See what $2 million buys in Downtown Pittsburgh's luxury condo market
A proposed building in the heart of Downtown Pittsburgh’s Golden Triangle is nearly sold-out of million dollar condos.
Lucas Piatt, president and CEO of Millcraft Investments, said he has sales agreements on all but one of million dollar condos in his yet-to-be-built Lumiere building slated to top a parking garage build on the site of the former Saks Fifth Avenue building at Oliver Avenue and Smithfield Street.
And that would be the primo penthouse selling for $1.99 million.
“We’re seeing great interest in Lumiere,” Piatt said Friday. “I knew that was going to be the case because there really hasn’t been a new condo development Downtown since really Piatt Place (in 2006).”
The Washington, Pa.-based development company is partnering with the Pittsburgh Urban Redevelopment Authority to build 86 one-, two- and three-bedroom condos ranging from $225,000 to $2 million. The URA board of directors Thursday unanimously approved the partnership.
So what do you get for $2 million?
The $1.99 million condo comes with a 1,000-square-foot balcony overlooking Downtown and all the other plush, high-tech and convenient amenities planned for the nine-floors of units.
Standard amenities include hardwood floors, nine-foot ceilings, windows stretching from floor to ceiling and high-end appliances, finishes and lighting. The condos are decked out with “smart home” technology that allows you to regulate heating, air conditioning, door locks and sound from a smartphone. Parking in the garage below will cost an additional $200 to $300 per month.
Owners can choose a standard floor plan or pay to upgrade and pick from one of 11 plans available.
Eighth-floor condos have balconies. Others have windows that open and have clear glass railings for safety.
All condo owners will have access to a free bike and car services and motorized scooters for short trips around the Downtown area. They also get a break on city and Pittsburgh Public School District taxes through a city residential tax abatement program that totals around $6,000 per year, Piatt said.
The building will include a secure area for packages, including refrigerated compartments for groceries, Piatt said. Owners receive a text message when their packages or groceries arrive.
“We have couples — old and young — empty nesters, professionals, tech workers who work for Google and other tech companies,” he said. “We’ve got people with children coming. We’ve got families, too, which is great for Downtown.”
Piatt attributed the interest to low interest rates and close proximity to the city’s three professional sports venues, entertainment options and restaurants. He said people can buy a condo for $225,000 and monthly mortgage payments would be less than the $1,500 average rent on a one-bedroom apartment Downtown.
“When you look at what you spend to rent it can really make sense,” he said.
Bob Bauder is a Tribune-Review staff writer. You can contact Bob at 412-765-2312, email@example.com or via Twitter @bobbauder.