New Owners Of SouthSide Works Announce Plans For Redevelopment
PITTSBURGH (KDKA) - A New York-based commercial real estate development firm, Somera Road, Inc., announced today its plans to redevelop the SouthSide Works.
The new owners are planning on improving the area with a focus on the SouthSide Works Cinema, which will be redeveloped into an office space they are calling "Box Office."
The movie theater will be converted into 77,000 square-foot office space geared toward tech and creative industries looking to either expand their business already in Pittsburgh or new companies looking to find a home.
"The cinema's grand entry, high ceilings, and efficient usable floorplate, coupled with steel and glass improvements, and the adaptive-reuse appeal creates a unique office conversion opportunity Pittsburgh hasn't seen before," said Jon Reeser, Somera Road's Vice President of Acquisitions.
That project is expected to begin this summer.
Plans are also being put in place to develop the city's first "Container Park" concept. This concept will act as a connector from the main areas of SouthSide Works to the riverfront and the trails. It will be a place for cyclists, runners, and dog-walkers with a large lawn area and dog park.
SouthSide Works will also be redeveloped to include multi-family residential spaces and those plans will be announced later in the year.
Also, several new office and commercial spaces are expected to be added including six new retail spaces including "community-focused and amenities-based tenants."
Lastly, the company is working with the Urban Redevelopment Authority of Pittsburgh to redesign the main square of SouthSide Works to include expanded green spaces, public art, children's play areas, and other public areas.
"The URA is excited to see a new, more active vision for the SouthSide Works' existing retail and public spaces, and we are looking forward to working with Somera Road team to further the city's community and economic development goals through the development of the remaining riverfront parcels," said URA Executive Director Greg Flisram.
In total, Somera Road is planning to invest nearly $170 million in the SouthSide Works.
