Buncher Co. to Redevelop Terminal Produce Building and Build on Unused Riverfront Land
Pop City Media
Wednesday, December 15, 2010
The Urban Redevelopment Authority has agreed to lease–with an option to sell–the 130,000-square-foot Fruit Auction Terminal Produce Building on Smallman Street in the Strip District. The Buncher Co. plans to turn the building into a thriving commercial space.
To purchase the building, Buncher must commit to building 75-units of residential housing on the 55-acres of surface parking behind the Terminal Building. The firm must also promise to preserve the historic architecture.
“The building really is at the end of its useful life. It needs anywhere from $6 to $10 million in capital improvements to bring it up to code and preserve it,” says Rob Stephany, executive director of the URA.
According to Stephany, Buncher is about 20% of the way into their planning process, having selected the renowned historic preservation architect Albert Feloni to create a master plan for the Terminal Building. Astorino is under contract to do the master plan for the vacant surface parking along the river between the convention center and 41st Street.
Once Buncher submits the master plans to the URA for review, the gears of construction can really start turning. Stephany says a recently conducted market analysis indicates the building would best benefit from restaurants, office, and showroom spaces on the platform, citing the Society for Contemporary Craft and The Pittsburgh Public Market as examples of forward-thinking reuse of these kinds of buildings.
As part of the project, the URA and the City recently rezoned part of the Strip as a redevelopment area, causing concern from some neighborhood stakeholders who thought the URA might be preparing for eminent domain seizures. Stephany says that while this is certainly not the case, they didn’t do a good of a job in communicating their plans. Their intent was to make funds from investors more flexible.
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Writer: John Farley
Source: Rob Stephany, URA
Photograph copyright Brian Cohen