(Read more on the multifamily market.)
[IMGCAP(1)]PITTSBURGH-DOC-Economou has unveiled plans for a four-block mixed-use complex to occupy the former Don Allen Auto City site and a few contiguous parcels at Baum and Liberty avenues. John Economou, a principal, tells GlobeSt.com the company paid $18 million for the land, which is slightly more than seven acres, and the all-in cost of development is projected at $230 million.
[IMGCAP(2)]The plan calls for more than 400,000 sf of retail, 150 residential condos, a 120-room hotel and 300,000 sf of office, including medical facilities. Economou says the complex is split along four individual blocks, and the buildings will range from two to nine stories tall. Moving from west to east, one block will have a six-story office building with ground-floor retail; the next will have a nine-story hotel, which may include several floors of retail and residential condos; next comes additional condos and retail, capped by a five-story office, residential condo building on the eastern-most block.
Phil Hugh, also a DOC-Economou principal, tells GlobeSt.com, "the sizes and prices of the multifamily condo spaces is still being determined. It will be a mix of moderate price to high-end luxury," he says, and estimates the prices in that market range between about $270 per sf and more than $400 per sf. DOC-Economou's marketing partner for the residential component is Howard Hanna Real Estate, which is based here and has offices throughout the tri-state area.
The retail component will include a combination of "restaurants and local and national boutique-type retailers," Economou says. "We're not looking for a big box." Locally based Langholz-Wilson Ellis Inc. is handling the commercial marketing effort.
"We're in discussion with a lot of different hotel franchises," Economou adds. "It will be upper end, mid or even extended-stay." The inclusion of medical office space is designed to meet demand for the several neighboring hospitals, and the office space may be office condo or straight rental, according to Economou.
DOC-Economou, which has offices in suburban Wexford, PA; Chicago and Fort Meyers, FL, is a full-service developer with in-house capabilities, including architecture, design, construction and management. It is also the developer of the Southside Works mixed-use complex here and will manage it along with the entire Baum-Liberty project. Demolition at the former auto dealership site will begin within months, and the complex will be developed in four or five phases with completion scheduled within 48 months.
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