Penn Ave. apartment project kicks off

But this building and other "slivers" like it could hold the key to unlocking a Downtown housing revival. Turning such abandoned architectural relics into livable spaces, however, requires uncommon cooperation among banks, government, local foundations and developers.

Work begins in a few months on transforming 905 Liberty into eight residential lofts with a ground-floor retail space where a Chinese restaurant once operated - a space that would be ideally suited for a coffee shop or deli.

At a kick-off ceremony for the project Thursday, Kevin McMahon, president of the Pittsburgh Cultural Trust, said success of such projects will be decisive in building momentum for larger, new housing developments on Cultural Trust-owned property now serving as parking lots along Ft. Duquesne Boulevard.

"This is just another indication that Downtown housing is feasible and that there is a demand. Each project like this - the Penn Garrison, the Bruno Building, 900 Penn Avenue - adds to our ability to attract the highest quality developers to our sites on Ft. Duquesne," McMahon said, referring to other completed loft housing projects in the Cultural District, the most recent of which, the Penn Garrison, is in the process of leasing 120 units at 911-915 Penn Ave.

All of the projects McMahon referenced share a common development team cobbled together to ensure their viability.

The same is true for 905 Liberty.

The project at its heart is a collaboration between the Pittsburgh Housing Development Corp., an arm of the Urban Redevelopment Authority established in 1995 to manage housing development in the city, and No Wall Productions Inc., a development firm led by Eve Picker.

Picker said that although the units won't be complete until next summer, there already is a waiting list to get in.

For two years, the Housing Development Corp. and Picker negotiated for the purchase of the building. To buy the building, the URA and the National City Community Development Corp., a division of National City Bank, stepped in.

PNC Financial Services Group followed with a $1 million loan and a $365,000 equity investment through PNC Community Partners Inc., a newly formed subsidiary, to help cover the project's $2.3 million development cost.

To put the project over the top, the URA contributed $615,000 and the R.K. Mellon Foundation and an anonymous donor chipped in another $300,000.

The project will also enjoy a tax abatement program available in the city's Downtown, Uptown, the Strip District and First Side sections whereby property taxes are deferred on a sliding scale over 10 years.

• Most Read
• Most E-mailed
• Latest News