A developer is expected to begin negotiations with Port Authority next month for a $39.8 million, five-story apartment building and parking garage at the park-n-ride lot adjacent to the Dormont Junction Light Rail Transit station.
An authority committee today approved a one-year exclusive negotiating period with Fore Property Co., a national real estate developer based in Washington, D.C., and Las Vegas, Nev., on a lease agreement for the site, part of which is owned by Dormont Borough. The project would include an estimated $10 million in public funding, to be used toward construction of a 500-space garage.
Part of that would be tax-increment financing, in which future tax revenues from the project are pledged to underwrite borrowing to pay for construction.
Officials stressed that the process is complicated, with approvals needed from the Federal Transit Administration, the borough, the school district and Allegheny County. Once negotiations have concluded and approvals are in place, a process that could take more than a year, the developer expects to take about a year to build the complex.
The apartment building would have 240 units. The three-story garage would have spaces for park-n-ride patrons, tenants and customers of nearby businesses.
Jon Schmitz: firstname.lastname@example.org or 412-263-1868. Visit the PG's transportation blog, The Roundabout, at www.post-gazette.com/Roundabout. Twitter: @pgtraffic.