URA Joins Beacon Communities, Mayor Gainey and Partners to Celebrate the Groundbreaking of the First and Market Downtown Conversion

Yesterday, URA leadership and staff joined Beacon Communities, Mayor Ed Gainey and project partners to break ground on the First and Market office-to-residential conversion in Downtown, Pittsburgh. Located at 100 First Avenue, the $40.8 million redevelopment will transform a former 11-story office building into 93 affordable one-bedroom apartments for senior living.

The URA was proud to support the project with $3.075 million in Downtown Conversion Program funds and $1.75 million in Rental Gap Program funds, as part of a $23.075 million investment package intended to stimulate real estate development in Pittsburgh’s core. Additionally, the URA issued $27.25 million in multifamily housing finance bonds to support the project.

The development is fully supported through the Housing Authority of the City of Pittsburgh’s (HACP) Project Based Voucher Program. HACP’s development arm, Allies & Ross Management and Development Corporation, also contributed $3.8 million in gap financing.

“To be here today to celebrate this development of affordable rental units is something that I applaud because I believe that’s the instrument that helps stabilize neighborhoods and reimagine what we can do Downtown,” said Mayor Ed Gainey. “I’m proud of what this new project will mean for the members of the Downtown community. Having a safe affordable place to call home is not a luxury. It’s a right that everybody should have.”

The new apartments will include a 1,000 square foot community room, on-site management, laundry facility, exercise room, proximity to public transportation, and supportive services to connect residents with resources to assist with food insecurity, health, financial wellness, and more. The development will also be designed with the highest green standards and certifications.

Project partners also include the U.S. Department of Housing and Urban Development – Mid-Atlantic, the Pennsylvania Housing Finance Agency, Key Bank, and PNC.

“93 seniors are going to wake up with a tremendous view of Downtown Pittsburgh,” said Council President and URA Board Vice Chair R. Daniel Lavelle. “Thank you to all those who partnered in putting this together. This is indeed tremendous for Downtown Pittsburgh — tremendous for our region."