Multifamily news in Marketing - Pittsburgh
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Pittsburgh’s Liberty Center Complex Sells for $135M
Forest City Enterprises, Inc. and its partner, Jos. L. Muscarelle, Inc. have completed the sale of the Liberty Center complex in downtown Pittsburgh’s “Golden Triangle”. A subsidiary of Starwood Capital Group of Greenwich, Conn. acquired the property for $135 million. The transaction generated net cash proceeds, at Forest City's share, of approximately $30 million.
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Village Green Joins Soffer to Develop New Apartments in Pittsburgh’s SouthSide Works
The Soffer Organization has partnered with Village Green Associates of Detroit to develop a new apartment building in the city’s SouthSide Works. The Pittsburgh Business Times reports that the structure would include between 215 and 262 one- and two-bedroom residences.
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New Mixed-Use Neighborhood Development Coming to Pittsburgh’s Hill District
The city's Urban Redevelopment Authority has approved a $16 million residential and retail development for the historic New Granada Theater Block in the Hill District. The Residences at New Granada Square is a project that involves the construction of a mixed-income, mixed-use building on a vacant site between Wylie and Centre Avenues. The U-shaped structure will offer 16 two-bedroom apartments and 35 one-bedroom units. Out of a total of 51 apartments, 42 units will be affordable to households with incomes at or below 60 percent of area median income; the rest will be rented at market rate. Plans also call for 7,200 square feet of retail space, approximately 25 on-site parking spots and a courtyard.
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Construction to Begin on Pittsburgh International Business Park
Developers have broken ground on two buildings that will anchor the Pittsburgh International Business Park on Cherrington Extension Parkway in Moon Township. The single story brick and glass facilities will each offer 53,000 square feet of high end Class A office space. The Pittsburgh Tribune-Review reports that Columbus, Ohio-based Continental Real Estate Cos. and Cranberry-based Chaska Property Advisors Inc. will spend between $12 million and $15 million on the construction of the two facilities. Upon completion in the summer of 2013, mortgage services company ServiceLink will move into the buildings with approximately 700 employees.
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Chatham University to Start Construction on Green Academic Community
Chatham University has broken ground on the Eden Hall Campus, the first academic community in the world built from the ground up for sustainable development, living, and learning. Located in Richland on a 400-acre site once called Eden Hall Farm, the facility will be the second residential college campus in the North Hills of Pittsburgh and the first university in Northern Allegheny County. The institution has hired world-renowned Andropogon and BNIM to develop the Eden Hall master plan, while architecture firm Mithun will be in charge of building design. The project consists of an estimated $40 million investment in a carbon neutral, zero-net energy facility that will include high performance green buildings and the latest in sustainable land, energy, and water management techniques.
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Action Housing Develops Western Pennsylvania’s First Passive House
by Adriana Pop, Associate Editor Action Housing Inc. is developing the first Passive House in western Pennsylvania. Passive Houses are extremely energy efficient buildings that save space heating costs while preserving high indoor air quality. The 1,800-square-foot home will be developed according to Passive House standards, a German system of constructing airtight buildings that need little or no [...]
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Healthcare Trust Buys Medical Office Building for $54M
by Adriana Pop, Associate Editor Healthcare Trust of America recently purchased the eight-story Penn Avenue Place office building for $54 million. According to the Pittsburgh Tribune-Review, the seller is Penn Avenue Place Associates LP, led by Steven J. Guy. Healthcare Trust of [...]
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Dickie & McCamey Renews Lease at PPG Place
By Liviu Oltean, Associate Editor Dickie & McCamey has decided to renew the lease at PPG Place by 10 years. As reported in November by the Pittsburgh Business News, the law firm’s 10-year lease was set to expire in 2014, and the firm [...]
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Redevelopment Authority Sells Fifth and Forbes Lots to Millcraft for $2.43M
By Liviu Oltean, Associate Editor The Urban Redevelopment Authority (URA) has voted and agreed to sell seven lots near Forbes Avenue to Millcraft Industries. The 37,000-square-foot tracts were sold to the Washington-based company for $2.43 million. The Pittsburgh Business Times reports that [...]
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Brown Shoe Announces Closings for More than 140 Famous Footwear Stores Nationwide
By Liviu Oltean, Associate Editor Brown Shoe Co. said it is planning to close about 140 Famous Footwear stores nationwide in the near future. The decision was motivated by unsatisfactory performances in various locations, and it will be enacted in spite of [...]
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RMU Purchases the Holiday Inn Pittsburgh Airport for Student Housing
By Liviu Oltean, Associate Editor Robert Morris University has acquired the Holiday Inn Pittsburgh Airport. According to the Pittsburgh Business Times, RMU will initially use the hotel for student housing, ultimately planning to convert the hotel into a residence hall. The [...]
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Starpointe Business Park Breaks Ground for Second Phase
By Liviu Oltean, Associate Editor Fourth River Development LLC has begun the second phase of construction on the Starpointe Business Park site entailing the development of a 100-acre portion of the land, the Pittsburgh Business Times reports. Starpointe representatives hope to offer space [...]