The former G.C. Murphy store seems to be having no trouble making the transition from five and dime to Downtown living pad.

About a month before the first residents are to move in, about half of the 46 apartments available in that building and several others that comprise Market Square Place have been snatched up.

Lucas Piatt, executive vice president of developer Millcraft Industries, said he was "pretty satisfied" with the pace of leasing so far.

"We feel really good about that," he said. "Up until now we haven't even had a product to show."

The apartments, which rent from $750 to $3,000 a month, are part of a $40 million conversion of the former Murphy's store and several adjacent building into residences, shops and the new home for the Downtown YMCA, which will move from its location on the Boulevard of the Allies.

Millcraft did not begin actively leasing the apartments until September, said Heather Leitner, property and leasing manager for the developer. She said she hoped to have the rest of the units rented by the time the first people move in or shortly after that.

Patty Burk, vice president of housing and economic development for the Pittsburgh Downtown Partnership, said she was not surprised that the Market Square Place rentals were off to a good start.

Overall, apartment rentals are doing well Downtown, with a 92.5 percent occupancy rate, she said. Since 2005, rental rates also have increased by 30 cents a square foot. Another recently opened apartment complex, in the Century Building on Seventh Street, is fully occupied.

The Downtown YMCA, meanwhile, won't open until the end of March, well beyond the original target of last July. Mr. Piatt said the delay was caused by "unforeseen conditions" at the site that slowed the construction work.

In addition, about 27,000 square feet of retail or restaurant space still must be leased. Herky Pollock, executive vice president with real estate brokerage CB Richard Ellis/Pittsburgh, said he was negotiating with two full-service restaurants for the space. He also said he had two other ideas in the works, one being a "quick, casual" restaurant along the lines of Panera Bread and a "unique retail concept" he declined to describe.

Mark Belko can be reached at mbelko@post-gazette.com or 412-263-1262.

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