Uptown’s building boom is set to continue with a new affordable housing development from the Midpoint Group of Companies.
Last Thursday, the Urban Redevelopment Authority of Pittsburgh (URA) approved a $2 million loan for the City’s Edge development at 1400 Colwell Street.
In the works since 2017, the project will bring 110 rental apartments, an on-site parking garage and retail space to the neighborhood. Per Midpoint’s agreement with the city, 77 of the apartments will be rented at below-market rates.
While the loan is a significant step forward, the project will need additional — perhaps private — investment to cover the total cost of construction. Midpoint estimates a total cost of around $61 million. Nevertheless, the developer is looking to begin construction before the end of this year.
Architects at Strada LLC provided the designs for the project.
The Hill Community Development Corporation will serve as property manager for the retail facilities at City’s Edge, which they hope will include a mix of small businesses and community services, according to a proposal.
In addition, the developers said they will collaborate with local artists to create a mural to beautify the facade of the parking garage.
With several multi-million dollar developments taking place within a few blocks, Uptown is due to see rapid change over the next several years. Before the end of 2019, UPMC will break ground on the new UPMC Vision and Rehabilitation at UPMC as part of the healthcare giant’s $2 billion expansion citywide.
The neighborhood is only a seven-minute walk from PPG Paints Arena and the coming Lower Hill Redevelopment Project, which is slated to include 500 new apartments and 250,000 square feet of commercial space.
Speaking to NEXTpittsburgh earlier this year, Jeanne McNutt, executive director for the community development organization Uptown Partners of Pittsburgh, said that the wave of new development makes preserving and creating affordable housing all the more pressing.
“In light of an escalating market, Uptown wants to get it right,” she said. “To grow responsibly by providing housing options for residents of all income levels, and to ensure that all who live and work here benefit from current and future investment.”