Behind the Scenes of Pittsburgh’s Hazelwood Green - Commercial Property Executive

September 17, 2019

 

Pittsburgh is in the midst of an office development boom. The metro has nearly 2.5 million square feet of projects underway, with just shy of 1.3 million square feet anticipated to deliver before year-end, according to Yardi Matrix. Developers’ sights have been largely set on the city’s riverside areas, with 1.6 million square feet of office space under construction within 1,000 feet of the Allegheny or Monongahela rivers.

 

Hazelwood Green is one such project. The development, valued at $1 billion, is still in its early stages, with the first building opening this week—Mill 19, Carnegie Mellon University’s new research and development hub. Set on 178 acres alongside the Monongahela River, 4 miles southeast of central Pittsburgh, the mixed-use project is owned primarily by Almono LP, a partnership between the Claude Worthington Benedum Foundation, Richard King Mellon Foundation and The Heinz Endowments.

 

In 2016, Almono selected ReMake Group to act as the project’s authorized agent. The firm’s CEO and Hazelwood Green’s project director, Rebecca Flora, discusses Pittsburgh’s development scene and the future of riverfront development with Commercial Property Executive.

 

How would you characterize Pittsburgh’s appetite for development? What’s in demand?

 

Flora: Pittsburgh is well positioned for development within its urban core and surrounding neighborhoods, where a new generation of workers are finding affordable housing options and amenities that create quality lifestyles. Our market data indicates a growing demand for flexible work schedules and authentic urban environments that support creativity and attract talent.

 

What’s the story behind Hazelwood Green?

 

Flora: Hazelwood Green is a project that grew out of the vision of Pittsburgh foundation leaders—the Almono partnership—who realized the importance of Pittsburgh’s riverfronts as a unique amenity that should be developed to the highest standards for long-term sustainability and resilience.

 

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