Financing is complete for Downtown Pittsburgh’s first mixed-income residential development. Located at 137 Seventh St., the $16 million Century Building has been approved for $515,155 in Affordable Housing Tax Credits from the Pennsylvania Housing Finance Agency.
The 78,000 square-foot, 12-story property will feature 60 units, including 565 square-foot loft studios and one- and two-bedroom apartments ranging in size from 700 to 1,020 square feet. Rents will range from $450 to $1,250 per month, depending on income level.
“What the Cultural Trust has done in the last 10 years has set the stage for this. We did 900 Penn Avenue and then Penn Garrison and that was all part of it. We saw where the greatest need was,” says William Gatti with TREK Development Group, who purchased the building for $3 million. “It was still theoretical until the building came along. It’s very difficult to find the right building Downtown for residential. It’s about price, location and physical make-up. This building had all of the ingredients and a motivated seller.”
TREK, who will manage the property, will move its offices to the building's third floor, which will also include a business center, gym and management office. The second floor will house commercial tenants. Santa Monica-based Koning Eizenberg Architecture is working on the project with Pittsburgh-based architects Mike Eversmeyer and Jason Roth. The project, which will feature a deck and green roof, will seek LEED-Silver certification.
The project also received $3.2 million from the Pittsburgh Cultural Trust, $2.3 million from the URA, $2.3 million from the Strategic Investment Fund, and $750,000 from Allegheny County Economic Development. Construction will begin during the spring of 2008. Units will be ready for occupancy during the first quarter of 2009.
Source: PopCity Media