Former SAKS 5TH Avenue Redevelopment Project will be home to the Lumiere Residences

FOR IMMEDIATE RELEASE

Chelsea Peluso, Public Relations Manager [email protected] 412.304.1520

May 25, 2017 (Pittsburgh, PA) – As phase one of the redevelopment project at the former Saks Fifth Avenue site nears completion in October, plans for phase two have shifted to fulfill market needs. Originally slated to be a hotel and loft apartment development, the site located at 350 Oliver Avenue will now comprise of approximately 70 for sale condominium units serving the ever-growing downtown Pittsburgh residential community. The demand for residential ownership in Downtown Pittsburgh is at an all-time high. Only 49 condominium units have been built since 2013, and this will be the first project of this scale since The Residences at Piatt Place in 2009. The new project, dubbed Lumiere, will add new inventory to a thriving residential neighborhood. According to the Pittsburgh Downtown Partnership, 2,100 residents are projected to move into the greater downtown Pittsburgh region over the next 12 to 18 months, in addition to over 12,000 already residing in greater Downtown. “Ten years ago in a very difficult condo market, the 65 condominiums in Piatt Place sold out successfully in what was at that time a stagnate downtown Pittsburgh real estate market. With regional and national trends leaning towards more of a work-life balance and many more buyers investing in downtown living, we are confident these will sell very quickly. In fact we have nearly a dozen interested buyers already,” said Lucas Piatt, President and Chief Operating Officer of Millcraft. Millcraft and McKnight Realty Partners, who developed phase one – a parking garage and 30,000 square feet of retail space including the already signed restaurant Fogo de Chao – will continue their successful partnership into phase two. A dramatic 13,000 square foot high bay retail space along Fifth Avenue is now available for lease – that was to be the hotel lobby in the previous project. “With a large concentration of apartment units developed compared to only 49 condos being developed, downtown Pittsburgh is in critical need for more for sale units. Lumiere makes sense for the market and gives buyers looking to make a home in downtown Pittsburgh or relocating from a rental a great option,” said Izzy Rudolph, Director of Development and Acquisitions with McKnight Realty Partners, LLC. Starting at $225,000 for one-bedroom units, the condominiums will be designed by Indovina Architects and sold exclusively through Piatt Sotheby’s International Realty. Amenities will include, integral assigned parking, state of the art security controls and technology infrastructure, bicycle parking and storage units, 10-foot ceilings, a large rooftop social room with kitchen and outdoor deck with fire pits, yoga area and dog walk, and floor to ceiling operable windows. The units will be sustainably constructed using the highest efficiency HVAC and water systems available. Pre-sale of the condominiums will start summer 2017. In keeping with the Lumiere brand which is French for “light,” the partnership is also kicking off a design competition working with local lighting designers and community groups to feature a vibrant public light art on the façade of the project. The design theme of the project will be using light as art. “Our partnership wants to make sure our project is aligned with the wants and needs of the downtown community, the financing markets and the overall marketplace. The hotel project would have been another of several new hotels in the central business district adding to a potential oversupply of hotel rooms. We believe that through this smart investment in new condominiums, this project will be the ideal location to offer home ownership in brand new, state-of-the-art residential units,” said Piatt. ABOUT MILLCRAFT INVESTMENTS: Millcraft Investments is a Western Pennsylvania real estate and hospitality developer and management company with a sixty-year history of successfully creating and maintaining prominent large-scale office, retail, residential, and mixed-use developments. Learn more by visiting millcraftideas.com

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Hilton Garden Inn – Southpointe

Hospitality

Opened in 2001 as one of the first Hilton Garden Inn hotels in the region, the Pittsburgh-Southpointe location offers ease of access to the Pittsburgh International Airport and Downtown Pittsburgh. The 20,000 square foot flexible ballroom space is a popular venue for weddings, trade shows, and seminars. A full renovation was completed in 2019. 

River Vue

Residential

River Vue is a 16-story luxury residential tower prominently located along the Allegheny River in Downtown Pittsburgh, offering residents panoramic city skyline and waterfront views within walking distance of the Cultural District, Market Square, and the city’s major business and entertainment destinations. The property features 218 apartment units and reflects Piatt Companies’ longstanding commitment to high-quality urban residential development and adaptive reuse.
 
Originally constructed as the State Office Building, River Vue underwent a comprehensive renovation and conversion from office space into luxury residential apartments under Piatt Companies’ ownership and management oversight. The transformation preserved the building’s prominent downtown presence while repositioning the asset as a premier residential destination within Pittsburgh’s evolving urban core. Through strategic redevelopment, operational excellence, and a strong focus on resident experience, Piatt Companies helped establish River Vue as a distinguished example of successful downtown adaptive reuse and long-term asset stewardship.

MARKET SQUARE PLACE

Mixed-Use

Located in the heart of Downtown Pittsburgh’s historic Market Square, Market Square Place is a dynamic mixed-use property featuring luxury residential apartments, a 35,000-square-foot UFC Gym, and a diverse collection of street-level retail tenants that contribute to the energy and walkability of Downtown Pittsburgh. The retail mix includes restaurants and casual dining concepts, fine dining establishments, banking services, fitness and wellness offerings, and unique retail experiences featuring integrated podcast studio space. Through proactive property management, Piatt Companies helps preserve the long-term value and performance of the asset by overseeing daily operations, tenant relations, maintenance coordination, and the overall property experience. By maintaining high operational standards and supporting a vibrant urban environment, Piatt contributes to the property’s continued success as a premier downtown destination for residents, retailers, and visitors.

HIGHMARK STADIUM

Entertainment

Highmark Stadium, the home of the Pittsburgh Riverhounds soccer team, offers a gorgeous view of Downtown Pittsburgh from Station Square. Piatt operated as the owner’s representative throughout the construction of the 3,500 seat entertainment venue.

ST. CLAIR HOSPITAL OUTPATIENT CENTER

Medical

St . Clair Hospital’s 40,000 square foot outpatient facility in Peters Township opened in 2013. As the owner’s representative, Piatt managed design and construction, and helped cut costs through value engineering and pre-construction negotiation. The center offers a much-needed location for numerous medical services and offices.

LUCAS PIATT

Chief Executive Officer — Piatt Companies

Lucas B. Piatt is the Chief Executive Officer of Piatt Companies and Piatt Sotheby’s International Realty, where he blends visionary leadership with a deep-rooted commitment to the future of Western Pennsylvania. With more than 25 years of experience in real estate, development, and executive leadership, Lucas has led the transformation of Downtown Pittsburgh, investing over $500 million as part of a broader portfolio exceeding $1 billion in revitalization efforts across the region.

Lucas is the driving force behind The Esplanade, a transformative waterfront development that will redefine Pittsburgh’s North Side. Designed to be a world-class destination for innovation, entertainment, hospitality, and public space, The Esplanade reflects Lucas’s bold vision for shaping the future of Pittsburgh through large-scale placemaking rooted in community, inclusivity, and global ambition.

A respected collaborator, Lucas brings people together—developers, civic leaders, creatives, and community members—to reimagine the built environment and make it a catalyst for growth and connection. He is committed to delivering luxury experiences that serve a greater purpose, with an eye toward sustainable and inclusive development.

His leadership extends far beyond real estate. Lucas actively supports organizations such as the Pittsburgh Downtown Partnership, Washington County Chamber of Commerce, Point Park University, the Pittsburgh Film Office, the Alzheimer’s Association, and serves on the Board of Directors for St. Clair Health Foundation, helping to shape the future of regional healthcare and community access.

As founder of the Piatt Family Foundation’s Rock, Reggae and Relief Festival, Lucas has harnessed the power of live music to raise significant funds for impactful causes. Beneficiaries have included ovarian cancer initiatives, Café Momentum Pittsburgh, 412 Food Rescue, MCG Youth & Arts, and Catapult Greater Pittsburgh, among others—supporting efforts around food security, youth empowerment, education, and economic mobility.

Beyond his professional and philanthropic commitments, Lucas is a devoted family man who finds his greatest joy in spending meaningful time with his wife Renee and their children, River and Marlea. Whether attending concerts and music festivals, traveling, or sharing life’s great experiences, Lucas lives with intention and heart—always seeking to build something greater for the next generation.

TOWER 260

Office

Tower Two-Sixty, in Market Square, offers seven floors of Class A office space and an integral public parking garage offering 330 spaces. Also in the building are the Hilton Garden Inn Pittsburgh Downtown and four new local restaurants.

This LEED Certified Silver building is the first opportunity in almost 30 years for distinguished Pittsburgh businesses to take up residence in a brand new trophy building. Partnering with JLL as the anchor tenant and property manager, the building’s other tenants include Coury Financial, Merrill-Lynch, McGuireWoods, and Piatt Companies.