Another new apartment building (possibly) coming to Centre Avenue... (Pittsburgh: apartments, rental market)

[eschaton]

Looks like a new 150-unit apartment building on Centre is being mooted.

I feel bad about posting entire articles behind the PBT paywall, so to summarize:

1. 150-unit structure will have six stories (83 feet), mix of studios, one and two bedrooms, 145 parking spaces, and about 4,500 square feet of retail space.
2. Location is here. Existing vacant two-story building (which has some charm) to be razed.
3. Still in feasibility study right now.
4. Expected to be market rate starting at $1,200.
5. Variances will be needed for height if nothing else (since UNC only allows four stories in that area).
6. Design will apparently have black and red facade and floors that terrace back from the street (so way less bland than the neighboring Coda on Centre)

[xdv8]

I read this last night. At first I was surprised that there was still any apartment building momentum left in the East End because oversupply/lagging demand and the visible shift to office builds by the developers that are already familiar with Pittsburgh. But it appears there are more out of state developers who "follow-on" once an area's development matures?

[eschaton]

Originally Posted by xdv8

I read this last night. At first I was surprised that there was still any apartment building momentum left in the East End because oversupply/lagging demand and the visible shift to office builds by the developers that are already familiar with Pittsburgh. But it appears there are more out of state developers who "follow-on" once an area's development matures?

My understanding is while the Pittsburgh rental market is softening in general, the vacancy rates in these new apartment buildings are still very, very low, which means they are still economically viable.

The Baum-Centre corridor still has a ton of junk, so there's plenty of room to grow. I hope to live to see it filled with mid-to-high rise apartments and office buildings all the way from Oakland to East Liberty. Way too much random single-story retail crud is being built even today.

[WhoIsStanwix?]

Who is the developer for the project?

[eschaton]

Originally Posted by WhoIsStanwix?

Who is the developer for the project?

Some Denver-based company named Clark Street Investment Partners. Oddly nothing turns up when I google them with that name based in Colorado, though there is a Chicago developer with a similar name. Maybe the PBT has some wrong information.

[gladhands]

I think Pittsburgh is still really lacking in the $1200-1800 apt range. So many of the new building seem to be $2000 plus. I think this could be viable.

[Geeo]

Great density building up in the Baum-Centre corridor. I would also like to see more of this, like Escahton said, all the way from Oakland to East Liberty. It's mostly withing walking distance of two busway stations, good bike access, and people are flocking to the area, many from other cities. Plus more new apartments means that rents can come down in the older buildings, making them affordable for more people.

[SteelCityRising]

Originally Posted by eschaton

My understanding is while the Pittsburgh rental market is softening in general, the vacancy rates in these new apartment buildings are still very, very low, which means they are still economically viable.

The Baum-Centre corridor still has a ton of junk, so there's plenty of room to grow. I hope to live to see it filled with mid-to-high rise apartments and office buildings all the way from Oakland to East Liberty. Way too much random single-story retail crud is being built even today.

1.) The Refinery Condos, which are still under construction in the Strip District (between DiAnoia’s and Edgar’s), have already sold 11 high-end units. I think 1627 on the Strip is doing well, too.

2.) By “random single-story retail crud” do you mean like the proposal to demolish the Albright Church for a drive-through Starbucks? I still don’t understand why Starbucks won’t build a drive-through location in the Upper Strip near 28th & Penn—walkable to Lower Lawrenceville, Polish Hill, and the Strip and on the way for many commuters.

Originally Posted by Geeo

Great density building up in the Baum-Centre corridor. I would also like to see more of this, like Escahton said, all the way from Oakland to East Liberty. It's mostly withing walking distance of two busway stations, good bike access, and people are flocking to the area, many from other cities. Plus more new apartments means that rents can come down in the older buildings, making them affordable for more people.

I live in a sh*tty old Pittsburgh apartment, and despite supply growing and demand slackening my rent has still been increasing. I don’t think there’s such a thing as “rents coming down”.

[eschaton]

Originally Posted by SteelCityRising

2.) By “random single-story retail crud” do you mean like the proposal to demolish the Albright Church for a drive-through Starbucks?

Not just that. The Wendy's right behind was just recently redone, and the nearby Levin Mattress store is new. A bit further down towards Oakland there's a new Arby's. There's plans for a new drive-through bank somewhere closer to East Liberty as well. It's odd to me how this corridor can both be seeing hundreds of units of new housing coming online along with all this junk that belongs along Washington Boulevard or McKnight Road.

[PghYinzer]

Why would you walk to Starbucks at 28th and Penn from Polish Hill when you have a coffee shop in Polish Hill? Same for Lower Lawrenceville (Espresso A Mano) and the Strip (La Prima).

As for the building that may be torn down for the new apartments..yea for more density in that area, but I always liked the look of that building. It is not special other than in a strange stoic brooding kinda way.