Jack Benoff, president of Solara Ventures, plans to bring up to 70 new condos ranging in size from 800 to 2,000 square feet, to the
Strip District. The Philadelphia-based developer is purchasing seven buildings along Smallman and 25th Streets, which includes the Otto Milk Building, from the Ironite Corporation for approximately $1.2 million.
“During my first trip to Pittsburgh, I drove past and saw the original tower,” says Benoff. He cites the location with nearby restaurants and bars as a draw, along with new residential projects. “There will be 300 rental units across the street and
Rugby Realty has a project there," he says.
Benoff, who is also developing condos downtown at 941 Penn, is working with
Indovina Associates to create preliminary designs and determine remediation costs. The 86,000 square-foot project may incorporate existing architectural and industrial elements, including the brick tower, stainless steel tanks and 1940s-era milk cartons. “We’ll do condos in a couple of phases—lofts with mezzanines and some penthouses with roof decks," says the developer.
Part of the property’s 12,000 square-foot first floor may be leased to a professional services firm. The project will involve a combination of rehabilitation and new construction and will expand an existing 9,000 square-foot parking facility.
“We’re very interested in making this affordable,” adds Benoff, who says some condos will start at $200,000. “We’re working with the
URA for remediation and façade loans.” Expecting to break ground in the second quarter of 2007, he says, “I’m excited about being part of the vibrancy of the community--to really create a neighborhood there."
Writer: Jennifer Baron
Source: Jack Benoff
Photograph copyright © Jonathan Greene