Top 5 Multifamily Projects Under Construction in Pittsburgh
- Oct 26, 2020
Multifamily development in Pittsburgh is maintaining its steady pace, despite last spring’s halt on nonessential construction. The pipeline included close to 2,000 units underway across 10 properties as of September, Yardi Matrix data shows. Three multifamily projects totaling 674 units were completed year-to-date through September, with the largest one being High Street Residential’s 319-unit Glasshouse.
Despite a slowdown in construction activity, developers are striving to meet development timelines. As a result, five communities encompassing 691 units are expected to come online by year-end. The largest assets are taking shape in downtown Pittsburgh, where half of the active pipeline is concentrated. Many of these represent adaptive reuses or redevelopments that recall the metro’s industrial fiber. We broke down the largest communities under construction in the metro as of September, based on Yardi Matrix data.
5. The Flats at Summit Station
In February 2019, T&R Properties broke ground on The Flats at Summit Station, a 180-unit community in South Park, Pa., expected to come online in the last quarter of 2020. The property features one-, two- and three-bedroom units ranging in size between 670 and 1,406 square feet. Fifth Third Bank is funding the construction with a $25.9 million loan.
Located on 88 acres at 3001 Perimeter Blvd., the $100 million project sits close to a light rail station. The Flats at Summit Station is being built on the site of a former research and development facility occupied by Consol Energy until 2016.
4. Connection @ South Side
TWG Development’s Connection @ South Side is an upcoming 280-unit, partially affordable community in Pittsburgh’s Southside neighborhood. Designed by Fifth Dimension Architecture & Interiors, the property will encompass six stories of one- and two-bedroom units placed over a concrete podium and amenity area. The development broke ground in October 2019, with completion scheduled for the second quarter of 2021. A $42.2 million construction loan was funded by M&T Bank.
The $56 million project is taking shape at 2984 Sidney St., within the 123-acre SouthSide Works, a riverfront brownfield redevelopment sitting along the Monongahela River, where a steel mill once stood. SouthSide Works will also include commercial space, a marina and a park.
3. Kaufmann’s Grand on Fifth Avenue
The 311-unit Kaufmann’s Grand on Fifth Avenue is another community taking shape in downtown Pittsburgh. Upon completion, expected at the end of 2020, Core Realty’s project will include studios, one- and two-bedroom units ranging in size from 427 to 1,220 square feet, a hotel and 13,000 square feet of retail.
Kaufmann’s Grand on Fifth Avenue represents the adaptive reuse of a department store building originally completed in 1877. It is located at 400 Fifth Ave., close to PPG Paints Arena, PNC Park and Heinz Field. M&T Bank provided a $57 million construction loan.
2. Arsenal 201 Phase II
Milhaus is currently developing Arsenal 201 Phase II, a 343-unit community in Pittsburgh’s Lawrenceville neighborhood. The development team includes PVE, Dwell Design Studio as architect and Franjo Construction as builder, while a $75 million construction financing was arranged by CrossHarbor Capital Partners, Citizens Bank, First Merchants Bank and Commonwealth Bank. Upon completion, scheduled for the summer of 2022, the property will include studios, one-, two- and three-bedroom units, and 445 parking spaces.
Phase II is being built at 147 39th St., on the site of the former Civil War arsenal. It sits in the RIV District, which is subject to a new zoning overlay that promotes Pittsburgh’s inclusionary zoning goals and need for affordable housing. As a result, 45 units of the project will be designated as affordable.
1. The District
The largest property on the list is The District, a 443-unit community in downtown Pittsburgh. NRP Group teamed up with The Buncher Co. to develop it in November 2019. Completion is scheduled for the second quarter of 2022. The project features a mix of studios, one- and two-bedroom floorplans, offering views of the city’s skyline, the Allegheny River and the iconic Strip District, dubbed the metro’s tech hub.
Located at the corner of 21st Street and Waterfront Place, the asset is part of a larger 28-acre master-planned development encompassing more than 800 residential units and townhomes, and one million square feet of office, retail and hotel space.