PITTSBURGH — The Urban Redevelopment Authority of Pittsburgh is preparing to issue a multifamily bond for more than $38 million to Boston-based Beacon Communities to help finance the firm’s joint venture conversion redevelopment of the former steam plant on the Allegheny riverfront into a 97-unit affordable housing address.
It’s a voting item for the upcoming monthly URA board meeting that represents both the largest subsidy on the agenda for the most highly visible project. It’s among a host of measures mostly focused on moving forward four affordable housing conversions downtown expected to total more than 250 new apartments, with nearly $42 million in public subsidy expected to leverage a total of more than $120.8 million in total investment.
Beacon was just approved to go forward with its redevelopment plan for the former Pittsburgh Allegheny Thermal building at 120 Cecil Way by the Pittsburgh Planning Commission a week ago, working with the Pittsburgh Scholar House to dedicate 47 of the apartments at affordable rates to income-eligible single parents pursuing their educations. The larger units in the project, including a number of three-bedroom-apartments, are expected to potentially become home for upwards of 200 children.
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