Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Luxury Apartment Complex Unveiled for Strip District Development on Riverfront between 19th and 21st Streets

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Luxury Apartment Complex Unveiled for Strip District Development on Riverfront between 19th and 21st Streets

Article excerpt

The Buncher Co. is jumping into the burgeoning Strip District housing market in a big way, teaming with a Cleveland developer to build 400 luxury apartments along the Allegheny riverfront.

NRP Group LLC has reached a deal to develop the $100 million complex along the river's edge stretching from 19th to 21st Street as part of Buncher's $450 million Riverfront Landing residential and office development.

The project would go a long way toward fulfilling Buncher's goal of building more than 750 residential units on 37 acres of prime riverfront property it owns off Smallman Street, much of which is now used for parking.

It adds to a growing list of housing projects adding up to more than 600 new units being proposed or under development in the Strip, a neighborhood best known for its eclectic mix of shops, markets and restaurants, particularly along Penn Avenue.

They include 300 units being built by Oxford Development Co. on the riverfront between 26th and 27th streets; 72 units proposed by Zamagias Properties at the Penn Rose Building at 1627 Penn; and 144 units planned for the 330,000-square-foot New Federal Cold Storage Building at 1501 Penn. A redevelopment of the Strip's iconic produce terminal on Smallman adjacent to the Buncher property also is slated to include housing.

NRP hopes to start construction on the 400-unit apartment building next fall, with the first units to be ready for occupancy in spring 2017. It will develop, own and manage the building and lease the land from Buncher for 75 years.

In all, the Cleveland firm expects to develop as many as 800 units at Riverfront Landing, with a total investment "north of $200 million," said P. Christopher Dirr, NRP vice president of development.

Although the company has been doing work in other parts of the region, this will be its first project in the city. NRP will develop the 400-unit complex on two parcels starting at 21st Street and Waterfront Place, a new road being built by Buncher behind the produce terminal. …

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