Bakery Square 2.0, a $100 million, mixed-use development adjacent to the former Nabisco factory, is set to break ground. Developers Walnut Capital and partner RCG Longview Fund have officially closed on the purchase of the former Reizenstein School and surrounding property.
Demolition of the former school has begun, allowing construction to commence on phase 1 of the development. The plan calls for several office buildings along Penn Avenue, with up to 400,000 square-feet of office space; 55 rental townhomes; and the construction of several interior roads and bike paths.
The development site is located across the street from Bakery Square
, a $100 million redevelopment of the former Nabisco factory and several new structures. Tenants there include Google, UPMC, the Software Engineering Institute, various retail and restaurants, and a hotel.
Construction of the first apartment building is expected to begin in March, with an opening date of June 2014. The five-story building will include 175 apartment units and underground parking. Rents are expected to range from $900 to $1,000 per month.
Earlier this month Walnut Capital announced it was dropping plans to develop 20 single-family homes in favor of a second apartment building, which will be similar in scope to the first.
A $2 million federal grant, secured by Mayor Ravenstahl and the URA will be used to help prepare infrastructure at the site.
Writer: Andrew Moore
Source: Gregg Perelman