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Oxford Development has announced it will begin building a massive new office complex at 350 Fifth Avenue that will also contain restaurant and upscale retail space that will add to the renovation of the Fifth/Forbes Corridor Downtown.
The announcement comes as demolition and site preparation for of PNC’s new Tower project has already begun, and on the heels of a Pittsburgh Downtown Partnership report that says Pittsburgh is booming.
|SKY HIGH DEVELOPMENT—Artist’s rendering of the view from the top of Oxford Development’s planned $238 million, 33-story office complex that would rise at 350 Fifth Avenue, Downtown.
In announcing the new development at a May 24 press conference, Oxford President and CEO Steve Guy even noted the PNC project.
“As we mark our 50th year, we want to continue the renaissance of this historic downtown corridor started by PNC,” he said. “We are committed to an aggressive project start date and construction schedule.”
Guy actually presented two possible development designs at the press conference. The first calls for a sleek $238 million, 33-story skyscraper on the site of what is now 441 Smithfield Ave.
The 770,000-square foot design would rise less than a block from PNC’s new 33-story headquarters and would mean an additional 450 construction jobs and 2,500 permanent jobs, added to the economy. It would be LEED (Leadership in Energy and Environmental Design) certified and also feature a rooftop deck.
This option is, however, contingent on Oxford securing an anchor tenant. Guy said though it is the preferred plan, without an anchor tenant Oxford could not secure the required financing.
The second option is to spend $40 million to renovate the existing six-story 441 Smithfield property to provide about 180,000 square feet of space, again with street level retail and restaurant space, rooftop deck and LEED certification. This option would result in an additional 125 construction jobs and 800 permanent positions.
“Our priority would be the new skyscraper. However, our number one commitment is to participate in Downtown’s renaissance,” said Guy. “The reason to develop two options for the property is to create the best final project that would both add to the character and atmosphere of the Fifth and Forbes corridor and meet the market demands”
Neither Guy nor spokesperson Angela Churchill would comment on how many potential anchor tenants are being courted.
“In fact, I don’t know who, or how many. They are keeping this very close to the vest,” said Churchill. “I just know they are being aggressively pursued, and either way, the project will begin in October.”
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