Pittsburgh Business Times
Beechwood condos are remarkable for their newness
February 13, 2004

For Gregg Perelman, building high-end condominiums on the 1.5-acre parcel at the corner of Beechwood Boulevard and Wilkins Avenue in the Squirrel Hill section of the city made perfect sense.

"I live in Squirrel Hill and I drive past the site every day," said Mr. Perelman, a managing partner in Walnut Capital Partners, a Shadyside commercial and residential development company with a real estate portfolio of $200 million.

So when the property, which housed a nursery, became available two years ago, Mr. Perelman and his Walnut Capital partners, Tony Dolan and Todd Reibord, bought the land for more than$1 million.

But because the location is in Squirrel Hill and just minutes away from Shadyside, Mr. Perelman said his company decided to use the property for residential development. Also, the city's residential market is strong, along with the fact that there is little new for-sale construction taking place in the city, he said.

Still, Mr. Perelman said he wanted the project to stand out and be attractive to his targeted buyer, a 50-something empty nester who was looking to downsize and have the convenience of city living.

"I thought why not let buyers go in and customize," he said. "This way they could have city-style living and get to customize their living space."

The result of Mr. Perelman's idea is Beechwood Commons, a $6 million town-home community comprised of 12 high-end condominiums that each feature 4,000 square feet of space on a total of four floors. Units -- mostly shells -- start at $545,000. The price includes hooking up the unit to utilities, such as gas, electric, water and sewer.

Features of Beechwood Commons, which is now under construction, include 24-foot-by-42-foot wide interiors; a two-car garage; chimneys for fireplaces; concrete exterior porches, stairs and decks with a snow-melt system, and Kolbe metal-clad wood French casement windows and oversized French patio doors with screens. In addition, each unit has been built so the buyer can install an elevator. (It costs an additional $22,000 to install an elevator, Mr. Perelman said.)

All of the walls have been soundproofed as well, said Mr. Perelman, adding he brought in sound experts to check.

"The worst thing to hear is your neighbor," he said.

The units, which sit in four buildings that hold three condominiums, face Beechwood. What's deceptive about the units is that the front entrance of each is accessible by Wilkins Avenue. Mr. Perelman said he had the buildings designed this way so the garages are not visible to motorists on Beechwood.

Upper St. Clair resident Mary Murdy, and her husband, Jim, who retired in October as CEO of Allegheny Technologies, recently bought one of the condominiums.

"It was the fact we could design the interior, as well as the location," Ms. Murdy said. "We thought we'd downsize and try city living. Besides, my daughter lives a block away." Another buyer at Beechwood Commons is Lou Astorino, CEO of Astorino, a Downtown architectural firm.

"My wife and I have been wanting to move back to the city for a while," said Mr. Astorino, who is currently a resident of Churchill. "We wanted a place in the city where we could walk to dinner and a movie. I also didn't want to have to go through a renovation. This was a brand-new shell. We got to finish it how we wanted."

Mr. Perelman said he was talking to a number of physicians about the project because of its convenient location.

He has met with neighborhood community groups to make sure people living nearby would not object to the project.

"Early on, we had multiple citizens' meetings," he said. "As a result of those meetings, for example, we're using two different color brick. We also had plans for a middle unit, but took it out as a result of their input."

Work on Beechwood Commons began in April 2003, said Mr. Perelman, adding that completion is targeted for May. Buyers in Beechwood get a three-year tax break, with property taxes capped at $3,000 a year, Mr. Perelman said.

"As a lifelong Pittsburgher who is raising a family here, I tend to gravitate to those opportunities where I can contribute to reinforcing a positive image for the city and making Pittsburgh a better place to live," Mr. Perelman said.

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