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Concord Eastridge Gets $460M Riverfront Nod

PITTSBURGH-The Pittsburgh Cultural Trust picks a team assembled by Concord Eastridge to redevelop the six-acre site along the Allegheny. The project includes 700 residential units and 159,000 sf of ground-floor retail.

By Marita Thomas | Updated on July 10, 2006

PITTSBURGH-Following a 12-month review of a dozen proposals, the Pittsburgh Cultural Trust has awarded the city’s largest Downtown residential redevelopment project to a team led by Concord Eastridge, based in Washington, DC and Phoenix. Called the Cultural District Riverfront Development, it is a six-acre component of the 14-block Downtown Cultural District that is bordered by Fort Duquesne Boulevard, Penn Avenue and Seventh and Ninth streets overlooking the Allegheny River.

The estimated cost of the project is $460 million. Groundbreaking of the opening phase is scheduled for mid-2007, and completion of the entire project is expected within seven to 10 years. The redevelopment encompasses an aggregate of 700 residential units in a mix of high-rise, mid-rise and townhouse structures and approximately 159,000 sf of retail, primarily on the ground floors of the residential buildings. Residential condos will range from 700 sf to 3,200 sf, and the townhouses will range from 1,400 sf to 2,400 sf.

“One goal is to attract a permanent downtown population,” Susan Eastridge, CEO of Concord Eastridge, tells GlobeSt.com. “So the initial 250 residential units will be for sale. The pro forma calls for all for-sale units, but some in future phases may be rental.” Firm pricing for the residences will be finalized within two months and sales will begin in January, she says.

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