The Pittsburgh Housing Authority board voted today to sell part of the former Allequippa Terrace site to the University of Pittsburgh and to lease another portion to Boston-based developer Beacon/Corcoran Jennison, taking a big step toward the construction of new housing and athletic fields.
The board approved a $5 million price for the sale of 12.3 acres known as Robinson Court to Pitt. Authority staff said that's more than the $4.6 million appraised value of the site adjacent to Pitt's Upper Campus. Pitt plans athletic fields for the site.
Pitt's payment will go toward the redevelopment of the 41.9 acres of Waring Court by Beacon/Corcoran. The authority's lease with the firm is still under negotiation.
The developer has planned to build 450 new homes on the site, adjacent to its 639-unit Oak Hill community.
"That's the culmination of a lot of years of work through the leadership of the mayor," said authority Executive Director A. Fulton Meachem Jr. Mayor Luke Ravenstahl brokered a deal between once-feuding Beacon/Corcoran and Pitt in March 2007.
Both the sale and the lease need to be approved by the federal Department of Housing and Urban Development before they can be closed and ground can be broken.