Oxford Development Unveils Redevelopment Options for 350 Fifth Avenue
- May 30, 2012
by Adriana Pop, Associate Editor
Oxford Development Co. announced plans for the redevelopment of its six-story building at 441 Smithfield Street, one of the company’s owned assets. Rebranded as 350 Fifth Avenue, the new Class A office property will feature upscale retail and restaurant space.
In order to better suit market demands, Oxford has invested in the conceptual design of two projects. The first option, 350 Fifth High-Rise, entails the development of a new 33-story, 772,000-square-foot office tower. Designed by Green Tree-based DLA+ Architecture & Interior Design, the project is expected to cost $238 million and create 450 permanent jobs. At a minimum, it would accomplish LEED Silver designation and explore elements of alternative energy, such as photovoltaic generation and geothermal access. The high-rise will include 41 spaces of underground parking and a ground floor that allows for a wide sidewalk, a mini park, and urban dining establishments.
The second option involves extensive renovations to the existing space. 350 Fifth Renovation will feature 180,000 square feet of Class A office space, open floor plans, a roof-top deck and a complete redesign of the ground floor retail and restaurant area. The project would accomplish LEED EB (Leadership in Energy and Environmental Design for Existing Buildings) Certification. It is expected to cost $40 million and create 125 permanent jobs.
According to the Pittsburgh Business Times, the office tower should be completed in 2015 or 2016, while the renovation could be finished in 2013 or 2014. The decision will depend on whether a key anchor tenant steps forward to make the new office tower financially feasible.
“As we mark our 50th year in Pittsburgh, Oxford wants to continue the renaissance of this iconic downtown corridor started by PNC with the Tower at PNC Plaza. We are committed to an aggressive project start date and construction schedule,” said Steve Guy, president and CEO of Oxford Development Co.