A more-than-half-century-old concrete parking garage on the corner of Ninth Street and Penn Avenue in Pittsburgh could be the site of the one the largest luxury condominium projects to ever be built Downtown.

The Davis Companies of Boston has proposed building a $175 million mixed-use development at the site of the garage that would house 185 high-end apartments and 30,000 square feet of retail space, plus a new garage able to accommodate 935 vehicles.

The Pittsburgh Post-Gazette reports that Pittsburgh Parking Authority board members last week authorized up to 150 days of exclusive negotiations in a bid to finalize the deal with The Davis Companies, the development group perhaps best known in the Pittsburgh area for its recent $100 million restoration of the historic Union Trust Building on Grant Street.

“It should be a world-class project for the city, hopefully,” Jeff Cohen, parking authority board chairman, told the PG.

Jonathan Davis, CEO and founder of The Davis Companies, told the newspaper that there previously had been little-to-no luxury living spaces for sale Downtown — and the timing was right for this project.  

He added the site’s proximity to the Allegheny riverfront, as well the bustling restaurants and theaters of the Cultural District, influenced his company’s decision to get involved with the development.

“It’s a transformational project for that part of town,” he says. “Obviously we’re delighted at the confidence the parking authority has placed in us, especially given the strong competition we faced.”

Millcraft Investments and Oxford Development Company were the other two finalists for the work, according to the Post-Gazette.

The development is, for now, planned to be built over three phases, with the condos located in two towers reaching 20 stories and 15 stories high, respectively.

The existing six-story, 583-space parking garage, which was built in the 1950s, would be replaced by the new garage.

If you’re worried the project would limit parking Downtown, fear not. The parking authority, at least at first, would own 885 spaces. As the condos are built, The Davis Companies would buy back spaces at an initial cost of $51,000 each, according to the Post-Gazette.

The Pittsburgh Cultural Trust, which owns surface lots in the proposed redevelopment site, also would get 50 parking spaces.  As for the retail side of the project, Davis says it will focus on dining and entertainment options.

This isn’t the only residential work planned for the area between Seventh and Ninth streets. The Cultural Trust has plans to build 700 to 800 housing units on property it owns in the three-block area.

While luxury apartment complexes, among them Piatt Place and the Residences at Three PNC Plaza, have in recent years opened Downtown, The Davis Companies project would be one of the largest-scale residential projects to be built to date, according to the PG.