Release Date: Friday, December 25th 2015
$104M Downtown Pittsburgh tower to enhance after-dinner options
By Tom Fontaine
Washington County's Millcraft Investments is putting the finishing touches on a Downtown tower overlooking Market Square that the developer hopes will breathe more life into the Golden Triangle — particularly at night.
The 18-story building, dubbed Tower Two-Sixty, will feature a 198-room hotel, a 330-space garage, seven stories of office space and two stories of retail, including a restaurant that will transform into a high-end “ultra lounge” in the evenings, said Lucas Piatt, Millcraft's president and chief operating officer.
“We feel that there is a missing link in Downtown for a bit of nightlife for the after-dinner crowd,” Piatt said.
The lounge will be part of Revel + Roost, a rustic American restaurant that will occupy two floors. On the first floor, Revel will offer a “faster dining concept” to cater to the lunch crowd before becoming a lounge at night with exclusive seating available by reservation only, Piatt said.
On the second floor, Roost will provide upscale breakfasts and dinners and four private dining rooms.
The Caribbean restaurant Pirata has signed on to locate in the building. Piatt said another retail tenant has signed a letter of intent to locate in a 700-square-foot space, and the developer is close to landing a deal with a fourth tenant on a 3,800-square-foot space. He would not identify them.
A Hilton Garden Inn hotel will occupy floors two to 11. It is expected to open by the end of February, Piatt said.
Millcraft has signed four tenants to the office, including commercial real estate services firm Jones Lang LaSalle, Turner Construction, Merrill Lynch Wealth Management and Coury Financial Group. Millcraft will take space in the building.
Jones Lang LaSalle will be the building's marquee tenant. The office space is expected to be ready by May.
Piatt said Millcraft signed a letter of intent with a tenant for the 17th floor and is in talks with a potential tenant for the 18th floor. He did not identify them but anticipates finalizing deals within three weeks.
The $104 million project was funded with help from an $8.6 million tax-increment financing agreement that went toward costs of building the parking garage. It received a $4 million state grant and tax credits.
Millcraft recently began another significant development in Downtown. Partnering with Downtown's McKnight Realty, it has begun tearing down the former Saks Fifth Avenue department store to make way for a 570-space parking garage with retail and restaurant space that ultimately will have six stories of residential units on top of it.