East Liberty's Bakery Square project will receive $10M

The Bakery Square project in East Liberty received a major financial boost Thursday, with approval of $10 million in tax-exempt financing by the city Urban Redevelopment Authority for development of the 6.5-acre former Nabisco plant site.

The approval is the first step toward final approval of the financing. City Council, the Pittsburgh Public Schools board and Allegheny County Council also must approve the plan, which is expected to occur this year.

Todd Reidbord, a partner of Walnut Capital in Shadyside, said groundbreaking for the $113 million project could happen in February or March.

He said although a local hotel developer, Concord Hospitality, is interested in developing a hotel just outside the property, it would not be part of the tax-increment financing plan. Such financing, known as a TIF, allows a government entity to borrow money to help pay for a project, and then redirect property taxes generated by that development to pay down the debt.

Reidbord said negotiations are under way with potential tenants, but declined to identify them.

The Bakery Square plans call for new and renovated retail space, along with office space, and an 850-car parking garage.

Negotiations are ongoing with the Port Authority to establish a station opposite the development, on the East busway.

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