Millcraft Investments JV Plans Condos, Parking and Retail in Downtown Pittsburgh
- Feb 15, 2015
In a joint venture with McKnight Realty Partners, Millcraft Investments is proposing the construction of a mixed-use residential complex at the site of the former Saks Fifth Avenue department store in downtown Pittsburgh.
According to the Pittsburgh Business Times, the new development would bring an L-shaped structure with 77 condos above a seven-story, 590-space parking garage with street-level commercial space. Plans also call for an outdoor courtyard, swimming pool and fitness center.
Designed by Indovina Associates Architects, the new tower proposed for the western corner of Mellon Square Park will replace the now empty Saks Fifth Avenue building that fronts Smithfield Street and also include two adjoining properties. The overall cost of the project known as 350 Oliver Avenue is estimated to range between $60 million and $70 million.
A vote concerning the initial development of the parking facility is expected from the Pittsburgh Planning Commission in the next few weeks. If approved, construction on the first phase of the project could begin in April, the Pittsburgh Tribune-Review reports.
As for the residential component, called Lumiere, which is French for light, the developers have a back-up plan to switch to apartments in case pre-sales of the condo units don’t generate sufficient financing. Prices are expected to start from under $300,000 and reach an average of $400,000.
Other notable buildings around Mellon Square include the Henry W. Oliver Building, owned by McKnight, and Piatt Place, owned by Millcraft.
“The goal of the project is to integrate the architecture into a group of fantastic buildings around Mellon Square,” Ryan Indovina, the architect for the project, told the city’s Planning Commission during a recent briefing.
Photo credits: Millcraft Investments