PITTSBURGH, PA - Greystar, a global leader in the investment, development, and management of real estate, including rental housing, logistics, and life sciences, announced the start of construction on Ophelia, its first apartment development in the city of Pittsburgh.
"Greystar is excited to make its entry into Pittsburgh in partnership with ECHO Realty," George Hayward, Senior Director of Development at Greystar, said. "Together we are transforming a legacy retail strip center into a unique mixed-use project, signifying the dramatic evolution of the East Liberty and Shadyside neighborhoods. We expect this to be the first of many Greystar development projects in the city."
The new apartment community will have 231 apartment homes for rent with 35 units dedicated to the city's affordable housing program. ECHO Realty's retail portion, The Meridian, will have 44,000 sq. ft. of restaurant and retail space that includes Shake Shack and Barnes and Noble as well as a 36,000 sq. ft. Market District grocery store, which will combine with Greystar's apartment community to create a best-in-class mixed-use development.
"We are happy to partner with Greystar to bring this project to the neighborhood," Philip Bishop, Senior Vice President at ECHO Realty, said. "We look forward to bringing back a brand new grocery store, along with other necessity-based retailers, to meet the needs of the community. We are excited to see Greystar's vision for Ophelia come to life on the site. The new apartment community will provide a new, quality option for Pittsburgh renters."
Ophelia will have studio, one-, and two-bedroom layouts with high-end finishes and amenities. The interior design will be a nod to the Shadyside neighborhood's Victorian architecture with a modern take on gilded-age aesthetics. Amenities will include a fitness center with outdoor workout area, co-working space, billiards and bar area in the club room, pool, grilling and lawn area.
The Meridian project is in a prominent location at the intersection of Penn Ave. and Shady Ave. The site is close to Bakery Square, which is home to Google and other tech and life science-oriented offices as well as retail including Trader Joe's, Target and restaurants along Penn Ave. and Walnut Street. The new East Liberty Bus Rapid Transit station is across the street, providing easy access to downtown and Oakland.
"Pittsburgh has a lot to offer with several of the country's best universities—Pitt, Carnegie Mellon and Duquesne—and significant growth in the tech industry," Hayward said. "There is a demand for class A for-rent housing, yet supply has lagged. We are excited to help meet that demand."