Uptown apartment project receives $1.6M loan from URA
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A $26.7 million project to build mixed-income housing in Uptown is receiving a $1.6 million loan from Pittsburgh’s Urban Redevelopment Authority, shoring up financing for a project expected to begin by the end of the year.
The URA’s board unanimously approved the loan Thursday to help pay for construction of the Standard on Fifth on what is now a vacant site at Fifth Avenue and Moultrie Street.
The four-story development, a collaboration between Boston-based Beacon Communities and the nonprofit Uptown Partners, will include 51 one-, two- and three-bedroom apartments.
Forty of the apartments will be affordable to renters who make no more than 60% of the area median income. According to the URA, the area median income ranges from $70,300 for one person to $132,600 for a household of eight people.
“We are glad to add to the mix of housing that’s available in this neighborhood,” Jessica Sheldon, senior development director with Beacon Communities, told the URA board Thursday.
Monthly rent will be as low as $350 a month for some low-income residents to up to $1,600 a month for market-rate units, Sheldon said.
City Councilman R. Daniel Lavelle, who sits on the URA board, said he appreciated that the development could house families with apartments that have up to three bedrooms.
Construction is expected to be completed in January 2025.