$113M, 495,000 sq. ft. mixed-use Bakery Square project progresses in East Liberty
| Pop City October 3, 2007 By: Jennifer Baron |
The Bakery Square development on Penn Ave. in East Liberty has completed all demolition work on a portion of the project’s three-story section, and expects to move into its next phase early in 2008. “Within the next couple of months you’ll see work begin on the existing building—cleaning brick and repairing areas. Significant construction will begin in March or April,” says Anthony Dolan with Walnut Capital. “In an ideal world, this project would be up and operating by Christmas of 2009.” The mixed-use project may feature solar power and wind turbines. “We’re looking at a myriad of LEED options, to obtain LEED certification for both the existing building and entire project,” says Dolan. “We’re looking at doing a green roof and bike path.” Project architect is Astorino; construction manager is P.J. Dick, Inc. Bakery Square will feature 216,000 square feet of office space and 135,000 square feet of retail. “We’re finalizing arrangements with two restaurants—there are four we’re targeting. The retail will be fashion oriented, home furnishings and maybe some neighborhood based,” says Dolan. “The goal is to have some found nowhere else in the city. We’re trying to bring unique tenants to the table. It should be able to command it.” The mixed-use project will also feature a 41,000 square-foot fitness facility and a 110-room Marriott SpringHill Suites hotel. Robert Rubinstein with the URA says the project's development cost is $113 million, which excludes costs to develop the hotel. The project has received historic tax credits, new market tax credits and Erect funds; equity partner is Ramius Capital. A design review with the city is set for this fall. “We’re almost there with revising our plans,” adds Dolan, who has met with Preservation Pittsburgh, Pittsburgh History & Landmarks Foundation, and a Bakery Row group spearheading the redevelopment of Penn Ave. “We’ve had ongoing meetings with ELDI—we view them as a partner.” |
