The first 10 units of the 65 loft apartments in the historic Fifth Avenue High School will open in June at 1800 Fifth Ave., in the city's Uptown area.
"Without any advertising, using only a banner on the building, we have leased 22 units -- about a third -- to many tenants involved in the medical field, and a few from higher-priced apartments nearby," said developers Casey Steiner and Jonathan Hill, both of Steiner Realty Inc. The average unit size is 1,250 square feet.
The building is located near UPMC Mercy Hospital, a half mile from Downtown and the South Side, and a mile from Oakland with its universities and medical facilities.
"Our rental rates average about $1,500 a month," Steiner said. Amenities include a fitness room, laundry room, bicycle storage facility and storage lockers.Tenants have the option of obtaining multilevel parking at $100 for a garage and $50 for deck parking.
The project was completely privately financed, but historic tax credits were used. M&T Bank and Pittsburgh's Strategic Investment Fund provided 65 percent of the financing, Steiner said.
