Forest City Enterprises Plans New Apartments, Offices and a Hotel at Station Square in Pittsburgh
- Dec 08, 2014
Forest City Enterprises is planning to convert the east side of the waterfront Station Square complex in Pittsburgh into 300 apartments, offices and a hotel.
According to the Pittsburgh Post-Gazette, the Cleveland-based company has retained Trammell Crow Co. to develop the project, which will cover a 14-acre site on the south side of the Monongahela River. Forest City owns the land and will lease it for the new development.
Construction on the first batch of apartments is expected to begin in the spring and be complete in 2017.
The units will be included in two connected buildings of four to five stories each, with underground parking and a retail portion. The construction schedule on the remaining two phases of the development will depend on the market.
The city’s planning commission is expected to review the project this month. If approved, the new apartments would mark Forest City’s first major new development at Station Square since 2002, when the company completed a $25 million, 104-room expansion of the Sheraton hotel, along with the $25 million Bessemer Court project, which brought a Hard Rock Café to the complex, among other restaurants, as well as a fountain synchronized to lights and music.
“Forest City has renewed interest in the Pittsburgh market,” Jim LaRue, asset manager for Forest City Commercial Management, told the newspaper. “We’ve been in this market for quite a while. We disposed of the assets we wanted to get out of and we’re focused now on doing what’s best for Station Square.”
In other local news, the Pittsburgh Post-Gazette reports that the Pittsburgh Public School board has approved the sale of the Rogers School building in the city’s Garfield neighborhood for $275,000, its asking price.
The buyer, Impakt Development Inc., is planning to redevelop the property into 30 to 40 market-rate apartments.
The building, which dates back to 1915, closed in 2009, when its middle school moved to CAPA, in the city’s downtown area. It costs $39,000 a year to maintain and, so far, the district has accumulated $42,164 of debt on the property.
Photo credits: www.forestcity.net
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