Shaner Group Restarts Foreclosed O’Hara Condo Development
- Aug 13, 2012
State College-based Shaner Capital LP has restarted a 53-unit condominium project in the Allegheny riverfront development of Chapel Harbor in O’Hara Township.
The former Marbella project was stalled after its original developer, the Zambrano Corp., filed for bankruptcy in 2009. The Pittsburgh Post-Gazette reports that the Shaner Group acquired the foreclosed property last year for about $7 million and will spend another $8 million to complete the project, which it renamed Chapel Pointe.
Construction is under way on the first phase of the development which includes the completion of 23 units. Six condos in the five-story building have already been occupied and 24 more are planned for a second phase. The units will range in size from 1,407 square feet to 4,202 square feet, with prices going from $325,200 to $880,400. Amenities include two parking spaces and a storage locker for each unit, a fitness center, a private grilling area and gazebo, as well as the Chapel Harbor walking trail and river park.
In other news, the City of Pittsburgh plans to apply for a $2 million grant from the U.S. Economic Development Administration to help finance infrastructure costs for the $120 million Bakery Square II development in the city’s East Liberty neighborhood.
According to the Pittsburgh Business Times, Mayor Luke Ravenstahl is pursuing a process in which the Urban Redevelopment Authority would serve as funding administrator and co-applicant with the Department of Public Works.
Proposed by Walnut Capital Partners, Bakery Square II is expected to replace the former Reizenstein School with more than 400,000 square feet of office and retail space and 90 new homes. The development would generate $1.7 million in new tax revenue and create more than 1,000 jobs.
Walnut Capital Partners also completed Bakery Square at East Side, the $130 million mixed-use redevelopment of the 1900-era Nabisco bakery in Larimer. The LEED platinum building is fully leased and serves as Google’s regional offices.
Photo credits: Howard Hanna Condominium Division