Buyers already committing to condos at Lumiere Residences downtown

Millcraft Investments Inc. and McKnight Realty Partners’ joint venture to build an 86-unit condo tower called the Lumiere Residences has already generated sales commitments for a little more than 25 percent of the units before the formal sales process has begun.

By Tim Shooley for Pittsburgh Business Times

November 7, 2017

Millcraft Investments Inc. and McKnight Realty Partners’ joint venture to build an 86-unit condo tower called the Lumiere Residences has already generated sales commitments for a little more than 25 percent of the units before the formal sales process has begun.

“It’s faster than we expected,” said Lucas Piatt, president and chief operating office of Millcraft Investments, of the interest in the condo building this far.

Izzy Rudolph, president of development and acquisitions for McKnight, said the interest so far has been through word of mouth.

The joint venture, working as Smithfield Oliver Phase 2 Partners LP, received unanimous approval by the Pittsburgh Planning Commission at its regularly scheduled meeting on Nov. 7, enabling the development to go forward.

Designed by Indovina Associates Architects, Lumiere Residents will be built at 350 Oliver, the site of the former Saks Fifth Avenue store.

Slated to be built on a new parking garage all but completed on the site, Lumiere Residences is expected to be under full construction in March and be completed on a 16-month construction schedule.

The joint venture added two floors to the project due to confidence in the projected demand.

McKnight and Millcraft will host a launch party for Lumiere on Thursday, Nov. 9, at McKnight’s Embassy Suites by Hilton Pittsburgh-Downtown within the Henry W. Oliver Building.

Piatt said the marketing plan calls for setting up a design center for Lumiere within Tower 260.

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