Pittsburgh's City Council has given the green light for a significant makeover of Bakery Square. The recently approved $500 million expansion will see the area grow by 14 acres, with new housing, retail space, office areas, and even hotels. The project, spearheaded by Shadyside-based developer Walnut Capital, was unanimously sanctioned by City Council members.
In a move to bolster the local economy and innovate the district, Walnut Capital is committed to integrating a vibrant mixture of affordable housing and business establishments. Gregg Perelman, CEO of the development firm, expressed enthusiasm for the project’s potential to contribute to Pittsburgh’s progress, particularly in areas related to artificial intelligence. "From Google’s offices all the way to Duolingo…it creates this whole big energy bordering on five neighborhoods. We have Point Breeze, Larimer, East Liberty, Shady Side...," Perelman stated, as reported by WPXI. Pittsburgh native Alonzo Mitchell Jr. also conveyed excitement for the city's forward momentum, saying, "it’s just cool that we are upscaling and changing the dynamic of the city."
Consideration for the local community has been a key part of Walnut Capital's expansion plans, where the company has worked alongside community groups to forge an agreement. This pact sets standards for affordability and engagement, a commendable initiative that aligns with efforts to invest in the local area. Notably, Walnut Capital has agreed to build or refurbish 100 affordable homes in nearby Larimer and ensure a portion of the new apartment units within Bakery Square are affordable.
The approved zoning changes follow years of deliberation and collaboration. After the Pittsburgh Planning Commission's unanimous approval last year, the project is now moving forward. Developers also have a commitment to partner with Partner4Work, a Pittsburgh-based nonprofit, for workforce development initiatives. Furthermore, tax revenue from the expansion will be earmarked for community groups in adjoining neighborhoods, as reported by the Post-Gazette. Infrastructure upgrades are also planned, including a new road to enhance connectivity.
Completion of the project is not only expected to reshape the economic dynamics but also the physical landscape of Pittsburgh's East End. Walnut Capital has secured more than $6 million in federal grants to support this initiative.
