Pittsburgh Lofts & New Condos

RiverParc's start pushed back

Pittsburgh Business Times

By Ben Semmes

The developer of the Pittsburgh Cultural Trust's $460 million RiverParc project has pushed back its projected start date until at least the middle of next year, amid fallout from the subprime mortgage crisis and deteriorating capital markets.

"It looks like we are, for a whole host of reasons, pushing that back to the end of the second or beginning of the third quarter (2008)," said Andrew Klamon, development director with Washington, D.C.-based Concord Eastridge Inc., the mixed-use project's developer. "The capital markets have been, for lack of a better word, skittish."

Concord Eastridge, which originally had planned to begin demolition this past summer, has yet to purchase the property -- the area bounded by Seventh Street, Penn Avenue, Ninth Street and Fort Duquesne Boulevard -- from the Cultural Trust.

In addition to as many as 700 condominiums, the project calls for 159,000 square feet of retail and restaurant space, parks and public art.

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