{"id":1004073808,"date":"2013-05-15T10:41:33","date_gmt":"2013-05-15T18:41:33","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=126797"},"modified":"2020-05-11T03:41:30","modified_gmt":"2020-05-11T11:41:30","slug":"sampson-morris-to-redevelop-wholeys-building-into-apartments","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sampson-morris-to-redevelop-wholeys-building-into-apartments\/","title":{"rendered":"Sampson Morris to Redevelop Wholey\u2019s Building into Apartments"},"content":{"rendered":"<p><!--[if gte mso 9]&gt;--><\/p>\n<p><!--[if gte mso 9]&gt;--><\/p>\n<p class=\"MsoNormal\"><em><span lang=\"EN-US\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/05\/New-Federal-Cold-Storage.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-126799\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/05\/New-Federal-Cold-Storage.jpg\" alt=\"\" width=\"300\" height=\"225\" \/><\/a>By Adriana Pop, Associate Editor <\/span><\/em><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Sampson Morris Group is planning to redevelop the seven-story New Federal Cold Storage facility in the Strip District into 144 one- and two-bedroom loft apartments. Also known as the Wholey\u2019s building, the windowless property is located at 1501 Penn Avenue. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">According to the <\/span><a href=\"https:\/\/www.bizjournals.com\/pittsburgh\/blog\/energy\/2013\/05\/former-wholey-building-to-become-144.html\" rel=\"nofollow\" ><em><span lang=\"EN-US\">Pittsburgh Business Times<\/span><\/em><\/a><span lang=\"EN-US\">,<em> <\/em>the Monroeville-based developer purchased the 330,000-square-foot structure in 2008. Initial plans called for the conversion of the building into condominiums. Later, Sampson considered developing a multi-tenant industrial facility and then in March 2012, the company marketed the property as an office project. However, the strength of the apartment market in the Strip District has convinced Sampson to change strategy once again. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">The building\u2019s first two floors will be used as parking, Sampson Morris Group CEO Michael Morris told the newspaper. The size of the apartments will average <\/span><span lang=\"EN-US\">1,100 square feet, while rent is expected to be around $1.80 per square foot. The developer intends to submit the project to the city planning department in the next few weeks and complete construction by the end of 2014.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">In regional news, two multifamily properties in Ross Township have been listed for sale. The <em><a href=\"https:\/\/www.bizjournals.com\/pittsburgh\/blog\/the-next-move\/2013\/04\/two-ross-multi-family-properties-up.html\" rel=\"nofollow\">Pittsburgh Business Times<\/a><\/em> reports that Philadelphia-based PRG Management Inc. is selling the 100-unit Governor\u2019s Ridge Apartments at 112 Hilands Place<\/span>, as well as The Cascades, a 146-unit community near Interstate 279.<\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">According to Cindy Kamin, a senior vice president who works in multifamily and investment sales for CBRE, the assets are generating quite an interest from various investors. \u201cThere\u2019s just not that much on the market right now and people want to buy,\u201d she told the newspaper.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">The Pittsburgh office of HFF Inc. is marketing the properties, which can be purchased together or individually. Built in the 1970s, the complexes are located less than two miles from one another and could be jointly managed.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">PRG acquired Governor&#8217;s Ridge in 1988 and The Cascades in 1998. Both properties are almost completely occupied, with rents ranging from 85 cents to $1 per square foot.<\/span><\/p>\n<p class=\"MsoNormal\"><em><span lang=\"EN-US\">Photo credits: www.loopnet.com<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sampson Morris Group is planning to redevelop the seven-story New Federal Cold Storage facility in the Strip District into 144 one- and two-bedroom loft apartments. Also known as the Wholey\u2019s building, the windowless property is located at 1501 Penn Avenue.<\/p>\n","protected":false},"author":1269,"featured_media":1004505881,"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":[],"class_list":["post-1004073808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-pittsburgh"],"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>Sampson Morris to Redevelop Wholey\u2019s Building into Apartments - 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\/sampson-morris-to-redevelop-wholeys-building-into-apartments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sampson Morris to Redevelop Wholey\u2019s Building into Apartments\" \/>\n<meta property=\"og:description\" content=\"Sampson Morris Group is planning to redevelop the seven-story New Federal Cold Storage facility in the Strip District into 144 one- and two-bedroom loft apartments. 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