Built in 1909 by Henry Clay Frick and listed on the National Register of
Historic Places in 1991, the towering Highland Building in East Liberty
has proven itself a worthy adversary against four past developers who
backed out of plans to renovate the vacant structure at 121 South
Highland Street. However, a large and determined consortium of
development groups has their fingers crossed that this time will be
different, as they await approval from the Governor's Office for $4.5
million in RACP funds for a parking garage, as well as
Department of Housing and Urban Development financing that will make their project possible.
Last year, the
Urban Redevelopment Authority approved partnering developers
Walnut Capital and
Massaro Properties'
plans for a $23 million conversion of the Highland Building and
neighboring Wallace Building into 129 one-bedroom apartments, a new
parking garage, fitness center, and small retail storefronts.
"They'll
be loft style apartments with oversized windows, stone counter tops,
stainless steel appliances, high ceilings, and a washer and dryer in
each unit. The Highland Building is going to have the great views," says
Jerilyn Donahue, underwriter for the project for
Bellwether Real Estate Capital, who are helping to secure financing.
TKA Architects
drew up the preliminary design, which essentially calls for a total
gutting of the interiors, while leaving the historic façade structurally
intact.
While other developers have failed to
tame the Highland Building, the parties involved believe they have a
good chance of success. For one, development of the East Liberty
corridor has boomed in the past several years. With the advent of Bakery
Square and the Google offices, Home Depot, Whole Foods, Trader Joe's,
lofts, new restaurants, and an upcoming Target, the surrounding area is
far more vibrant than it was at the time of the last attempt in
2006. More directly, past developers could not secure a parking solution for the building.
Everything
is dependent on the receipt of a large HUD financing package containing
loans and historic tax credits, which was applied for in February, and
will hopefully be approved within the next two months. The HUD
financing, though, is dependent on the Governor's Office allowing
funding for the parking garage to be built. "We're trying to get that
accomplished. We're partnering with Massaro, so we think it's a good
opportunity to make this work," says Gregg Perelman, managing partner
for Walnut Capital, who also developed Bakery Square.
The Mosites Company is the developer for Target.
According
to URA special projects manager Paul Svoboda, the parking garage that's
been designed will fit the context of the surrounding neighborhood
without interfering with traffic or surrounding buildings.
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Writer:
John FarleySource: Gregg Perelman, Walnut Capital
Jerilyn Donahue, Bellwether Real Estate Capital
Paul Svoboda, special projects manager for the URA
Photograph copyright John Farley