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McCaffery Interests and Partners Celebrate Latest Residential Development in the Strip District

Lot 24
Lot 24
McCaffery Interests Logo

PITTSBURGH, June 13, 2013 (GLOBE NEWSWIRE) -- The success of Lot 24, Pittsburgh's newest luxury residence, will be celebrated this evening with an invite-only event attended by residents, politicians, media, and prominent Pittsburghers.





Photos accompanying this release are available at

http://www.globenewswire.com/newsroom/prs/?pkgid=19285

http://www.globenewswire.com/newsroom/prs/?pkgid=19286

Lot 24 is a 96-unit apartment development located in the Strip District at 24th and Railroad Streets. The property was completed in December 2012 and was fully leased within six months. MI-Apartment Home, the residential management arm of McCaffery Interests, Inc., manages leasing and resident services of the project in conjunction with the management of The Cork Factory.

The development is the second venture of a partnership between McCaffery Interests, Inc., Chuck Hammel and Bob Beynon. In 2005, the partners collaborated on the development of the award-winning Cork Factory Lofts, also located in the Strip District. The partnership is actively seeking new opportunities in the area.

The Lot 24 residences feature abundant natural light, granite countertops, wood flooring, stainless steel appliances, and balconies and terraces. Residents enjoy a number of luxury amenities, including: a swimming pool and spa, concierge, fiber optic technology, WiFi, a fitness center, a stately club room and on-site management. The red brick and corrugated metal building was designed by Antunovich Associates of Chicago and features interior by hospitality designer Intra-Spec of California. Pittsburgh's Massaro Corporation was the General Contractor. The building was constructed solely with union labor and was financed in part with Union pension funds. It was designed to meet LEED certified standards, and will be applying for certification by the U.S. Green Building Council.

The project was financed with the participation of PenTrust and The ERECT Funds, the Urban Redevelopment Authority and the Strategic Investment Funds, and is supported with an RACP grant.

For more information about Lot 24, please visit the community's website: lot24inthestrip.com; the community's blog: inthestrip-pgh.com and MI-Apartment Home's website: mi-home.com. For further inquiries, please contact Pamela Austin of McCaffery Interests at (312) 784-2762 or (773) 383-7094 mobile, or via email at paustin@mccafferyinterests.com.

About McCaffery Interests, Inc.:

McCaffery Interests, Inc., is a privately owned, full-service commercial real estate company that has been in the business of investing, developing, leasing and managing real estate for more than 20 years. The McCaffery Interests portfolio of planned, completed and managed projects exceeds 20 million square feet and includes office, retail, mixed-use, hotel, and residential properties, as well as large, master-planned communities and land developments. With offices in Chicago, IL and Washington, DC, and more than $2 billion of prior projects, McCaffery Interests is one of the most trusted real estate companies in the nation. For more information, please visit www.mccafferyinterests.com or call (312) 944-3777.

About Chuck Hammel:

Mr. Hammel is a long-time resident of Pittsburgh who also serves as the President of Pitt-Ohio, one of the nation's finest transport companies. He is well known for his leadership in the Strip District as well as for his many philanthropic and other entrepreneurial ventures. Mr. Hammel is a member of the Federal Reserve Board of Cleveland. For further information please call (412) 232-3015.

About Bob Beynon:

Mr. Beynon is the Chairman and CEO of Beynon & Company, a privately owned firm founded in 1912. The Company provides insurance and commercial and industrial real estate services including sales, leasing, management, investment and consulting for all phases of the industry. His investing over the years has expanded to various properties in the Strip District.

About The ERECT Funds:

The ERECT Funds deliver competitive investment returns and provide funding for the construction of commercial properties in Pennsylvania, Ohio and West Virginia that are built with union labor. Investors in The ERECT Funds include the local construction trades, the Commonwealth of Pennsylvania, Allegheny County, Beaver County and Highmark. For more information about The ERECT funds, visit www.pentrustonline.com/erectfunds.

CONTACT: Pamela Austin | Project Manager of Development McCaffery Interests, Inc. (312) 784-2762 office | (773) 383-7094 mobile paustin@mccafferyinterests.com

Source: McCaffery Interests