Mt. Lebanon officials may commission a market study for land near Bower Hill Road that has been earmarked for high-rise housing but remains undeveloped. “I think the desire is to validate that the market hasn’t changed,” municipal Manager Steve Feller said. A decade ago, a Boston-based planner identified the northern end of the Washington Road business district as ripe for high-rise residential development, either condominiums or apartments. The idea was to create pedestrian traffic for shops in the business district. But in the past five years, the plan has gathered little momentum and no money. Developer Bill Bannow has been unable to arrange financing to buy 0.9 acres from the municipal parking authority for $440,000 in order to start building his planned 12-story condominium complex with 60 units. One other developer has expressed interest in the site. Bannow, who failed to meet five deadlines to buy the land, said his financing could be available in June. “It’s very close to a done deal,” he said. The parking authority, meanwhile, is looking at other options. The authority recently completed an appraisal of the land, finding that it now is valued about $500,000. Parking authority director Rich Sahar said the land’s value has increased at a rate of about 5 percent a year. Feller said the market study probably would cost no more than $20,000. The municipal Economic Development Council suggested the study in order to prepare to issue a request for proposals for the land, Feller said. Parking authority board members have suggested opening up the land for commercial or retail use.

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