The University of Pittsburgh is expanding its Oakland campus with the purchase of two properties for more than $ 25 million.
The first property is on the corner of Fifth Avenue and Halket Street. The second consists of 12 plots on Bates Street, Boulevard des Alliés and Rue Zulema – which the university collectively calls the Bates Street site.
The board’s properties and facilities committee unanimously approved the purchase proposals for the two sites on Thursday.
The school purchases both from Pittsburgh-based Walnut Capital.
The site on Fifth Avenue and Halket Street has a buildable area of 33,598 square feet, Senior Vice Chancellor of Business and Operations Dave DeJong said at a committee meeting. The City of Pittsburgh has approved the site layout for a structure of up to 285,000 square feet and a one-and-a-half-storey parking lot.
The site is zoned for commercial development in the life sciences. In a resolution regarding the acquisition of the property, the university identified “a need for short-term expansion in several health science programs ideally suited to this location due to its contiguity with the research firms of the ‘university and UPMC “.
The university also wrote that “the proposed location and potential use aligns with the university’s real estate strategy.”
Pitt will pay $ 19.5 million for the site.
“The purchase will include the acquisition of land, site improvements, demolition, rights, permits, architectural, engineering and traffic plans and studies, excavation, shoring, caissons and structural steel, ”DeJong said.
The university “will seek approval for the construction of a suitable building” at a future committee meeting, DeJong said.
The more than 18,500 square foot Bates Street site “stands at an important and highly visible time for the university,” DeJong said, explaining that “the acquisition will enhance a key campus gateway.” .
Walnut Capital will demolish a set of boarded up row houses on the site, he said.
Pitt will pay $ 5.6 million for the land, plus $ 399,125 in reimbursable costs, demolition fees and transaction costs for the Bates Street site, DeJong said.
“The University of Pittsburgh has no immediate plans to develop this site,” spokesman Kevin Zwick said on Friday. “Our only immediate plans are for members of our college community – and our neighbors across the Oakland community – to visit, use and enjoy this new green space.”