Redevelopment of former Reizenstein School begins in Shadyside/Larimer
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A day after closing on the property, developer Walnut Capital has begun demolition of the former Reizenstein School to clear the way for a $120 million plus mixed-use development known as Bakery Square 2.0.
Contractor Noralco Corp. began preliminary work tearing down walls at the site today. The full demolition should take two to three months, said Todd Reidbord, Walnut Capital president.
Walnut Capital formally completed the purchase of the school building Tuesday. It paid $5.4 million for the property.
The Bakery Square 2.0 development on the Larimer and Shadyside border will feature 400,000 square feet of office space on Penn Avenue across from Bakery Square at the site of the former Nabisco plant. That also was developed by Walnut Capital.
Plans for Bakery Square 2.0 also include construction of apartments and townhouses, up to 450 units in all.
Once demolition has been completed, Mr. Reidbord said Walnut intends to start construction of a 175-unit apartment building on the site, probably in March. He said it will mark the first large-scale apartment building construction in the Shadyside area in probably 30 years.
"It's something the market hasn't seen," he said. "I think people will really accept this."
Walnut is hoping to start the first office building by late summer once it secures a tenant.
First Published January 23, 2013 12:49 pm