PITTSBURGH — A joint venture between Greystar and ECHO Realty has broken ground on a mixed-use project located at the intersection of Penn and Shady avenues in Pittsburgh. The development will include Ophelia, a 231-unit apartment community by Greystar, as well as The Meridian, a 44,000-square-foot retail project spearheaded by ECHO Realty, and parking for both retail and residential uses.
Ophelia will offer units in studio, one- and two-bedroom floor plans. Thirty-five apartments will be subject to income restrictions under the city’s affordable housing program. Planned amenities include a fitness center with an outdoor workout area, pool, coworking space, grilling and lawn area and clubroom with billiards and a bar.
The development is set to deliver 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 such as Shake Shack and Barnes & Noble. The Meridian is expected to begin opening in 2025.
Greystar is an international developer and property manager headquartered in Charleston, South Carolina. The firm 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.
ECHO Realty is a locally based developer and owner-operator of grocery-anchored shopping centers. The firm’s portfolio consists of more than 230 properties totaling 9 million square feet throughout the East Coast and Midwest.