The Highland Building at the heart of East Liberty has been a formidable challenge for redevelopers over the last two decades but this time Leigh Burch III of Knoxville, Tennessee, believes that its 13 stories will prove lucky for him.
Burch – who has partnered with Pittsburgh’s Bill Kane -- plans to create 84 condominiums in the building on the top 12 floors and about 5,000 square feet of retail space for rent on the first floor. “We think there’s a real shortage of multi-family housing for ownership,” he says.
Starting at about $135,000, “they’re aggressively priced so we can reach a broad market,” he says, meaning younger professionals as well as cashing-out empty-nesters, and even college students whose parents might choose to house their offspring in a condo rather than paying their rent for several years.
The city’s Urban Redevelopment Authority has provided a $1 million loan and a $60,000 grant to restore the historic building’s façade. The project’s architect is Renaissance 3 Architects.
Though not a concern when the Highland was built in 1910, today’s demand for parking had threatened to stall redevelopment. Since it’s near the intersections of East Liberty’s three busiest business corridors – Penn, Highland and Centre avenues – street parking is limited.
Luckily, Burch says, one of his partners knew a hotel operator out of Alabama, who has applied for and received a franchise license from Holiday Inn for a 142-room hotel. The hotel project will be attached to a 240-space parking garage, which will also serve the Highland occupants, with some spaces left for public parking as well.
Burch is confident that’s there’s a need for hotel space within the city’s East End. After all, he says, “When I was there all last week, I had to stay in Monroeville!”
Source: Leigh Burch III, Terminus Real Estate, Inc.
Photo copyright © Tom Altany