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Pitt trustees approve ground-lease plan for 3401 Boulevard of the Allies to add housing and a grocery
Summary
The University of Pittsburgh Board of Trustees approved a transaction enabling Radnor Property Group to pursue a redevelopment of a 1.83-acre Oakland site at 3401 Boulevard of the Allies to include 240–260 apartments and a 15,000–30,000 sq. ft. grocery under a long-term ground lease that requires no university capital outlay.
The University of Pittsburgh Board of Trustees approved a transaction to facilitate redevelopment of a 1.83-acre site at 3401 Boulevard of the Allies that the university has owned since 1963. The plan, presented to the board by the Property and Facilities Committee, names Radnor Property Group as the preferred developer and anticipates 240 to 260 apartments and a 15,000- to 30,000-square-foot grocery under a long-term ground lease that would require no capital commitment from the university.
The matter was introduced by Jeff Marcek, chairperson of the Property and Facilities Committee, who told…
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