With apologies to Steelers Coach Mike Tomlin, this standard has nothing to do with football.
Rather it has all to do with bringing more housing to the city’s Uptown neighborhood. The Standard on Fifth is a 51-unit apartment complex being proposed at 2120 Fifth Ave., just blocks from the Birmingham Bridge.
The $26.7 million project, a joint venture between Beacon Communities and the Uptown Partners community organization, could get a financial shot in the arm Thursday when the Pittsburgh Urban Redevelopment Authority board convenes to consider a $1.6 million loan for the endeavor.
It is one of three pieces of public financing the development team is seeking for the project, according to a report to the URA board.
Beacon and Uptown Partners also have requested $1.7 million from the city Housing Authority through its project-based voucher gap program and $4.7 million from the state Housing Financing Agency through its development cost recovery program.
All three represent key pieces of financing for the proposed four-story complex, which would feature 40 affordable units and 11 market rate. The URA loan will be interest free for a term of 40 years.
Of the affordable apartments, seven would be reserved for households at or below 30% of the area median income, or $30,100 for a family of four; 19 at 50% of the AMI, or $50,200 for a family of four; and 14 at 60% AMI, or $60,240 for a family of four. Of the 51 units overall, 31 will be one bedroom, 9 two bedroom, and 11 three bedroom.
The complex, which would border Moultrie Way and Watson Street, would be located on the proposed bus rapid transit line linking Downtown and Oakland. Part of the site is vacant. The developers also are planning to demolish two existing structures while keeping three others.
Neither representatives from Beacon nor Uptown Partners could be reached for comment.
Based on a proposed timeline included in its Planning Commission presentation, the development team would like to get started on the project by the end of the year.
Beacon currently controls more than 1,500 apartments at eight locations in the Pittsburgh region. Overall, it oversees more than 18,000 units at 150 locations in 13 states and Washington D.C.
The development team already has secured 9% low-income housing tax credits and a Pennsylvania Housing Tax Credit to help finance the project.
Also on Thursday, the URA board will consider awarding nearly $1.3 million in Avenues of Hope grants funded through federal American Rescue Plan dollars.
The largest grants include $200,000 to Salem’s Market and Grill as it prepares to open a new grocery at the former Shop ‘n Save site in the Hill District; $190,000 to the Onion Maiden restaurant on East Warrington Avenue for dining room renovations and bathroom/kitchen updates; and $89,000 to Wilson’s Bar-B-Q on Perrysville Avenue for the installation of a commercial kitchen hood system.
Ascender, an East Liberty startup incubator, also is set to receive $200,000 in funding for six-month entrepreneur cohorts in Larimer, Hazelwood and Homewood.
In addition, the URA board will consider awarding another $1 million through its Neighborhood Initiatives Fund, including $70,000 to help with the restoration of the Tito house in Uptown.
Among those set to receive $100,000 awards are Pittsburgh Musical Theater in the West End for entrance redesign and exterior improvements; Pittsburgh Struggling Student Association for a mini-grocery in Manchester; the Reformed Presbyterian Home in Perry Hilltop for nursing community renovations; and the Hill Dance Community Theatre in the Hill District for a Sustaining Black Arts in the Hill program.
Mark Belko: mbelko@post-gazette.com
First Published September 14, 2023, 9:30am