Pittsburgh’s Urban Redevelopment Authority is providing a $1.2 million loan to support an Uptown development project that will include affordable housing and commercial space.
The City’s Edge project will include 110 apartments on Colwell Street on a site that is now a parking lot, said Ben Peyton, senior lending analyst in the URA’s residential funding department.
Seventeen of the apartments will be affordable for households making no more than 60% of the area median income, 28 will be affordable for households making no more than 50% of the AMI and nine will be affordable for households making no more than 30% of the AMI.
The area median income is about $66,400 for individuals, $94,800 for a family of four and about $125,000 for a family of eight.
Rents for the remaining 18 units will be market rate.
The City’s Edge development also is slated to include 39,000 square feet of rentable commercial space and a two-story parking garage.
Construction on the $64 million project is scheduled to begin this summer and be completed by late 2024, Peyton said.
The URA loan will have a 0% interest rate, according to URA documents. It requires the development to maintain its affordable units for at least 40 years.
Pittsburgh-based Midpoint Group of Companies LLC is the developer. The new firm was started by Nate Boe, who previously served as chief development officer for the Housing Authority of the City of Pittsburgh.
Julia Felton is a Tribune-Review staff writer. You can contact Julia by email at firstname.lastname@example.org or via Twitter .