The URA Board will vote on Thursday to enter exclusive negotiations with TREK Development Group for properties in the Garden Theater Block. The properties include all of the buildings in the block except for the Garden Theater which is owned by Allegheny City Development Group, and the Masonic Building which is being developed by City of Asylum/Pittsburgh. TREK’s plans include mixed-use development with apartments, ground floor retail, and restaurant space.
TREK Development Group is based in downtown Pittsburgh and has a successful track record with complex development projects. TREK recently completed the renovations to the Century Building in the Cultural District. The company has extensive experience working with the URA and with utilizing historic tax credits as a financing source. For the Garden Theater project, TREK has teamed with Q Development which has committed equity and debt financing for the project.
Allegheny City Central Association’s Board endorses the selection of TREK Development by the URA. The proposal is consistent with the Community Master Plan and will build upon the recent additions to the Federal North business district. The participation of equity partner Q Development gives the team a strong combination of technical ability and financial strength.
Once TREK enters exclusive negotiations with the URA, the next steps will be to complete the architectural plans and secure public approvals for the project.
The URA Board meeting is at 2pm, December 11, at 200 Ross Street. View the complete agenda.