east liberty station: realizing the potential - City of Pittsburgh

58
along Center Avenue dominate the corridor
and will continue to drive activity. As baby
boomers continue to age, physician visits
will soar. Those locations in proximity to
senior housing or with high levels of public
transit access will become most desirable.
Additional office market demand is driven
by technology oriented start-ups and
entrepreneurial small businesses. As these
segments often seek locations surrounded
by a mix of uses and accessible via
multiple transportation modes, the study
area provides an ideal location. Historic
renovations, such as the Liberty Bank
Building, account for a significant share of
recent submarket leasing activity outside
of Downtown Pittsburgh. Small firms are
attracted to both the lower rental rates of
this Class B and C space, but also the live/
work/play urban dynamic.
History shows that following a downturn
projects ‘early out of the ground’ have the
best success. Usually, they are completed
into a wave of pent-up tenant demand. This
does assume that companies move away
from efficiency mode into growth stages.
Attracting larger office tenants, such as
Google at Bakery Square, could contribute
to the market for smaller and lower rent
spaces as well
Residential: The study area multi-family
residential inventory features several
classes including 20+ unit structures,
renovated buildings and upper floors in
small mixed-use buildings. As discussed,
Shadyside offers mostly market rate units,
often catering to students, while East
Liberty historically features low-income
rental properties (with a small mix of
market rate). Many Shadyside rentals are
within large formal single family homes
that have been renovated for commercial
residential use.
Because subsidized housing had been
concentrated in the neighborhood for
decades, creating low income housing
was a primary goal for East Liberty.
Redevelopment of the former highrise
housing structures resulted in the
development of 450 new rental housing
units. Many of these projects had rather
long waiting lists for available units upon
opening. While many affordable housing
units were created by 2010, much of this
new development only included small
amounts of market rate/affordable market
rate rentals.
With continued turmoil in the for sale
market nationwide, overall demand
for multifamily rental units will remain
strong. The market for low income rental
residential is expected to remain consistent
as well given local demographics. Likewise,
demand for market rate units like those
offered in Shadyside will be continually
fueled by the neighborhood’s perception
and location to cultural/commercial
amenities. Additional demand results
from high quality affordable market rate
units catering to young professionals and
students. Given the proximity to the PAAI,
potential also exists for live/work space
within converted structures.
Significant opportunities exist in for
retirement units especially given the
aging regional population. Additional
nursing home and elder care facilities
will be needed over the next 20 years as
leading-edge boomers hit the 85-year-old
threshold. Pedestrian-friendly, 24-hour
neighborhoods provides for independence
for ambulatory seniors to access the
services they need.
Within the study area, few new market
rate or affordable market rate for sale
units have been constructed either in
Shadyside or East Liberty. Especially
limited are new single family detached
units. Within each core residential areas
of each neighborhood, over 30% of the
housing stock was built before 1940. 3
Few opportunities for large scale new
New Single Family Houses: East Liberty Prototype Houses
Photo: Pittsburgh Magazine 3. TRF Policy Map, for years 2005-09.