Will Lawrenceville stay hot as a residential market, despite the coronavirus-related financial troubles impacting the economy?
“Lawrenceville offers a tremendous quality of life for residents — there’s a reason why it has been recognized as one of the best neighborhoods in the country,” says Jake Dietrich, vice president of development for Milhaus.
“Pittsburgh as a market has tremendous strength in its economy — boasting great employers in growing industries — and because of that, the city’s population of Class-A apartment renters continues to grow,” he adds.
Rents range from $2397 for a two-bedroom unit to $2909 for a three-bedroom unit.
The history of the Arsenal site goes way back to the Civil War, when the Union Army’s largest arsenal was stashed there.
The second phase of Arsenal 201 is located behind Phase 1 closer to the Allegheny River, between Foster St., 39th St., Willow St. and the 40th Street Bridge.
Milhaus has agreed to an easement to allow a trail connection under the 40th Street Bridge for the proposed Green Boulevard through the Strip to Highland Park.
The project will include studios, as well as one-, two- and three-bedroom apartments. It will have a 24-hour fitness center, bark park and pet spa, outdoor kitchen, community courtyard, pool and a sun deck, game room and maker space.
Since the property is located in the RIV District, a new zoning overlay that promotes Pittsburgh’s inclusionary zoning goals and need for affordable housing, 10% of the 343 new units will be designated as affordable to residents making 50% of the median area income.
Completion is planned for the summer of 2022.
Though the apartments have done well, the first-floor retail in Phase 1 along Butler Street has remained vacant.
“We have seen an increase in interest in the retail in Phase 1, and anticipate announcing one or more tenants in the near future,” notes Dietrich.
This likely won’t be the last such development for Milhaus in Pittsburgh. “We continue to look for more development and acquisition opportunities for multi-family anchored projects in Pittsburgh,” says Dietrich.