The second phase of Bakery Square is now in development thanks to Walnut Capital Partners. The Reizenstein School was purchased to create two office buildings totaling 400,000 square feet. This new commercial development is expected to create 1200 jobs.
Mayor Luke Ravenstahl on Wednesday announced that Shadyside-based Walnut Capital Partners has officially closed on the purchase of the vacant Reizenstein School on a stretch of Penn Avenue that creates a border between the neighborhoods of Larimer and Shadyside.
The final sale of the property to Walnut Capital and its financial partner, RCG Longview Fund, will enable the development team to break ground on the second phase of Bakery Square. The new project consisting of two office buildings totaling 400,000 square feet, and two 175-unit apartment buildings along with townhouses, is expected to be built at a budget of $100 million. The first Bakery Square is across the street.
Demolition is expected to begin soon on the school building and construction is expected to begin on the first apartment building in March.
Financing for the acquisition and demolition was provided by the Employee Real Estate Construction Trust Funds, which leverages building trade pension funding to help create jobs for its membership.
Bakery Square 2.0 is expected to create 1,200 jobs.
For more information see Biz Journal.