Construction has begun on the final phase of The River’s Edge of Oakmont, a luxury residential community in Oakmont, Penn., a Pittsburgh suburb. Brooks and Blair Waterfront Properties is building out the remaining neighborhoods and will offer single-family homes ranging in size from 2,600 square feet to 5,500 square feet.
The developer has already completed two apartment buildings totaling 85 units and has built and closed on approximately 45 homes to date. There are about 10 home sites still available for sale in previous phases, according to Brooks and Blair. The company has another 10 homes currently under construction and expects to sell out all the remaining lots in the 30-acre community within approximately three years. The land development has been completed and all lots are ready for home construction. However, due to the COVID-19 crisis, all home construction in Pennsylvania has been temporarily stopped. Brooks and Blair expects to resume construction activities possibly as soon as May when restrictions are lifted.
Development at The River’s Edge of Oakmont began in 2013. The planned community is located 25 minutes from downtown Pittsburgh in Oakmont along the Allegheny River. Each neighborhood in the community has river views. The development also has parks, walking trails, public spaces and a clubhouse with fitness center, private lounge and an infinity pool. Residents are within walking distance of restaurants and shopping and also near multiple country clubs and golf courses.
Earlier this year, Morgan Properties bought Park West 205, a 164-unit Class A community in Pittsburgh, from Madison Realty Group for $29 million. The seller developed the community, which opened in 2018. The property has four buildings with one-, two- and three-bedroom units.
In November, the NRP Group and its equity partner, The Buncher Co., broke ground on The District, a 442-unit rental apartment community in Pittsburgh. The project, featuring studio, one- and two-bedroom units, comprises the second residential phase of Riverfront Landing, a larger 28-acre master-planned development on the Allegheny River.