East End’s Bakery Square 2.0 complex adds townhouses
Construction of 52 luxury townhouses is expected to start this summer in the East End’s Bakery Square 2.0 complex, bringing the first for-sale housing to an area where apartment, office, retail and tech development has blossomed.
“It’s another piece of the puzzle,” said Gregg Perelman, CEO of Walnut Capital Partners, developers of the growing Bakery Square complex along Penn Avenue in Larimer and Shadyside.
Perelman said the townhouse development will be called Bakery Village. Prices will start in the “mid-to-high $400,000 range,” Perelman said.
“It’s the right price point for this market,” Perelman said.
Walnut Capital is constructing two other buildings in the area. Dozens of contractors worked on the sites Thursday.
One of the buildings is a sprawling, six-story office tower along Penn. Tenants of the $50 million building will include Internet search giant Google Inc. and O’Hara-based software maker Autodesk Inc. Both are expanding local operations.
The new office building will be connected to an existing one across Penn by a pedestrian bridge four stories above the busy street. Bridge work will begin in mid-July, Perelman said. The building is scheduled to open in November.
A 176-unit apartment building called Bakery Blue will be set back from Penn, next to a 176-unit, five-story apartment building known as Bakery Orange that opened a year ago and is full. About 30 people have inquired about moving into the building under construction, scheduled to open in spring.
Perelman says it will be a “shared community.” For example, residents of Bakery Blue will be able to use the pool and other amenities in Bakery Orange, while Bakery Orange residents will be able to use the two-story fitness center in Bakery Blue.
About 80 percent of the residents of the existing apartment building are in their 20s and 30s, and most are new to the area, Perelman said. Monthly rents range from $1,200 to $3,500.
Tom Fontaine is a staff writer for Trib Total Media.