A Shadyside developer is ready to get rolling on a 10-story office tower in Oakland designed to be a cornerstone of Pittsburgh’s nascent innovation district.
With construction resuming in the region after being halted by the COVID-19 pandemic, Walnut Capital will begin demolition of four vacant properties at Fifth Avenue and Halket Street to clear the way for the Innovation Research Tower.
The 280,000-square-foot building will feature extensive laboratory and research space as well as 6,200 square feet of retail, a 4,900-square-foot public square, a 100-space parking garage, and 125 bike racks.
While the halt in construction delayed the start of demolition by about two months, Walnut Capital is hoping to make up the lost time and have the project completed by June 2022, president and founding partner Todd Reidbord said.
The developer is seeking to capture interest from local tech and research companies as well as universities and hospitals like UPMC to fill the tower, billed as the first facility designed specifically for innovation and entrepreneurship companies in the innovation district.
“Our investment here demonstrates our belief in Oakland’s unlimited potential. We want to be part of the ongoing renaissance of the cutting-edge, creative and highly innovative work coming out of our world-class medical and educational institutions in order to better serve Pittsburgh and the world,” said Gregg Perelman, Walnut Capital CEO and co-founder.
As part of a community benefits agreement involving the project, the firm will give Oakland Planning and Development Corp. a $250,000 no-interest loan for its affordable housing trust fund and a $40,000 grant to help administer the fund.
It also will provide 4,500 square feet of retail space in the new building to the Oakland group for $1 a year to lease to locally owned businesses.
The office project, located near Carlow University, is expected to cost $50 million to $60 million. The developer plans to seek an environmentally friendly LEED Gold certification and build an array of solar panels on the roof to offset energy demand.
“This is a world-class example of buildings designed to provide the critical innovation assets that define the Pittsburgh Innovation District and that keep Pittsburgh competitive in a 21st-century economy,” said Sean Luther, executive director of InnovatePGH, which organizes the Pittsburgh Innovation District.
Mark Belko: mbelko@post-gazette.com or 412-263-1262.
First Published: May 21, 2020, 4:58 p.m.