|The Mosites Company is a real estate development and property management company located in downtown Pittsburgh, Pennsylvania. Founded by Steven Mosites, Jr. in 1992, The Mosites Company was formed with the vision of developing and renovating commercial and residential properties. Driven by Steve’s commitment to creating well-designed, quality projects with lasting value, The Mosites Company has a portfolio of completed projects exceeding 3 Million square feet of gross leasable area, with additional planned projects in the works, including a mixed use development of a 47 acre riverfront property that runs through Aspinwall, O’Hara Township and Sharpsburg along the Allegheny River in Pittsburgh.
In addition to projects in Vermont, Georgia, Alabama and Pennsylvania, some of the local projects in Pittsburgh include; the Murray Avenue Condominiums in Squirrel Hill, the redevelopment of Virginia Avenue in Mt. Washington including the Rite Aid and Shop N’ Save, Academy Place in Sewickley, and the historical renovation of The Times Building, a 20,000 square foot office building in downtown Pittsburgh.The Mosites Company recently completed the final phase of a 15-acre zipper development in East Liberty named Eastside, a 110,000 square foot mixed-use urban shopping center anchored by Whole Foods Market, PLCB Premium Wine & Spirits Store and Walgreens on the western end, and anchored by 143,000 square foot Target on the eastern end. The final phase included a Transit Oriented Mixed-Use Development consisting of 360 residential apartments, 550 parking spaces and 48,000 square feet of retail and a redesigned transit center for the East Liberty Transit Station, one of the highest volume stops on the East Busway.
The Mosites Company has been nationally recognized as the recipient of a ULI award for their ability to create smart design driven solutions for their urban mixed use developments in East Liberty, PA, integrating solutions for retail and parking in a dense urban market. A key factor to the success of The Mosites Company throughout their projects is the proposed use of structured parking in order to permit a more sustainable palate for the reinvestment in urban areas. In order to compete for new businesses and commercial tenants in the regional market, urban areas have to provide comparable amenities, most importantly parking. High land cost, and limited land area further handicap the economics and marketability of urban sites. Structured parking and multi-level buildings create a higher value investment per acre while creating low-impact land use because multi-level site development requires less land and yields a better product compatible with the surrounding urban context.
The first phase of the Eastside Development project, Whole Foods Market, successfully modeled a strategy of using public/private/nonprofit partnerships to overcome the latent market obstacles that had plagued East Liberty. The core of the financing strategy involved a strategic commitment to invest “beyond” the current market value in East Liberty, in the belief that this over-investment would seed higher value investment opportunities in the adjacent areas. With the success of this strategy, The Mosites Company has carried this approach throughout their other projects.