Pittsburgh — A joint venture between Greystar and ECHO Realty has broken ground on Ophelia and The Meridian, a multifamily and retail project located at the intersection of Penn and Shady avenues in Pittsburgh.
The development will include Ophelia, a 231-unit multifamily project by Greystar; The Meridian, a 44,000-square-foot retail development spearheaded by ECHO Realty; and parking for both retail and residential uses.
Ophelia will offer units in studio, one- and two-bedroom configurations, 35 of which will be subject to income restrictions under the city’s affordable housing program. Shared amenities will include a fitness center with an outdoor workout area, coworking space, a pool, grilling and lawn area and a clubroom with billiards and a bar. The development is set for completion in early 2026 with preleasing planned to begin in late 2025.
The Meridian will include a 36,000-square-foot Market District grocery store alongside inline retail space, which has been preleased to tenants including Shake Shack and Barnes & Noble. The retail portion of the larger project is set to begin opening in 2025.
“Pittsburgh has a lot to offer with several of the country’s best universities — Pitt, Carnegie Mellon and Duquesne — and significant growth in the tech industry,” says George Hayward, senior director of development with Greystar. “There is a demand for Class A rental housing, yet supply has lagged. We are excited to help meet that demand.”
Charleston, South Carolina-based Greystar is a global real estate firm focused on property and investment management, development and construction services for properties in the rental housing, logistics and life sciences sectors. The company manages and operates over $320 billion worth of assets across 250 markets. Ophelia will be Greystar’s first multifamily development in the city of Pittsburgh.
Locally-based developer ECHO Realty is one of the leading privately-held owners and operators of grocery-anchored shopping centers in the United States. The firm’s portfolio includes more than 230 properties totaling 9 million square feet throughout the East Coast and Midwest.
—Katie Sloan