Some more articles on the NRP/Buncher announcement (obviously all drawing from the same press release):
http://www.bizjournals.com/pittsburg....html?page=all
Quote:
|
NRP Group LLC, a national multifamily developer based in suburban Cleveland, will build 800 apartments at The Buncher Co.'s $400 million Riverfront Landing development in the Strip District, the company announced. . . . NRP, which is finishing up the 319-unit Ascent 430 apartment complex in Warrendale, indicated it will pursue a 400-unit first phase project along the Three Rivers Heritage Trail that is expected to begin construction in the fall of 2015. It is scheduled to begin delivering units in the spring of 2017.
|
http://www.crainscleveland.com/artic...FREE/141219839
Quote:
|
The NRP Group LLC of Cleveland said it has formed a partnership with Pittsburgh-based The Buncher Co. to build a “luxury multifamily apartment community” on two riverfront parcels in Pittsburgh’s Strip District. The deal initially will involve “$100 million in additional investment” into Buncher’s Riverfront Landing development, NRP Group said in a news release. Specific financial terms of the partnership were not disclosed. NRP Group said it will develop a 400-unit apartment community along the Three Rivers Heritage Trail.
|
I think the most hopeful interpretation of all this is the following. There are really four parcels behind the Produce Terminal along the riverfront trail, as seen here (although we know this is an outdated document at this point since the Produce Terminal is going to remain full length):
Taken together, the articles seem to be suggesting NRP has signed up to do 800 apartments on two parcels, and is starting with 400 apartments in the first phase, which would then presumably be on one parcel. This would square with the apparent math--if the first 400 apartments alone cost $100 million, and the whole thing is supposed to be $400 million, then ultimately we should be talking about 1600 total units (400 per parcel, at around $100 million per building).
And 400 apartments on just one of those parcels sounds pretty good to me! For comparison, originally Buncher had committed to only one 75 unit project as part of the now-dead Produce Terminal deal:
http://www.phlf.org/2010/12/15/bunch...inal-building/
I'm not sure what that will work out to in terms of height, but that's got to be well above minimums.
However, it is not perfectly clear to me that it is 800 units over two parcels, or instead maybe 400 units over two parcels, with the other 400 units to come on the next two parcels That would obviously be relatively disappointing, although again still much more than originally promised (approximately three times as much, going from 75 units a parcel to 200 or so). Note in this case the $400 million couldn't be referring to just the apartments along the riverfront trail behind the Produce Terminal, but Buncher does have more planned for many additional sites west of there.
Prev
Ewwwww!
Linear Mode
