Greystar Breaks Ground on New Mixed-Use Project in Pittsburgh
Greystar's Exciting New Project: Ophelia in Pittsburgh
Greystar, a renowned global leader in real estate investment, development, and management, is thrilled to announce the commencement of construction on an innovative apartment community known as Ophelia. This marks Greystar's inaugural development in the vibrant city of Pittsburgh, heralding a new chapter in the area’s growth.
Transforming Old Spaces into New Opportunities
In partnership with ECHO Realty, Greystar aims to radically transform a former retail strip center into a dynamic mixed-use project. Senior Director of Development, George Hayward, expressed enthusiasm about entering the Pittsburgh market, stating that the project signifies a significant evolution in the East Liberty and Shadyside neighborhoods.
Community-Focused Development
The Ophelia community will consist of 231 modern apartment homes, with 35 units set aside as part of the city's affordable housing initiative. Additionally, The Meridian will feature 44,000 square feet of engaging retail space that includes popular destinations such as Shake Shack and Barnes and Noble, reinforcing the development's commitment to community engagement.
A New Standard for Living Arrangements
The designs for Ophelia will embrace studio, one-bedroom, and two-bedroom layouts, featuring high-end finishes and a style that pays homage to the area's Victorian roots while incorporating contemporary elements. The project will also boast a wide range of amenities such as a state-of-the-art fitness center, co-working spaces, a billiards area, a club room, a swimming pool, and an outdoor grilling area—all designed to meet the needs of modern renters.
Strategic Location Enhancing Accessibility
Positioned at the key intersection of Penn Avenue and Shady Avenue, the Meridian project benefits from a prominent location near Bakery Square, which is home to several tech offices, including Google. The new Bus Rapid Transit station stationed across the street provides convenient access to downtown and the nationally recognized educational institutions nearby.
Diverse Market Presence and Future Plans
Greystar's presence in the Pittsburgh market is already substantial, with over 3,700 units currently under management. The firm’s dedicated Modern Living Solutions division is also making strides by building its first modular construction community, Ltd. Findlay, located just outside Pittsburgh. As part of its commitment to meeting local rental demands, Ophelia is projected to begin preleasing in late 2025, with a full completion anticipated in early 2026.
About Greystar
Greystar has established itself as a fully integrated global real estate company, excelling in property management, investment management, and development across various sectors, including rental housing and logistics. Based in Charleston, South Carolina, Greystar's extensive operations span roughly 250 markets worldwide, managing an impressive portfolio valued over $320 billion.
About ECHO Realty
With a stronghold as one of the top privately held operators of grocery-anchored shopping centers in the U.S., ECHO Realty prioritizes properties that serve as essential components of daily life. Their focus on the surrounding community solidifies their mission and commitment to growth.
Frequently Asked Questions
What is the Ophelia project being developed by Greystar?
Ophelia is a new mixed-use apartment community that will feature 231 rental units with a focus on both luxury and affordability.
What amenities will be offered at Ophelia?
Residents can look forward to amenities such as a fitness center, co-working spaces, swimming pool, and outdoor areas for leisure and grilling.
When is the expected completion date for Ophelia?
The project is expected to be completed in early 2026, with preleasing starting in late 2025.
Where is Ophelia located?
Ophelia is strategically situated at the intersection of Penn Avenue and Shady Avenue in Pittsburgh, enhancing its accessibility.
What is Greystar's role in the real estate market?
Greystar is a leading real estate company involved in investment, development, and management of properties, particularly in the rental housing sector.
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