{"id":1004066480,"date":"2013-01-30T08:49:14","date_gmt":"2013-01-30T16:49:14","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=99303"},"modified":"2020-05-06T00:13:56","modified_gmt":"2020-05-06T08:13:56","slug":"bakery-square-2-0-development-to-break-ground-in-march","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bakery-square-2-0-development-to-break-ground-in-march\/","title":{"rendered":"Bakery Square 2.0 Development To Break Ground in March"},"content":{"rendered":"<p><em><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/Bakery-Square-1.0..jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-99304\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/Bakery-Square-1.0..jpg\" alt=\"\" width=\"300\" height=\"213\" \/><\/a>By Adriana Pop, Associate Editor <\/em><\/p>\n<p>Walnut Capital and its financial partner, the RCG Longview Fund, have closed on the acquisition of the vacant Reizenstein School in Pittsburgh\u2019s East Liberty section. The purchase of the property allows the developers to move forward with their plans for the approximately $100 million Bakery Square 2.0 development.<\/p>\n<p>Plans now call for three office buildings totaling 400,000 square feet, two 175-unit apartment buildings, 57 rental townhouses, an underground parking garage, and new streets, along with public and private green spaces. It&#8217;s estimated that the project\u2019s full build-out period will span five years.<\/p>\n<p>\u201cBakery Square 2.0 will be another world class development and is expected to create more than 1,200 new jobs and offer amazing office and housing opportunities that will attract new businesses and residents,\u201d Mayor Luke Ravenstahl said.<\/p>\n<p>Employee Real Estate Construction Trust Funds has provided financing for the acquisition and demolition of the school. According to the <a href=\"https:\/\/www.bizjournals.com\/pittsburgh\/news\/2013\/01\/23\/walnut-capital-closes-on-buying-school.html\" target=\"_blank\" rel=\"nofollow\"><em>Pittsburgh Business Times<\/em><\/a><em>,<\/em><em> <\/em><em>the <\/em>initial phase of Bakery Square 2.0 entails the development of the first apartment building. Construction is expected to begin in March.<em><\/em><\/p>\n<p>Across the street, Walnut Capital Partners has also completed Bakery Square 1.0, the $130 million mixed-use redevelopment of the 1900-era Nabisco bakery in Larimer. The LEED platinum 250,000 square feet building is fully leased and includes Google, UPMC, Carnegie Mellon and the University of Pittsburgh among its tenants.<\/p>\n<p>\u201cThe success story of Bakery Square is one of a strong public-private partnership that has spurred millions of private investment in and around East Liberty, Larimer and Shadyside\u2014from the opening of Target, to the historic renovation of the Highland Building, to the dozens of new restaurants and retail ventures,\u201d Ravenstahl added.<\/p>\n<p>Last year, Mayor Ravenstahl\u2019s administration announced a $2 million federal grant that will help finance infrastructure costs for the second phase of Bakery Square.<\/p>\n<p><em>Photo credits: bakery-square.com\/photo-gallery<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Walnut Capital and its financial partner, the RCG Longview Fund, have closed on the acquisition of the vacant Reizenstein School in Pittsburgh&rsquo;s East Liberty section. The purchase of the property will allow the developers to move forward with their plans for the approximately $100 million Bakery Square 2.0 development.<br \/>\nPlans now call for three office buildings totaling 400,000 square feet, two 175-unit apartment buildings, 57 rental townhouses, an underground parking garage, new streets, as well as public and private green spaces. It is estimated that the project&rsquo;s full build-out period will span over five years. &ldquo;Bakery Square 2.0 will be another world class development and is expected to create more than 1,200 new jobs and offer amazing office and housing opportunities that will attract new businesses and residents,&rdquo; Mayor Luke Ravenstahl said.<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1602],"tags":[1815],"class_list":["post-1004066480","post","type-post","status-publish","format-standard","hentry","category-latest","category-pittsburgh","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bakery Square 2.0 Development To Break Ground in March - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/bakery-square-2-0-development-to-break-ground-in-march\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bakery Square 2.0 Development To Break Ground in March\" \/>\n<meta property=\"og:description\" content=\"Walnut Capital and its financial partner, the RCG Longview Fund, have closed on the acquisition of the vacant Reizenstein School in Pittsburgh&rsquo;s East Liberty section. The purchase of the property will allow the developers to move forward with their plans for the approximately $100 million Bakery Square 2.0 development.  Plans now call for three office buildings totaling 400,000 square feet, two 175-unit apartment buildings, 57 rental townhouses, an underground parking garage, new streets, as well as public and private green spaces. It is estimated that the project&rsquo;s full build-out period will span over five years. &ldquo;Bakery Square 2.0 will be another world class development and is expected to create more than 1,200 new jobs and offer amazing office and housing opportunities that will attract new businesses and residents,&rdquo; Mayor Luke Ravenstahl said.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/bakery-square-2-0-development-to-break-ground-in-march\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-01-30T16:49:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-06T08:13:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/Bakery-Square-1.0..jpg\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bakery-square-2-0-development-to-break-ground-in-march\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bakery-square-2-0-development-to-break-ground-in-march\\\/\"},\"author\":{\"name\":\"Adriana Pop\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"headline\":\"Bakery Square 2.0 Development To Break Ground in March\",\"datePublished\":\"2013-01-30T16:49:14+00:00\",\"dateModified\":\"2020-05-06T08:13:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bakery-square-2-0-development-to-break-ground-in-march\\\/\"},\"wordCount\":309,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bakery-square-2-0-development-to-break-ground-in-march\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/01\\\/Bakery-Square-1.0..jpg\",\"keywords\":[\"National\"],\"articleSection\":[\"News\",\"Pittsburgh\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bakery-square-2-0-development-to-break-ground-in-march\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bakery-square-2-0-development-to-break-ground-in-march\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bakery-square-2-0-development-to-break-ground-in-march\\\/\",\"name\":\"Bakery Square 2.0 Development To Break Ground in March - 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