Gardens at Market Square Mixed-Use Development to Break Ground in July
Millcraft Investments’ plan to develop a $95 million mixed-use complex on Forbes Avenue in downtown Pittsburgh has received its final approval from the city planning commission. According to the Pittsburgh Post-Gazette, the project known as Gardens at Market Square is expected to break ground in July.
Plans call for 125,000 square feet of office space, a 197-room Hilton Garden Inn, about 25,000 square feet of street-level retail and a 335-space parking garage. Miami-based Arquitectonica is the designer of the entire complex, which comprises an 18- and 11-story structure.
In order to address concerns raised by the owners and occupants of two neighboring buildings, the developer has agreed to eliminate a garage entrance and exit on Fourth Avenue and build a small park instead. All vehicles will enter and exit the new complex at Forbes, which could become a two-way street in the near future.
Turner Construction Co. has replaced Dck Worldwide LLC as construction manager and equity partner for the project. The company will also lease between 20,000 to 25,000 square feet of space in the building. Popular restaurant Burgatory and Jackson’s Social Bar and Restaurant are also among the property’s tenants. Construction is expected to be complete by 2015.
In other news, the Pittsburgh Business Times reports that Moonbeam Capital Investments LLC of Las Vegas has acquired the Century III Mall in West Mifflin from Texas-based C-III Asset Management.
The property spreads across 86 acres and offers approximately 1.21 million square feet of gross leasable retail space. According to the 2013 Pittsburgh Business Times Book of Lists, the center ranks among the region’s largest shopping malls. Sears, Macy’s, Dick’s Sporting Goods and American Eagle are among the property’s tenants.
“We’re long-term investors not looking to flip the project at all but instead seeing how we can make it better and turn it around to be the shopping hub that it was,” Sandra O’Clock, vice president of special projects at Moonbeam Capital, told the newspaper.
Photo credits: www.millcraftinv.comTags: Development, leasing, Policy, property management, retail