SouthSide Works Apartments Coming as Restrictions End
In a couple of years, the SouthSide Works riverfront could welcome nearly 400 new apartments. According to the Pittsburgh Post-Gazette, three residential projects are about to break ground in this area of the city.
One of the new developments is slated to rise on a 2.5-acre parcel at Sidney and South 26th streets. Earlier this month, the development team comprised of the Soffer Organization and Village Green Development Holding LLC received approval from the Urban Redevelopment Authority (URA) to purchase the site for $425,000 per acre. The $50 million, six-story complex is expected to break ground next spring and bring more than 260 market-rate apartments. Plans also call for up to 12,000 square feet of retail space and a fifth URA parking garage.
The URA has also green lighted Ralph A. Falbo Inc.’s plan to convert a proposed townhouse development on South Water Street into a four-story market-rate apartment community featuring 56 one-bedroom units. The board has agreed to sell the site of the development for $237,300. Construction on the $10 million residential building is expected to begin before winter or in early spring and take up to a year to complete.
Meanwhile, Oxford Development Co. is proposing an eight-story, 173-unit apartment building at Sidney and Hot Metal streets (pictured). The $31.5 million development would include a gym and two levels of parking for vehicles and bicycles. The project is expected to break ground this fall and be completed by the spring of 2015.
Apartment development at the 123-acre SouthSide Works site along the Monongahela River had been restricted for a decade. Last year, the URA paid Nationwide Realty Investors $500,000 to be released from a 2002 agreement that prevented residential construction at the complex.
“We’re finding that when we lift restrictions on rental housing in places like the South Side, there’s a market demand as well,” URA board chairman Yarone Zober told the Pittsburgh Post-Gazette.
Photo credits: www.oxforddevelopment.comTags: Consumer, Conventional - Market Rate, Developers, Development, economy, Finance/Investment, Investors, leasing, Local, Managers, multi-family, National, Owners, Oxford Development, Pittsburgh apartment, Pittsburgh Lead Story, Policy, Professional, Ralph A. Falbo, Regional, Residential, Soffer Organization, SouthSide Works, Village Green Development Holding