Village Green Breaks Ground on Major Apartment Development in Downtown Pittsburgh
Village Green Cos. of Detroit recently celebrated the groundbreaking of Morrow Park City Apartments, one of the largest new residential rental buildings in the city’s East End.
According to the Pittsburgh Business Times, the $35 million project will bring 213 luxury apartments on a 1.31-acre plot at the corner of Baum Boulevard and Liberty Avenue in Bloomfield. Upon completion, the six-story building will also feature two levels of underground car and bike parking.
The Voelker family formerly owned the property, as well as an empty Goodwill store at the site, which is being demolished to make room for the new development.
Strip District-based Rycon Construction is in charge of building the approximately 209,000-square-foot complex, while HFF Inc. is arranging financing. The project is expected to be complete in about a year, with leasing starting in six months.
Village Green is also planning to develop a 264-unit apartment building and a 563-space parking garage with 12,000 square feet of street level retail space at the SouthSide Works complex on Pittsburgh’s South Side. Nationwide, the company owns and/or manages more than 130 properties in 13 states, including Chicago, Cincinnati, Dallas, Detroit, Minneapolis and St. Louis.
In related news, the Pittsburgh Business Times reports that Rycon Construction could become the builder and anchor office tenant for Oxford Development Co.’s Three Crossings project in the Strip District.
Earlier this month, Oxford Development unveiled its expanded plans for the project at the Urban Redevelopment Authority’s board meeting. Besides the originally proposed 299-unit apartment complex, revised plans also call for 250,000 square feet of office space, which brings the company’s total investment to $122 million.
Ranked as one of the region’s fastest growing companies, Rycon has begun to outgrow the 17,000-square-foot office space it owns in the Strip District. The company is currently in early negotiations with Oxford to build the Three Crossings project and lease about 25,000 square feet for its new office there.
“We just need more space,” John Sabatos, president of Rycon Construction Inc., told the newspaper. “We like the Strip District and we like to partner with Oxford.”
Photo credits: Village Green Cos.Tags: Brokers, Commercial, Consumer, Conventional - Market Rate, Developers, Development, Finance/Investment, Investors, leasing, Local, Managers, mixed-use, Morrow Park City Apartments, multi-family, National, Office, Owners, Oxford Development, Pittsburgh Lead Story, Professional, Regional, Residential, retail, Rycon Construction, Village Green Cos.