A Shadyside developer has ditched plans for a 352-unit apartment complex at Pittsburgh Technology Center in Oakland — at least for now.

With so many apartments being built in the city, Walnut Capital didn’t feel the timing was right to pursue the project, said Todd Reidbord, the firm’s president.

“We think it’s still a great location. We’re just a little concerned about delivering into all of that new product out there and making sure it gets absorbed,” he said.

Walnut Capital had proposed an apartment development similar in scope to the Bakery Living complex it is doing at Bakery Square 2.0 in Shadyside. The complex would have included an outdoor swimming pool, sports court and deck, as well as integral parking for cars and bicycles.

The apartments would have been built on four acres of land located between Second Avenue and Technology Drive. Walnut Capital would have paid $1.4 million for the property.

With Walnut Capital out of the picture, the city’s Urban Redevelopment Authority, which owns the land, once again is requesting proposals for its development.

If the URA gets no takers, Walnut Capital might be interested in revisiting the apartment plan in a year or so, Mr. Reidbord said. The developer just wants to take some time to better understand the market for apartments and how they are being absorbed.

“We just want to make sure we do it smartly. We don’t want to do a project that’s not successful,” Mr. Reidbord said.

The decision comes amid continued apartment building in the city, particularly in the Strip District and Lawrenceville.

In its mid-year multifamily report, Integra Realty Resources stated that more than 1,000 new units had been completed in the region in the last year with another 4,400 under construction.

That has caused urban Class A vacancy rates to increase from 8.7 percent to 11.6 percent, and suburban rates to jump from 4.9 percent to 8.2 percent.

Mark Belko: mbelko@post-gazette.com or 412-263-1262.

First Published: September 8, 2016, 4:00 a.m.