LG Realty Advisors today unveiled plans for its Liberty East project, a mixed-use real estate development project for Pittsburgh's East Liberty neighborhood, creating new energy in the community's central business district.
LG Realty, a privately-held real estate development and management company with long-standing roots in Pittsburgh, also provided the first glimpse of the latest architectural renderings for Liberty East.
In conjunction with the announcement, LG Realty welcomed Whole Foods Market to the project as the anchor tenant. The world's leading natural and organic foods retailer, Whole Foods Market has signed a lease to occupy 50,000 square feet of retail space on the ground level of a nine-story building, which will be constructed at the corner of Penn and Euclid avenues.
The grocery store is part of the first phase of development at Liberty East, a $50-million project that includes nearly 246,000 square feet of Class-A, boutique office space, an additional 4,600 square feet of retail space, nearly 700 vehicle parking spaces and parking for 60 bicycles.
"The construction of Liberty East will mark the beginning of a new chapter for East Liberty and the surrounding communities, areas that continue to witness renewal and renewed investment at a time when all of Pittsburgh is experiencing rebirth," said Lawrence Gumberg, founder and president, LG Realty Advisors. "Our comprehensive plan for the site will result in new commercial and retail development, create much-needed employment opportunities, generate additional tax revenue and contribute to a more vibrant neighborhood."
"As longtime members of the East Liberty community, we look forward to continuing to serve our neighbors here and providing them with a much more comprehensive and exciting shopping experience," said Scott Allshouse, president of the Mid-Atlantic region of Whole Foods Market.
As part of the redevelopment, LG Realty will contribute $1 million to rebuild and improve Enright Park, the city park adjacent to the development site and an important community asset that serves as a meeting place and green space for residents. The reconfigured Enright Park will promote connectivity and park access from Penn, Negley and Euclid avenues.
LG Realty will also earmark more than $2 million for the city's East End affordable housing fund. The fund is slated specifically for developing affordable housing in and around East Liberty.
Construction for the first phase of Liberty East is expected to begin in the summer. Completion of phase one is slated for the summer of 2021.
ABOUT LG REALTY ADVISORS
LG Realty Advisors, Inc. is a privately-held, vertically-integrated real estate company that offers decades of experience in developing, owning and operating neighborhood and regional shopping centers, enclosed malls, office and medical office buildings, multi-family properties, and light industrial facilities throughout the Midwestern, Eastern and Southeastern United States. Founded in 2005, LG Realty Advisors is headquartered in Pittsburgh, Pa. For more information, visit www.lgrealtyadvisors.com.
