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Landmarks Community Capital Corporation Invest in Loft-Style Town Homes in Bloomfield/Garfield

Landmarks Community Capital Corporation (LCCC) announced at a press conference/ground breaking on Wednesday, April 16th that it has made a $462,000 equity investment into the new loft-style townhouse development located at 5000 Penn Avenue in the Bloomfield/Garfield section of Pittsburgh by Friendship Development Associates, Inc. (FDA). 

Howard Slaughter, Chief Executive Officer of LCCC says, “The development of this loft-style housing, or ‘lofters’ as I call them, fill a blighted vacant lot on a major corridor.  It will also have attractability to workers at the new Children’s Hospital just two blocks away and continue to shore up the business corridor of Penn Avenue and provide quality housing for three new families.  We are pleased to provide this equity investment to FDA and look forward to working with them on the construction of this development. “  FDA’s Real Estate Manager, Courtney Ehrlichman, says this development will be key in maintaining their efforts to keep the revitalization on the Penn Avenue corridor ongoing and strong.

In attendance at the ground breaking was Mayor Luke Ravenstahl who said “Urban loft-style townhouses are becoming more popular around the country, and Pittsburgh is always on the cusp of new and innovative ideas.  This development is representative of the opportunity to increase marketability in Pittsburgh’s urban communities by developing a mix of affordable and market-rate housing, thereby making communities more sustainable by establishing better diversification of incomes, style of housing and ethnicity of communities.  The Urban Redevelopment Authority’s funding of $161,297 in this development is a prime example of private/public partnership, which is the nexus of true neighborhood revitalization.”

The development is scheduled for completion within the next eight months.

Pittsburgh History & Landmarks Foundation

100 West Station Square Drive, Suite 450

Pittsburgh, PA 15219

Phone: 412-471-5808  |  Fax: 412-471-1633