Pittsburgh Post-Gazette
Standing on the rooftop of a four-story Market Square building going back more than a century, Mayor Luke Ravenstahl had no doubt that people would pay for the view.
Despite the worst economic slump in decades, the mayor and other officials said yesterday they see strong demand for more than 50 apartments that will be finished in Market Square before the end of the summer.
Seven apartments will be available at Market at Fifth, a series of three old buildings rehabilitated by the Pittsburgh History and Landmarks Foundation, and 46 at Market Square Place, the $40 million conversion of the former G.C. Murphy store into residential, retail and fitness space.
Both the mayor and Arthur P. Ziegler Jr., president of the History and Landmarks Foundation, said the dour economy may end up being more of a help than a hindrance in attracting renters.
“The economy, I think, could actually help us. People might want to spend less money driving and less money parking and have greater access to the Cultural District and the stadiums, and this provides it,” Mr. Ziegler said of his project, where apartments will rent from $1,150 a month to $2,200 a month.
Mr. Ravenstahl noted that developer Millcraft Industries already has a list of more than 300 people who have inquired about apartments at Market Square Place, where units will rent for as low as $700 a month.
At that price, the apartments, he said, are a “bargain when you look at living in Downtown Pittsburgh. You don’t have to pay to park when you go to work. You don’t have to pay for transportation, gas, etc.
“We think [the housing] makes sense, and it’s targeted in a way that it’s affordable for people to live here, and the numbers don’t lie in terms of interest.”
The Market at Fifth apartments, which should be ready for occupancy between May 1 and May 15, will start renting immediately, Mr. Ziegler said.
PHLF officials have spent $4.3 million rehabilitating the three building at Fifth and Market into apartments and retail space. One of the buildings, 439 Market, was in such a state of disrepair several years ago that nearby property owners feared it would collapse.
Mr. Ziegler said all three of the buildings would have been demolished under former Mayor Tom Murphy’s failed $522 million plan to bring trendy shops, nightclubs, and a movie theater to the Fifth and Forbes corridor. Mr. Ravenstahl, on the other hand, has taken a different approach, working with property owners to preserve buildings and bring new development.
“What a difference and what a difference it’s going to make to the enlivenment of Downtown,” Mr. Ziegler said.
The crackdown on drug trafficking and other crime in Market Square over the last several years also has helped to create a much better climate for development, the mayor said.
“We think it’s essential because if you’re not in an area where you feel safe, number one, you’re not going to rent an apartment there and you’re not going to stay there for very long,” he said.
