Major Multifamily Development Planned at Pittsburgh Technology Center in Oakland
- Feb 23, 2015
By Adriana Pop, Associate Editor
Walnut Capital, the developer of the Bakery Square projects in Larimer and Shadyside, is proposing the construction of 352 market-rate apartments within the Pittsburgh Technology Center along Second Avenue in the city’s Oakland neighborhood.
Called Technology Center Living, the project is the result of a request for proposals issued by the city’s Urban Redevelopment Authority for the development of a four-acre parcel within the office park. According to the Pittsburgh Business Times, the URA has recently entered into exclusive negotiations to sell the land to Walnut Capital for an appraised value of $1.415 million.
If approved, the new apartment community will also offer a variety of amenities, including integral parking for vehicles and bicycles, an outdoor swimming pool, sports courts and a sun deck.
Todd Reidbord, Walnut Capital president, told the Pittsburgh Post-Gazette that he got the idea of building apartments at the site during his morning jogs along the trails in the area. He also cited the attractiveness of the project’s location, close to Downtown, Oakland and the South Side.
The developer expects to complete the new development in two phases. Construction on the first of two six-story buildings should begin in December and be complete by June 2017.
The URA-owned Pittsburgh Technology Center is a suburban-style office park built on the site of the former Jones & Laughlin Hot Mill along the Monongahela riverfront. The project emerged as one of the first major riverfront brownfield redevelopments in the city; it covers about 48 acres of land where it hosts offices, along with research facilities and laboratories belonging to the University of Pittsburgh and Carnegie Mellon University.
Photo credits: ridc.org