Pittsburgh Business Times
Walnut Capital lands tenants for retail project
March 7, 2005

Walnut Capital Partners has established commitments from retailers for its latest urban project, a 14,000-square-foot retail project called Centre Plaza.

Situated at the corners of Millvale and Centre avenues, Centre Plaza will serve hospital workers at the nearby Hillman Cancer Center and UPMC Shadyside, as well as University of Pittsburgh students and staff.

Tony Dolan, a principal for Walnut Capital, described the project's location as "almost right in the middle of the economic engine of our city."

"This is an area that is very densely populated, but at the same time there's still a need out there for neighborhood service," he added. "That's demonstrated to us by the project being 50 percent leased prior to us even getting a shovel in the ground."

Walnut Capital expects to tenant the shopping center with a Qdoba fast-casual Mexican restaurant. It would be the second Qdoba in the Oakland area.

Joining it will be a coffee shop, either a Caribou Coffee chain location or a local operator, a SuperCuts hair salon and an Aspen Dental location.

Mr. Dolan would not divulge the cost of the project. He expects to break ground on the development in the next few months and to have the center open for business early next year.

The new shopping center is within the booming Baum-Centre corridor, a stretch of the city that spans from East Liberty to Oakland. The area has seen major development in the past few years, including the opening of a Whole Foods grocery store, Courtyard Marriott hotel and the Hillman Cancer Center.

While a small shopping center, the design for Centre Plaza includes a small courtyard, bike racks, sidewalks and on-site parking.

"The planning department wanted to make sure this building was urban oriented. They didn't want a little strip center. It posed a unique challenge," Mr. Dolan said. "All four sides of the building are a front door."

Mr. Dolan expressed continuing interest in the city's East End neighborhoods, such as East Liberty, Bloomfield, Oakland and Lawrenceville.

"Those are areas that I myself want to see us invest more in," he said.

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