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Development Updates in Pittsburgh:
Despite the fear of inflation and rising interest rates, Pittsburgh’s real estate market continues to grow steadily. Over eighty large construction projects across several asset classes are on the horizon, including office, mixed-use, retail, hotel, residential, hospital, and multifamily developments. A $5 billion investment will also fund the construction of over 1,000 new housing units this year and 3,000-4,000 over the following years. Projects will span Pittsburgh’s Strip District, Oakland, Downtown, Uptown, Lawrenceville, Shadyside, and East Liberty. Read more about what’s to come below.
New Development in Moon Township
Philadelphia’s Alpha Residential is planning a 300-unit apartment project for the Parkway West community of Moon Township, including townhouses. The firm recently closed on a 24.7-acre lot on Marketplace Boulevard, a master plan district in Moon Township, for the development. The project marks the beginning of Alpha Residential’s plans for the area as the firm waits for approval for multiple projects nearby. In tandem, Burns and Scalo Real Estate is working on a 500,000 sq. ft. office building near several shops and restaurants in Moon Township. Together, these projects promise to transform the area into a hub for community life, shopping, and recreation.
The Standard on Fifth
Beacon Communities and Uptown Partners plan to develop a 51-unit multifamily building in a 20,000 sq. ft. lot on Fifth Avenue. Beacon was awarded a 9% Low Income Housing Tax Credit to finance the $20 million five-story project. Construction is slated to begin later this year.
Tag(s): Pennsylvania Digest
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