Pittsburgh’s Urban Redevelopment Authority is providing a $1.2 million loan to support a development in Uptown that includes affordable housing and commercial space.
The City’s Edge project will include 110 apartments on Colwell Street on what is now a parking lot, said Ben Peyton, senior loan analyst in the city’s housing finance department. the URA.
Seventeen apartments will be affordable for families making no more than 60% of the area income, 28 will be affordable for families making no more than 50% of the AMI and nine will be affordable. for families not exceeding 30% of AMI.
The income for an individual is about $66,400, $94,800 for a family of four and about $125,000 for a family of eight.
The rents for the remaining 18 units are market rate.
The City’s Edge development is expected to include 39,000 square meters of retail space and a two-story garage.
Construction of the $64 million project is scheduled to begin this summer and be completed by the end of 2024, Peyton said.
The URA loan will have 0% interest, according to URA documents. The developer is required to maintain its affordable units for at least 40 years.
Pittsburgh-based Midpoint Group of Companies LLC is the developer. The new company was started by Nate Boe, the former chief development officer for the Housing Authority of the City of Pittsburgh.