Buncher’s $400M Strip District Mixed-Use Development Moves Forward
The Buncher Co. is planning to proceed with its $400 million Riverfront Landing project regardless of whether it receives permission to demolish the western end of the landmark Produce Terminal Building in the Strip District.
According to the Pittsburgh Tribune-Review, the city’s Historic Review Commission has granted preliminary approval to the designation of the terminal as a historic structure. A final decision from the City Council is expected in September. If approved, the nomination would halt the developer’s plan to tear down about one third of the terminal.
Through the demolition, Buncher’s intention was to extend 17th Street to the Allegheny River and create a public plaza on the riverfront. The company has an option to acquire the Produce Terminal from the Pittsburgh Urban Redevelopment Authority for $1.8 million.
“Whether there’s a Produce Terminal or not, there will be a road from 11th Street to 21st Street, and there will be developable parcels along the riverfront,” Buncher President and CEO Thomas J. Balestrieri told the newspaper. “When there’s an opportunity there, whether it’s an office building, or a residential building, or a hotel, or whatever the opportunity may be, we’ll move ahead with it.”
In the meantime, construction work on the $3.5 million road called Waterfront Place is under way.
Under the multi-phase Riverfront Landing master plan, Buncher is planning the development of up to 750 housing units with more than 1,000 parking spots, 800,000 square feet of office space, about 200,000 square feet of retail, and a 140-room hotel. Construction is expected to span over 10 years.
Photo credits: Wikimedia CommonsTags: Buncher Co., Commercial, Conventional - Market Rate, Developers, Development, economy, Finance/Investment, Investors, Local, Managers, multi-family, Municipal, National, Office, Owners, Pittsburgh Lead Story, Pittsburgh mixed-use, Policy, Produce Terminal Building, Professional, Regional, Residential, retail, Riverfront Landing