Pittsburgh Lofts & New Condos

Pittsburgh Business Times - July 2, 2008
By Tim Schooley

Millcraft Industries Inc. expects to close on its financing this week to build its Market Square Place, its redevelopment of the former G.C. Murphy building on Fifth Avenue in Downtown Pittsburgh.

Lucas Piatt, vice president of real estate for Cecil Township-based Millcraft, expected the company to close on the final portion of the $36 million budgeted for the development Wednesday.

"It's been a long time coming," Piatt said.

Piatt wouldn't disclose the amount or final lender for the financing, only describing the overall financial package as a mix of historic tax credits and new market tax credits, along with private equity.

"Getting anything financed now is more complicated and more time-consuming," Piatt said. "And you have to be creative."

The Urban Redevelopment Authority is working to remove the asbestos from the building before Millcraft closes on its acquisition. Piatt expects Millcraft will finalize its acquisition of the building in the next few days and begin hard construction in the next few weeks.

Millcraft has already leased a significant portion of the G.C. Murphy building to the new Downtown home of the YMCA. Piatt said the company has 25,000 square feet of retail space available out of a total 60,000 in the property although he wouldn't divulge the names of any other tenants.

The project is far enough along that Millcraft is beginning to consider its plans for the property between Market Square and Wood Street on the opposite side of Fifth Avenue.

"We have some very strong interest from some very, very good tenants," said Piatt, describing them as fashion retailers, restaurants and lounges.

Piatt hopes to begin marketing the loft apartments at Market Square Place in the next six months and complete construction in the next year.

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Pittsburgh Business Times - May 8, 2008
By Ben Semmes

The URA's board of directors voted unanimously to authorize agreements for Market Square Place, to be built in the former G.C. Murphy building, and the Century office building, a residential conversion project.

First, the board gave approval for the URA to seek $5.6 million in state grants for Cecil-based Millcraft Industries Inc.'s $36 million Market Square Place project. In addition to 46 loft-style apartments and 28,000 square feet of retail space, the project will feature a 44,000-square-foot YMCA.

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Ambitious Projects Aim to Revitalize Downtown

KDKA - February 18, 2008
By Andy Sheehan

For now, much of downtown Pittsburgh is under construction.

There's the North Shore Connector project, the PNC office, hotel and retail high rise and the Piatt Place transformation of the Lazarus building into condos and shops - pricey and ambitious projects aimed at revitalizing downtown's long-decaying urban core of blight and vacant stores.

"Within the next two years this whole area will be completely remade. When you have $1 billion of investment in the pipeline within two blocks of where we're standing right now," Lucas Piatt said.

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