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.
“The Residences at New Granada Square is of great importance and will accelerate the redevelopment of the commercial district along Centre Avenue,” said R. Daniel Lavelle, City Councilman and URA board vice chairman. “It will also serve to support neighborhood goals of quality mixed-income housing and culturally relevant development and programming.”
The project will be developed by New Granada Square Housing LP, an entity created by the Hill Community Development Corporation and Ralph A. Falbo, Inc. The developers are planning to submit an application for Low Income Housing Tax Credits, which could generate as much as $10.8 million in support of the project.
In related news, the city’s Urban Redevelopment Authority has also approved the construction of the $11.6 million Shop ‘n Save grocery store and retail center in the Hill District.
The Pittsburgh Business Times reports that the Hill House Association has been able to close the $3.86 million funding gap for the project.
The proposed 30,000-square-foot development will offer 6,800 square feet of retail space and create more than 100 new jobs. Upon completion in mid-2013, Shop ‘n Save will be the first full-service grocery store in the Hill District in over 30 years.
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