The development group responsible for Bakery Square wants to acquire the former Reizenstein school building and replace it with a $119 million project called Bakery Square 2.0 that would include housing, retail and office space. The proposal was included in the lone bid for the Reizenstein building, one of three city school buildings that are being offered for sale by Pittsburgh Public Schools.Bakery Square 2.0 is a partnership that includes Walnut Capital and RCG Longview. It offered to buy the site for $5.4 million, demolish the school building and replace it with a $119 million development.
The proposal calls for replacing the "functionally obsolete building" with about 20 new single-family homes and more than 70 new rental townhouses -- in the rear of the site near existing housing -- as well as about 400,000 square feet of first-class office/retail space on Penn Avenue.
Reizenstein is on Penn Avenue, across the street from the new Bakery Square, which was a project of Walnut Capital and RCG Longview. Bakery Square is the home of Google, a Spring Hill Suites Hotel and other businesses. Bakery Square's early plans included a residential component that didn't work out.
Bakery Square 2.0 developers said they plan to improve street lights, sidewalks and bike paths along Penn Avenue. The proposal included letters of support from the Allegheny Conference on Community Development, the Pittsburgh Technology Council and Carnegie Mellon University.