 million and 2,600 jobs.

Point Park has invested more than $30 million in the academic village corridor in the last year and a half, and more than $70 million over the past decade, Mr. Hennigan said.

"Our vision is to become one of the most dynamic private universities in America," he said.

The school now pays $360,000 a year in real estate taxes but that "may decrease" as the academic village takes shape depending on space use, spokeswoman Mary Ellen Solomon said. She added the project is in "too preliminary" of a stage to estimate future tax obligations.

The university is now in the silent phase of fundraising. It plans to wait until the economy improves to launch a public campaign, which could include the sale of naming rights to some buildings.

At the briefing, Point Park also announced that it had hired TKA Associates and Klavon Design to produce designs for the park, GAI Consultants to do designs for street improvements on Wood Street and Elmer Burger to serve as campus architect and planner.