M id A tlantic Real Estate Journal — Owners, Developers & Managers — January 22 - February 18, 2021 — 13C
O wners , D evelopers & M anagers
Proposal will transform vacant west end site into 46-unit affordable senior housing comm. Pittsburgh URA names Tryko developer of choice for Fairywood Redevelopment
ITTSBURGH, PA — The Urban Redevel- opment Authority of Pittsburgh (URA) has selected Tryko Partners as developer of choice to redevelop the former Fairywood School site in the City’s west end. Tryko’s winning proposal will transform the vacant property into affordable townhomes for seniors aged 62 and up as part of a neighborhood revitaliza- tion initiative. The project design features spacious one-bedroom units with covered porches, sur- rounded by a series of walkable, park-like green spaces. Ample parking will be provided as well as a community building, where residents will be able to take advantage of financial literacy, nutrition and exercise programs, health screenings and other support services designed to enable seniors to age in place. The complex will be transit-friendly and incorpo- rate energy-efficient and sus - tainable site design, including rain gardens throughout the green spaces. Isaac Sassoon, Esq. , senior vice president at Tryko, said, “We are incredibly proud of our development plan, which includes 46 total units, 39 of which will be affordable to residents with incomes up to 60% of the area median income, as well as seven market rate, non-income restricted homes. All residents will enjoy the convenience of one-story liv- ing, with fully accessible units available.” Moving forward with the project is contingent on Tryko receiving an award of 9% Low- Income Housing Tax Credit (LIHTC) from the Pennsylva- nia Housing Finance Agency (PHFA). The LIHTC program is a federal program adminis- tered by State housing finance agencies for the acquisition, rehabilitation or new construc- tion of rental housing targeted to lower-income households. City of Pittsburgh council president Theresa Kail-Smith, who represents District 2, has acknowledged the need for the project and her strong interest in seeing it developed following multiple failed attempts by others. “What is most impor- tant to me is what is important to the community,” she said. “There are many seniors living in Fairywood who are saddened to leave because they can no longer maintain their homes. P
This development is crucial to making it possible for residents to stay. The people of this com- munity selected Tryko because it was clear they listened and captured everything the com- munity wanted in the design.” Tryko has considerable ex- perience with both affordable housing and market-rate units in the Pittsburgh area. The Brick, N.J.-based private eq- uity investment group owns more than 7,000 residential units nationwide, including over 2,000 affordable housing units in Pittsburgh and the surrounding regional market.
In 2007, Tryko demonstrated its commitment to revitalizing the neighborhood surround- ing the Fairywood site with the acquisition of Emerald Gardens, the 436-unit multi- family complex next door. The firm purchased the former HUD property when it was in bankruptcy and invested over $10 million to make improve- ments. Sassoon noted, “We hope to mirror our success with the market-rate Emerald Gar- dens, which is averaging nearly 100% occupancy and has be- come one of the most desirable properties in the area.” MAREJ
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