Washington, Pa.-based Millcraft Industries Inc. will soon begin construction on its $86 million mixed-use development in downtown Pittsburgh.
Called The Gardens at Market Square, the 18-story high-rise will be developed on Forbes Avenue, between Market Square and Wood Street. The project will replace a number of smaller buildings with approximately 100,000 square feet of office space, a 176-room Hilton Garden Inn hotel, 25,000 square feet of retail on two levels and more than 300 parking spaces.
According to the Pittsburgh Business Times, construction firm Dck Worldwide LLC will be an equity partner, builder and anchor tenant for The Gardens. The company ranks as the sixth-largest construction contractor in the region and it plans to take about 30,000 square feet of office space in the building.
Popular restaurant Burgatory recently signed a lease with Millcraft to occupy 4,200 square feet of retail space in the Gardens, and expects to open its first downtown location in the summer of 2014. It is the project’s first restaurant tenant.
According to the Urban Redevelopment Authority, The Gardens at Market Square is expected to create 230 construction jobs, approximately 800 permanent jobs and it will generate $4.3 million in annual tax revenues. Millcraft hopes to complete the project during the first quarter of 2014.
In other news, PMC Property Group has signed a sales agreement to purchase the Jackman Building at 526 Penn Avenue from Alco Parking. Financial terms have not been disclosed.
The Pittsburgh Post-Gazette reports that the only tenants of the 10-story building are Subway and Quest Diagnostics, which occupy the first floor. The rest of the building is empty since the Art Institute of Pittsburgh moved out a decade ago.
Alco Parking president Merrill Stabile told the newspaper that PMC plans to convert the upper floors into apartments, as it has done or plans to do, with other buildings it has purchased. The sale is expected to close in 30 to 60 days, marking PMC’s fifth acquisition in downtown Pittsburgh in the last two years.
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