Greystar Begins Construction on Ophelia, First Development in the City of Pittsburgh

News provided by

Sep 24, 2024, 09:00 ET

PITTSBURGH, Sept. 24, 2024 /PRNewswire/ -- Greystar, a global leader in the investment, development, and management of real estate, including rental housing, logistics, and life sciences, is pleased to announce the start of construction on Ophelia, its first apartment development in the city of Pittsburgh.

Greystar begins construction of its first apartment community in Pittsburgh. Ophelia is part of a mixed-use development and will have 231 residences with 35 of them dedicated to the city's affordable housing program.

"Greystar is excited to make its entry into Pittsburgh in partnership with ECHO Realty," George Hayward, Senior Director of Development at Greystar, said. "Together we are transforming a legacy retail strip center into a unique mixed-use project, signifying the dramatic evolution of the East Liberty and Shadyside neighborhoods. We expect this to be the first of many Greystar development projects in the city."

The new apartment community will have 231 apartment homes for rent with 35 units dedicated to the city's affordable housing program. ECHO Realty's retail portion, The Meridian, will have 44,000 sq. ft. of restaurant and retail space that includes Shake Shack and Barnes and Noble as well as a 36,000 sq. ft. Market District grocery store, which will combine with Greystar's apartment community to create a best-in-class mixed-use development.

"We are happy to partner with Greystar to bring this project to the neighborhood," Philip Bishop, Senior Vice President at ECHO Realty, said. "We look forward to bringing back a brand new grocery store, along with other necessity-based retailers, to meet the needs of the community. We are excited to see Greystar's vision for Ophelia come to life on the site. The new apartment community will provide a new, quality option for Pittsburgh renters."

Ophelia will have studio, one-, and two-bedroom layouts with high-end finishes and amenities. The interior design will be a nod to the Shadyside neighborhood's Victorian architecture with a modern take on gilded-age aesthetics. Amenities will include a fitness center with outdoor workout area, co-working space, billiards and bar area in the club room, pool, grilling and lawn area.

The Meridian project is in a prominent location at the intersection of Penn Ave. and Shady Ave. The site is close to Bakery Square, which is home to Google and other tech and life science-oriented offices as well as retail including Trader Joe's, Target and restaurants along Penn Ave. and Walnut Street. The new East Liberty Bus Rapid Transit station is across the street, providing easy access to downtown and Oakland.

"Pittsburgh has a lot to offer with several of the country's best universities—Pitt, Carnegie Mellon and Duquesne—and significant growth in the tech industry," Hayward said. "There is a demand for class A for-rent housing, yet supply has lagged. We are excited to help meet that demand."

Greystar's property management team is already active in the Pittsburgh market with over 3,700 units under management. The company's Modern Living Solutions division is building Greystar's first modular construction community Ltd. Findlay in nearby Coraopolis.

Ophelia is slated to begin preleasing in late 2025 with final completion targeted for early 2026.

About Greystar

Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates more than $320 billion of real estate in approximately 250 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages nearly 997,000 units/beds globally, and has a robust institutional investment management platform comprised of over $78 billion of assets under management, including $36 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com

About ECHO Realty

As one of the leading privately held owners and operators of grocery-anchored shopping centers in the US, ECHO Realty focuses on the ever-evolving, necessity-based marketplace by prioritizing properties that are an integral part of everyday life. ECHO Realty is headquartered in Pittsburgh, PA with offices in Nashville, TN and Indianapolis, IN. ECHO's portfolio consists of over 230 properties totaling more than 9 million square feet along the East Coast and Midwest. For more information about ECHO Realty, please visit www.echorealty.com.

SOURCE Greystar