Walnut Capital is joining Rugby Realty on an exciting new office-to-residential conversion project in Downtown Pittsburgh’s Cultural District.

The project will transform 933 Penn Avenue, a largely vacant office building, into 70 new apartments, including a mix of one-, two- and three-bedroom residences. Plans also include approximately 5,500 square feet of ground-floor retail space, bringing new residential and commercial activity to the heart of Downtown.

Walnut Capital will serve as a development and management consultant, working alongside Rugby Realty as the project moves forward. Our team will provide input on the development and design of the residential conversion, with plans for Walnut Capital to eventually manage the property.

Located along Penn Avenue near the David L. Lawrence Convention Center and Pittsburgh’s Cultural District, 933 Penn sits within one of Downtown’s most active destinations for dining, entertainment, arts and events.

The conversion is also part of the larger effort to bring more residents and new uses to Downtown Pittsburgh by transforming underutilized office buildings into housing. The 933 Penn project has received support through both state funding and the Urban Redevelopment Authority of Pittsburgh’s Downtown conversion initiatives.

We’re excited to bring Walnut Capital’s residential development and property management experience to another project helping shape the next chapter of Downtown Pittsburgh.

Read the full Pittsburgh Business Times story here.