{"id":1004115715,"date":"2015-03-18T11:57:05","date_gmt":"2015-03-18T19:57:05","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=334409"},"modified":"2022-11-30T02:58:07","modified_gmt":"2022-11-30T10:58:07","slug":"public-subsidy-supports-walnut-capitals-new-residential-project-in-east-liberty","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/public-subsidy-supports-walnut-capitals-new-residential-project-in-east-liberty\/","title":{"rendered":"Public Subsidy Supports Walnut Capital\u2019s New Residential Project in East Liberty"},"content":{"rendered":"<p><em>By Adriana Pop, Associate Editor <\/em><\/p>\n<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/03\/The-Penn-at-Walnut-on-Highland-Pittsburgh.png\"><img decoding=\"async\" loading=\"lazy\" class=\"alignright size-medium wp-image-334410\" title=\"The Penn at Walnut on Highland - Pittsburgh\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/03\/The-Penn-at-Walnut-on-Highland-Pittsburgh.png\" alt=\"\" width=\"300\" height=\"240\" \/><\/a>The Penn at Walnut on Highland, a\u00a0new 78-unit apartment and retail complex, will soon rise in the heart of Pittsburgh\u2019s East Liberty business district. Scheduled for completion by summer 2016, the six-story project will replace two small retail buildings with historic facades at the corner of Penn and Highland avenues.<\/p>\n<p>According to the <a href=\"https:\/\/triblive.com\/news\/allegheny\/7960598-74\/apartments-east-liberty#axzz3UjVbqqHh\"><em>Pittsburgh Tribune-Review<\/em><\/a>, Walnut Capital has recently reached an agreement with the city\u2019s Urban Redevelopment Authority to preserve the historic Terra Cotta storefronts in the footprint of the $17 million redevelopment. Under the terms of the deal, the agency will award Walnut Capital a $200,000 grant, along with an $875,000 loan to meet a funding gap prompted by the redesign of the complex, which implies a higher cost and a reduction of the number of proposed apartments by six. The loan, which has a 3.5 percent interest rate, is scheduled to be repaid in 10 years.<\/p>\n<p>Furthermore, the <a href=\"https:\/\/www.bizjournals.com\/pittsburgh\/blog\/the-next-move\/2015\/03\/preserving-historic-facades-in-east-liberty-brings.html\"><em>Pittsburgh Business Times<\/em><\/a> reports that, as part of the agreement, community nonprofit East Liberty Development Inc. has agreed to reduce the sales price of the property where the project will be built.<\/p>\n<p>Earlier in December, preservationists criticized Walnut Capital\u2019s plan to completely demolish the old structures to make way for the new development.<\/p>\n<p>The upcoming complex is considered an extension of the developer\u2019s historic rehabilitation of the neighboring Highland Building. Besides a mix of micro one- and two-bedroom apartments, with monthly rents expected to range between $1,179 and $3,508, The Penn at Walnut on Highland will also include about 16,000 square feet of street level retail space.<\/p>\n<p><em>Photo credits: Walnut Capital Partners<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new 78-unit apartment and retail complex called The Penn at Walnut on Highland will soon rise in the heart of Pittsburgh&rsquo;s East Liberty business district. Scheduled for completion by the summer of 2016, the six-story project will replace two small retail buildings with historic facades at the corner of Penn and Highland avenues.<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"closed","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-1004115715","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) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Public Subsidy Supports Walnut Capital\u2019s New Residential Project in East Liberty - 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\/public-subsidy-supports-walnut-capitals-new-residential-project-in-east-liberty\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Public Subsidy Supports Walnut Capital\u2019s New Residential Project in East Liberty\" \/>\n<meta property=\"og:description\" content=\"A new 78-unit apartment and retail complex called The Penn at Walnut on Highland will soon rise in the heart of Pittsburgh&rsquo;s East Liberty business district. Scheduled for completion by the summer of 2016, the six-story project will replace two small retail buildings with historic facades at the corner of Penn and Highland avenues.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/public-subsidy-supports-walnut-capitals-new-residential-project-in-east-liberty\/\" \/>\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=\"2015-03-18T19:57:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-30T10:58:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/03\/The-Penn-at-Walnut-on-Highland-Pittsburgh.png\" \/>\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\\\/public-subsidy-supports-walnut-capitals-new-residential-project-in-east-liberty\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/public-subsidy-supports-walnut-capitals-new-residential-project-in-east-liberty\\\/\"},\"author\":{\"name\":\"Adriana Pop\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"headline\":\"Public Subsidy Supports Walnut Capital\u2019s New Residential Project in East Liberty\",\"datePublished\":\"2015-03-18T19:57:05+00:00\",\"dateModified\":\"2022-11-30T10:58:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/public-subsidy-supports-walnut-capitals-new-residential-project-in-east-liberty\\\/\"},\"wordCount\":275,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/public-subsidy-supports-walnut-capitals-new-residential-project-in-east-liberty\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/03\\\/The-Penn-at-Walnut-on-Highland-Pittsburgh.png\",\"articleSection\":[\"News\",\"Pittsburgh\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/public-subsidy-supports-walnut-capitals-new-residential-project-in-east-liberty\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/public-subsidy-supports-walnut-capitals-new-residential-project-in-east-liberty\\\/\",\"name\":\"Public Subsidy Supports Walnut Capital\u2019s New Residential Project in East Liberty - 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