Senior Housing Conversion Project in Downtown Pittsburgh Advances
The Pittsburgh Urban Redevelopment Authority (URA) has advanced a significant project aimed at converting the First and Market Building into affordable senior housing. On Thursday, the URA approved an additional $750,000 loan, increasing the total rental gap financing for the project to $1.75 million, and authorized $25 million in multifamily financing bonds. The nearly $40.8 million redevelopment will transform the 11-story office building into 93 one-bedroom apartments, with 10 units designated for households at 20% of the area median income and 83 units for those at 60% of the AMI. The project, spearheaded by Beacon Communities, is set to begin construction in November and aims to be completed within 18 months.
This redevelopment is part of a broader trend in Downtown Pittsburgh, where several significant conversion projects are underway. These include the proposed transformation of the 44-story Gulf Tower into residential units and a luxury hotel, and the conversion of the historic John P. Robin Civic Building into affordable housing and office space. The URA is also investing in neighborhood stabilization and additional housing projects, including facade repairs and new developments in the Hill District and Homewood. These efforts reflect a concerted push to revitalize downtown and address affordable housing needs across the city.
