{"id":1004109059,"date":"2014-12-08T06:16:12","date_gmt":"2014-12-08T14:16:12","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=311403"},"modified":"2020-04-01T11:17:01","modified_gmt":"2020-04-01T19:17:01","slug":"forest-city-enterprises-plans-new-apartments-offices-and-a-hotel-at-station-square-in-pittsburgh-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/forest-city-enterprises-plans-new-apartments-offices-and-a-hotel-at-station-square-in-pittsburgh-2\/","title":{"rendered":"Forest City Enterprises Plans New Apartments, Offices and a Hotel at Station Square in Pittsburgh"},"content":{"rendered":"<p><em><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/12\/Pittsburgh-Station-Square-Mixed-Use.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-311405\" title=\"Pittsburgh Station Square - Mixed-Use\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/12\/Pittsburgh-Station-Square-Mixed-Use.jpg\" alt=\"\" width=\"300\" height=\"215\" \/><\/a>By Adriana Pop, Associate Editor <\/em><\/p>\n<p>Forest City Enterprises is planning to convert the east side of the waterfront Station Square complex in Pittsburgh into 300 apartments, offices and a hotel.<\/p>\n<p>According to the <em><a href=\"https:\/\/www.post-gazette.com\/business\/\" target=\"_blank\" rel=\"nofollow\" development\/2014\/11\/27\/Station-Square-housing-proposed\/stories\/201411270101\" >Pittsburgh Post-Gazette<\/a><\/em>, the Cleveland-based company has retained Trammell Crow Co. to develop the project, which will cover a 14-acre site on the south side of the Monongahela River. Forest City owns the land and will lease it for the new development.<\/p>\n<p>Construction on the first batch of apartments is expected to begin in the spring and be complete in 2017.<\/p>\n<p>The units will be included in two connected buildings of four to five stories each, with underground parking and a retail portion. The construction schedule on the remaining two phases of the development will depend on the market.<\/p>\n<p>The city&#8217;s planning commission is expected to review the project this month. If approved, the new apartments would mark Forest City\u2019s first major new development at Station Square since 2002, when the company completed a $25 million, 104-room expansion of the Sheraton hotel, along with the $25 million Bessemer Court project, which brought a Hard Rock Caf\u00e9 to the complex, among other restaurants, as well as a fountain synchronized to lights and music.<\/p>\n<p>\u201cForest City has renewed interest in the Pittsburgh market,\u201d Jim LaRue, asset manager for Forest City Commercial Management, told the newspaper. \u201cWe\u2019ve been in this market for quite a while. We disposed of the assets we wanted to get out of and we\u2019re focused now on doing what\u2019s best for Station Square.\u201d<\/p>\n<p>In other local news, the <em><a href=\"https:\/\/www.post-gazette.com\/\" target=\"_blank\" rel=\"nofollow\" news\/education\/2014\/11\/25\/Pittsburgh-school-board-approves-sale-of-Rogers-building-in-Garfield\/stories\/201411250236\">Pittsburgh Post-Gazette<\/a><\/em> reports that the Pittsburgh Public School board has approved the sale of the Rogers School building in the city&#8217;s Garfield neighborhood for $275,000, its asking price.<\/p>\n<p>The buyer, Impakt Development Inc., is planning to redevelop the property into 30 to 40 market-rate apartments.<\/p>\n<p>The building, which dates back to 1915, closed in 2009, when its middle school moved to CAPA, in the city\u2019s downtown area. It costs $39,000 a year to maintain and, so far, the district has accumulated $42,164 of debt on the property.<\/p>\n<p><em>Photo credits: www.forestcity.net<\/em><\/p>\n<p><strong><em><a href=\"https:\/\/www.multihousingnews.com\/\" target=\"_blank\" rel=\"nofollow\" market-data\/pittsburgh-apartment-vacancy-remains-tight-in-2014-rent-growth-continues-upward-trend\/1004102569.html\">Click here<\/a><\/em><\/strong><em> to read our most recent multifamily market snapshot for Pittsburgh.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Forest City Enterprises is planning to convert the east side of the waterfront Station Square complex in Pittsburgh into 300 apartments, offices and a hotel.<\/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":[],"class_list":["post-1004109059","post","type-post","status-publish","format-standard","hentry","category-latest","category-pittsburgh"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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