$26M Mixed-Income Housing Project Coming to Larimer and East Liberty
- Apr 08, 2015
Pittsburgh’s Urban Redevelopment Authority is set to approve the construction of an 85-unit residential complex in an economically depressed area of Larimer Avenue and East Liberty Boulevard.
According to the Pittsburgh Post-Gazette, the upcoming project, which entails an investment of $26 million, will be developed by St. Louis-based McCormack Baron Salazar.
Plans call for a mix of townhouses and apartments across 18 buildings that will rise on 6.6 acres at the site of the former Liberty Park and Omega Place in East Liberty and the former Auburn Towers location in Larimer. There will be 17 one-bedroom residences, 47 two-bedrooms, 17 three-bedrooms, as well as four four-bedroom units.
The majority of the new homes (56, according to URA documents) will be available to lower-income residents, with rents affordable to households earning no more than 60 percent of the area’s median income. The remaining 29 units will be market-rate rentals.
This project marks the first phase of a broader $400 million neighborhood revitalization strategy in Pittsburgh. The effort is being supported by the U.S. Department of Housing and Urban Development through a $30 million Choice Neighborhoods Initiative grant Pittsburgh received last summer. Only three other cities won a federal grant out of 43 that applied.
This money will be used for the construction of 334 mixed-income rental units in Larimer and East Liberty, which would replace 155 federally subsidized residences that have become obsolete.
Out of the total $26 million needed for the first phase of the development, $5.5 million will be provided through the Choice Neighborhoods program. Meanwhile, the URA may also offer $2.1 million in loans to support the project.
Photo credits: Larimer Consensus Group