Bakery Square development project

"Bakery Square" Office, Retail, Hotel & Parking Space (former Nabisco factory site) redevelopment project summary

Project Summary

Located in the center of Pittsburgh, the "East Liberty" area contains two historical buildings formerly used by the Nabisco biscuit manufacturing company. Combining the existing 7 story and 3 story buildings yields 495,000 square feet of space. The 7 story building will be renovated, while the 3 story building will be demolished for construction of new retail space and hotel which will be operated under the brand name of "Marriott Spring Hill Suites". The "East Liberty" has less than 5% of unoccupancy rate for retail and office spaces.

216,000 square feet - renovated office space
125,130 square feet - new retail space
52,880 square feet - renovated retail space
120-room hotel
849-space parking garage

Project Costs Estimates:

Total construction costs: $111 Million USD

State and city los interest rate loans: $12.5 Million USD
Sale of tax credits: $7.5 Million USD
PA state grants: $5 Million USD
Tax Increment Financing: $$7.5 Million USD
Own equity: $13.5 Million USD
Capital One Bank loan: $28 Million USD
Number of participating EB-5 investors: $35 Million USD (70 investors)