Greystar, a global leader in the investment, development, and management of real estate, is excited to announce the start of construction on Ophelia, its first apartment development in the city of Pittsburgh. This marks a significant milestone for Greystar as they enter the Pittsburgh market in partnership with ECHO Realty, a leading owner and operator of grocery-anchored shopping centers.
Together, Greystar and ECHO Realty are transforming a legacy retail strip center into a unique mixed-use project, a testament to the dynamic evolution of the East Liberty and Shadyside neighborhoods. This project will be the first of many Greystar developments in the city, showcasing their commitment to Pittsburgh’s growth.
The new Ophelia apartment community will offer 231 apartment homes for rent, with 35 units dedicated to the city’s affordable housing program. The development also includes a retail component called The Meridian, featuring 44,000 square feet of restaurant and retail space, anchored by popular brands like Shake Shack and Barnes and Noble. A 36,000-square-foot Market District grocery store will complement the apartment community, creating a best-in-class mixed-use development.
“We are thrilled to partner with Greystar to bring this project to the neighborhood,” said Philip Bishop, Senior Vice President at ECHO Realty. “We look forward to bringing back a brand new grocery store, along with other necessity-based retailers, to meet the needs of the community. We are excited to see Greystar’s vision for Ophelia come to life on the site. The new apartment community will provide a new, quality option for Pittsburgh renters.”
Ophelia will offer studio, one-, and two-bedroom layouts featuring high-end finishes and amenities. The interior design draws inspiration from Shadyside’s Victorian architecture, with a modern interpretation of Gilded Age aesthetics. Residents will enjoy a range of amenities, including a fitness center with an outdoor workout area, co-working space, billiards and bar area in the club room, a pool, and a grilling and lawn area.
The Meridian project is situated in a prime location at the intersection of Penn Avenue and Shady Avenue, close to Bakery Square, home to Google and other tech and life science offices. Retail options including Trader Joe’s, Target, and restaurants along Penn Avenue and Walnut Street are also easily accessible. The new East Liberty Bus Rapid Transit station is just across the street, providing convenient access to downtown and Oakland.
“Pittsburgh has a lot to offer with several of the country’s best universities—Pitt, Carnegie Mellon, and Duquesne—and significant growth in the tech industry,” said George Hayward, Senior Director of Development at Greystar. “There is a demand for Class A for-rent housing, yet supply has lagged. We are excited to help meet that demand.”
Greystar’s property management team is already active in the Pittsburgh market, managing over 3,700 units. The company’s Modern Living Solutions division is building Greystar’s first modular construction community, Ltd. Findlay, in nearby Coraopolis. Ophelia is slated to begin preleasing in late 2025, with final completion targeted for early 2026.
Greystar’s commitment to providing world-class service in the rental residential real estate business has solidified their position as a leading real estate company. With over $320 billion of real estate under management across 250 markets globally, they continue to invest in and develop high-quality properties that meet the evolving needs of their tenants.
ECHO Realty, known for its focus on necessity-based marketplaces, is equally committed to creating vibrant and thriving communities. Their portfolio of over 230 properties, spanning more than 9 million square feet across the East Coast and Midwest, reflects their dedication to providing essential services and amenities to residents.
Ophelia marks a significant step forward for both Greystar and ECHO Realty, showcasing their shared vision for creating dynamic, sustainable, and well-integrated communities that enhance the lives of residents and contribute to the growth and prosperity of the city.
