Millcraft and McKnight Realty Partners are finalizing plans for Lumière, a new condominium building in Downtown Pittsburgh, part of the 350 Oliver project.
Read the Pittsburgh Business Times article here or below.
Smithfield Oliver Phase 2 Partners LP, the joint venture of Millcraft Investments and McKnight Realty Partners, presented its Lumiere Residences proposal to the Pittsburgh Planning Commission on Tuesday.
The plan is to build nine stories of condominiums on top of a new parking garage that’s expected to open in late November at 350 Oliver, the site of the former Saks Fifth Avenue store.
The condos replace an earlier plan to build apartments and a hotel at the site — that plan was dropped because of the recent hotel building boom downtown.
Smithfield Oliver Phase 2 has been confident enough in the demand for condos that it has proposed adding two more floors to the plan, increasing the number of units to 86. The joint venture is shooting to begin work on what’s projected to be a $38 million project next March. The work should be completed and units made available for occupancy in late 2019.
The joint venture plans to price 20 percent of the units between $225,000 and $325,000, seeking to cater to potential buyers of more modest incomes.
