Mayor Luke Ravenstahl announced today that on Thurs., Aug. 18, the Urban Redevelopment Authority (URA), upon approval from its Board of Directors, will take action on a $1 million Proposal Development Funding (PDF) loan to Cork Factory developers, Chuck Hammel and McCaffrey Interests, Inc., closing a financing gap for the "Residences at the Strip" project in the Strip District. This project, the continuation of the highly successful Cork Factory project, will add to the resurgence of the Strip District and create new market rate residential opportunities, helping to grow Pittsburgh's population.

The new Residences at the Strip will be constructed on vacant land along Railroad Street between 24th and 25th Streets in the Strip District neighborhood, located diagonally from the developers' first project, the Cork Factory.  Residences in the Strip will consist of a four-story building with 96 units of residential housing.  Total development costs for the project, including the URA loan of $1 million, will be approximately $18 million.  In addition to the jobs that will be created during and post-construction and the new population the project will attract to Pittsburgh, the Residences in the Strip project also furthers the Mayor's vision for new housing development along the Allegheny River corridor.

“The demand for quality housing in the Strip District is clear from the successes of the Cork Factory, the Otto Milk Building, and our continued work with Buncher,” said Ravenstahl. “Residences at the Strip will build on this momentum and continue to transform the Strip District into a thriving riverfront neighborhood.”

“Thanks to Mayor Ravenstahl for providing the necessary support and resources, we are able to continue to realize his vision to create new housing opportunities along our rivers and in the Strip District,” said Chuck Hammel.