Walnut Capital is moving forward with plans for its first new development project at its Bakery Square Connector site, a 14-acre swath along Penn Avenue approved for a master plan development that extends from Bakery Square to the open lot across from the recently completed Meridian redevelopment.

Yet, to push forward, Walnut Capital is proposing a smaller apartment project than originally planned. Working with downtown-based Strada as the architecture firm, the real estate firm proposes to build a six-story building reaching 74 feet in height with a total of 199 apartments, in the range of 20% of them to be leased at rents that meet standards of affordability. Walnut Capital hopes to go before the Pittsburgh Planning Commission to seek approval on the project and to start building it next year.

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Pittsburgh Business Times | Tim Schooley