The Art Institute of Pittsburgh

THE ART INSTITUTE OF PITTSBURGH ANNOUNCES PLANS FOR DOWNTOWN HOUSING COMPLEX

George L. Pry, President of The Art Institute of Pittsburgh , announced today the college’s plans to develop a new apartment complex in the central business district of Downtown Pittsburgh and its commitment to a long-term lease and partnership in the purchase and renovation of 620 Second Avenue.

Commonly known as the Try Street Terminal Building and the former site of American Thermoplastics, the vintage nine-story concrete warehouse structure was originally constructed in 1910. The complex represents a significant development in the re-emerging First Side District of Pittsburgh.

“Our first commitment was to secure housing options close to The Art Institute of Pittsburgh,” said Pry. “We are also thrilled to bring the vitality and spending power of 650 new year-round residents to the central business district of the city.” According to Pry, the housing complex is also a key development the city’s “college corridor” that begins on the Boulevard of the Allies with Point Park University, The Art Institute, it’s housing complex and on this side of the city, extending to Robert Morris University, Duquesne University and into Oakland.

"Adding student housing provides a necessary and needed dimension to downtown Pittsburgh," said Allegheny County Chief Executive Dan Onorato. "Students are a great addition to the downtown population, and I applaud the Art Institute of Pittsburgh for meeting the needs of its students and contributing to the economic vitality of our region."

A complete interior renovation is scheduled to begin in October 2005, when Try Street Associates, LP, a partnership consisting of local real estate investors and The Art Institute of Pittsburgh will acquire the building and relocate existing warehouse tenants. The complex is scheduled to be open for occupancy in June 2007.

The building is in the process of being designated a landmark. The partnership’s plans are to restore and renovate the façade and work collaboratively with the Pittsburgh History and Landmarks Foundation to preserve the architectural integrity of the building’s exterior. Otherwise, the complex will be completely renovated to accommodate 650 new residents in 140 apartments.

“The Art Institute’s residential plan for this turn-of-the-century warehouse terminal is the perfect re-use of the space and the perfect compliment to the First Side area,” said Gary Wilson of Langholz Wilson Ellis, Inc., a downtown-based commercial real estate firm. Wilson represented the buyer on lease negotiations and is structuring the partnership with The Art Institute.

The project architect is TKA Architects, known best for its award winning design of the Greater Pittsburgh International Airport, the Carnegie Science Center and the Allegheny County Jail. The General Contractor is The Massaro Corporation, a prominent Pittsburgh contractor, currently involved with the construction of the new Greyhound Bus Terminal and Garage and several residential projects for colleges and universities in the region.

“Our professional and personal relationships allow us to focus solely on the project at hand, offering the best possible real estate solution for our client, The Art Institute of Pittsburgh,” said Joseph Massaro, Chairman of The Massaro Corporation. Massaro has worked on numerous real estate projects with Wilson and TKA Architects over the past 20 years.

In addition to fully furnished one-, two- and three-bedroom units, the complex is seeking two independent retail tenants to add a small convenience store/grocery and a casual dining facility. The Art Institute’s plans include an atrium, 11,000 square-foot activities lounge, sport court and recreation space, vending areas, laundry facilities, new elevators, new heating and air conditioning systems and 24-hour on-site security personnel.

Currently, many Art Institute students reside in school-sponsored housing at Allegheny Center Apartment Complex in the North Side. The college’s move across town from its former location on Penn Avenue in 2000 created a considerable distance between the college and its housing. “We have had a positive leasing experience with Allegheny Center for more than 20 years,” said Pry. “Our move is focused exclusively on developing a housing solution that best serves our students and this structure brings us much closer to a total housing solution for The Art Institute of Pittsburgh.”

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