Major Development Opportunity in Pittsburgh Sparks Unexpected Interest

The new office, hotel and retail complex Carnegie Mellon University (CMU) intends to build near its campus on Forbes Avenue has drawn quite an interest from a large number of developers.

 

The new office, hotel and retail complex that Carnegie Mellon University (CMU) intends to build near its campus on Forbes Avenue has drawn quite an interest from a large number of developers.

The facility, which could reach up to 425,000 square feet of space, is part of the university’s strategy to transform this part of Pittsburgh into a world-famous innovation hub that could attract major companies such as Apple, Google, Microsoft or Disney. The expansion could total up to 750,000 square feet of new development over the next five years.

CMU has retained JLL to market the upcoming complex, which will reside on two acres of university-owned land between the Carnegie Museums and Junction Hollow near Craig Street.

Upon completion, the development will be the second-largest structure on CMU’s campus. Besides the new lodging facility, it will provide office space for industry, government and nonprofit partners, as well as flexible research space for student, faculty and staff collaboration, a parking garage, a retail portion and a conference center.

This project emerged in response to the interest many companies have expressed to be closer to CMU, which is renowned for its technology research, as well as for its talented and ambitious faculty staff and students.

JLL has formally issued a request for proposals that is due on Friday, June 5. According to the Pittsburgh Business Times, about 20 companies have shown an initial interest by attending a forum about the proposed development. CMU expects to announce the selected partner(s) later this year.

 

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