If there’s one word to describe 2025 at Walnut Capital, it’s momentum.

From breaking ground on major new developments to welcoming new residents, businesses, and partners across our neighborhoods, this year was filled with exciting progress and meaningful moments. We built, we grew, and most importantly, we continued creating places where people genuinely want to live, work, and gather.

Before diving in, here’s a quick look at what made this year so special.

2025 at a Glance

Walnut Capital

• 900+ leases signed and 1,000+ new residents welcomed across our residential portfolio
• Five development projects moving forward, shaping the future of our neighborhoods
• 170+ resident events focused on connection, wellness, and community
• Support for 25+ charitable, cultural, and community-driven events

Bakery Square

• 130+ public and community events with 8,000–10,000+ attendees
• 2,000+ children and families engaged through performances and seasonal programming
• Partnerships with 100+ local businesses, nonprofits, and community organizations
• 800 attendees at AI Horizons, doubling last year’s participation
• Dozens of local artists, musicians, and student groups featured through art and live performances

The Caroline Construction Begins

We started the year with a big announcement and an even bigger project: The Caroline at University Commons, our largest development in Oakland to date. Named after Pitt’s iconic anthem, Neil Diamond’s “Sweet Caroline,” this building was designed with college life in mind from the ground up.

The Caroline will feature fully furnished two and three bedroom apartments with modern finishes, comfortable layouts, and a location just steps from campus. It’s the kind of place that makes student living feel easy, stylish, and connected.

In November, the project hit a major milestone with its Topping Off Ceremony, marking the completion of the building’s steel frame. Our team came together to celebrate the moment (yes, there was cake) as the vision for The Caroline continued to take shape. With construction moving steadily forward, we’re looking ahead to pre-leasing during the upcoming school year and opening the doors in fall 2027.

The Jones Tower Construction Begins

Just weeks later, we shared another exciting announcement: The Jones Tower. Formerly a UPMC building, The Jones Tower quickly moved into active construction, transforming an existing structure into a brand-new apartment community in the heart of the city.

As the concept evolved, our team asked a simple question: what does Pittsburgh need right now? The answer was flexible, short-term housing for travel nurses, visiting professionals, and young professionals looking for convenience without long-term commitments.

The Jones Tower delivers exactly that. Fully furnished, all-inclusive apartments mean rent covers everything from electricity to linens and kitchen essentials. Move-in is simple. All you need is your suitcase. The building is leasing now, with its official opening right around the corner.

The Collective: Progress on The James

With The Jones Tower complete as Phase I, work continues on The Collective South Side, a multi-phase vision for the South Side Flats. The project will bring new residential living, a second ground-up building, and for-sale townhomes to one of Pittsburgh’s most energetic neighborhoods.

This is a long-term investment in the South Side, and we’re excited to continue sharing updates as future phases take shape.

New Office Tenants at Bakery Square

Bakery Square’s office community continued to grow in 2025 with the addition of several forward-thinking companies. Hellbender, a leader in AI-powered computer vision products, joined the district and now occupies 40,000 square feet in Bakery Office Four, further strengthening Bakery Square’s role as a hub for innovation.

Credit Genie also joined the office community this year. The AI-powered financial tool helps Americans manage debt while offering practical insights around financial wellness. These additions are just the beginning of what’s ahead for the Bakery Square offices.

Adding to that momentum, the AI Strike Team announced plans for a secure innovation center at Bakery Square, set to open early in the new year. Known as a SCIF, or Sensitive Compartmented Information Facility, this government-grade building is expected to bring nearly 400 jobs to the area and support advanced AI testing and research.

New Art Installation at Bakery Square

Public art continued to play a meaningful role at Bakery Square this year with the addition of Pittsburgh Highlights by Penn Hills artist Jenna Boyles. After earning degrees in painting and art technology, Jenna returned home during the pandemic and now teaches at Carnegie Mellon University.

Created entirely from recycled materials, the installation features two large-scale murals celebrating what makes Pittsburgh unique. Jenna is the fifth artist to contribute murals to the spaces outside City Kitchen, adding another layer of creativity and storytelling to the public realm.

A Top Place to Work, Again

For the fifth year in a row, Walnut Capital was named a Top Place to Work in Pittsburgh. This recognition means a lot to us because it’s based entirely on employee feedback.

At Walnut Capital, people come first. Collaboration, inclusion, and genuine care are part of our everyday culture, from employee appreciation events to the way our teams support one another across departments. This award reflects the people who show up every day and make Walnut Capital what it is.

Pennsylvania Apartment Association Awards

2025 was a standout year at the Pennsylvania Apartment Association Awards, with Walnut Capital earning 15 awards across Leasing, Maintenance, and Exterior Excellence categories.

Highlights include:

• Leslie Ackles of Walnut Crossings, Assistant Property Manager of the Year

• Kristen Psica of Walnut on Highland, Leasing Agent of the Year

• Bakery Living: 1st Place Exterior, 2nd Place Leasing and Maintenance

• Hempstead Road: 1st Place Leasing

• Highland Village: 1st Place Exterior and Maintenance

• Hot Metal Flats: 1st Place Exterior, 2nd Place Maintenance

• The Commonwealth: 1st Place Exterior

• University Commons: 1st Place Maintenance

• Walnut Crossings: 1st Place Exterior

• Walnut on Highland: 1st Place Exterior and Maintenance

• Walnut Towers: 1st Place Exterior and Maintenance

These awards reflect the dedication, care, and teamwork across our entire organization, and we couldn’t be more proud.

AI Horizons at Bakery Square

The AI Horizons Summit 2025 returned to Bakery Square on September 11 and 12, continuing to position the district as a center for innovation. Home to Google and Carnegie Mellon University offices, Bakery Square anchors a one-mile stretch of Penn Avenue known as AI Avenue.

This year’s summit brought together leaders from academia, government, startups, established industries, and public policy. Attendance doubled, growing from 400 to 800 participants, and the event included major announcements around new AI deployments and Pittsburgh’s growing role on the national stage.

New Retail Arrives at Bakery Square

Bakery Square welcomed new retail energy this year with the opening of Clean Your Dirty Face on November 1. Located next to Jeni’s, the facial spa offers quick, effective treatments focused on real results, with first-time visitors able to enjoy their first facial for just $30.

Looking ahead, Playa Bowls is set to open in 2026, bringing acai bowls, smoothies, and fresh juices to the neighborhood.

Pittsburgh in the Spotlight

Pittsburgh made headlines in 2025, with East Liberty named one of America’s coolest neighborhoods and the city recognized as a top travel destination. For those drawn to the area, Walnut on Highland sits right in the middle of it all.

And the excitement isn’t slowing down. Pittsburgh will host the 2026 NFL Draft in just a few months, bringing even more attention to the city. For visitors looking for a place to stay, The Jones Tower offers short-term, move-in-ready apartments that make it easy to feel at home.

Looking Ahead

As we wrap up 2025, we’re grateful for the people and partnerships that make this work possible. From residents and employees to artists, entrepreneurs, and community organizations, each plays a role in shaping these neighborhoods.

This year also brought meaningful moments beyond the work itself. From professional milestones to personal celebrations, including a wedding in the Walnut Capital family (shoutout Sara & Nick), 2025 reminded us that the relationships we build extend well beyond the office.

We’re proud of what we built this year and even more excited about what’s ahead. Here’s to continuing to create places that feel welcoming, connected, and full of possibility!