At its October 11, 2018, meeting, the Board of Directors of the Urban Redevelopment Authority of Pittsburgh (“URA”) approved a 60-day period of Exclusive Negotiations, with Lexington Partners of Pittsburgh, LLC for the potential purchase and development of Lexington Technology Park, a 16.5-acre site in the Point Breeze North neighborhood adjacent to Homewood Station on the Martin Luther King Jr. East Busway.
The URA issued a Request for Proposals (RFP) for redevelopment of the Lexington Technology Park on March 13, 2018. The URA received seven proposals on May 14, 2018. A Review Committee, consisting of representatives from community organizations, elected officials, the Department of City Planning, and URA staff, was established to evaluate the proposals in order to make a recommendation to the URA Board of Directors. By consensus, the Review committee recommended the Lexington Partners of Pittsburgh, LLC proposal.
Lexington Partners of Pittsburgh, LLC is a newly formed MBE-led corporation comprised of Icon Development and KBK Enterprises. Lexington Partners of Pittsburgh proposes to redevelop both the N. Homewood and N. Lexington Parcels into a mixed use, mixed income development.
Exclusive Negotiations is the first of three (3) URA board actions in the URA’s Disposition Process that occur prior to the sale of the property. During this period of Exclusive Negotiations, the redeveloper will complete due diligence, continue to advance the URA’s community engagement process, present designs to the community for input, prepare a preliminary budget, explore financing sources, and complete a Redevelopment Proposal Package for submission to the URA board.