Some 18 months in the making, a Cleveland developer is poised to begin a 364-unit luxury apartment complex on the Strip District riverfront behind the produce terminal.
NRP Group LLC, under the name Riverfront Residences LLC, finalized an agreement with the Buncher Co. last week to lease the land needed for the project, which is expected to cost more than $60 million. It will be built between 19th and 21st streets.
The deal clears the way for NRP to begin construction. P. Christopher Dirr, NRP’s vice president of development, said the firm hopes to start the work this week.
“We’re thrilled to be starting the project,” he said. “We think it is going to be a great complement to the other things happening in the city.”
The project is part of the $450 million Riverfront Landing residential and office development that Buncher has proposed for 37 acres of prime Allegheny waterfront between Veterans Bridge and 21st Street. In all, Buncher is hoping to develop more than 750 units on the property, most of which is now used for parking.
NRP’s complex is expected to feature a mix of high-end studios and one-bedroom and two-bedroom units. They will be wrapped around a six-story, 460-space parking garage in the interior of the complex that will not be visible from the street.
Other proposed amenities include riverfront courtyards, bicycle and kayak storage, a 19th Street plaza, and a 14-foot-wide trail tied to the Strip’s existing Three Rivers Heritage Trail.
Construction is expected to take two years, with the first 120 units ready for occupancy in 14 to 16 months. The project will be NRP’s first in the city of Pittsburgh.
It also will be one of the largest in a neighborhood teeming with new residential development.
Oxford Development Co. has completed the Yards at 3 Crossings, a 300-unit apartment development on the riverfront between 26th and 27th streets. Others apartments are planned at the Penn Rose Building and the produce terminal. Several condo projects also are in the works.
NRP’s lease with Buncher will run for 75 years, with options to extend. As part of the agreement finalized last week, NRP paid $2.7 million representing upfront payments tied to the lease. Buncher and NRP first announced their partnership on the development in December 2014.
The Cleveland firm also has the ability to build another 400 units in a second phase as part of Buncher’s overall vision for the property.
Mark Belko: email@example.com or 412-263-1262.