Financing difficulties put development project on hold

By Eric Lidji October 19, 2009, 6:30 pm 0 Edit

After The Chronicle published the story on the state of business in Squirrel Hill (“Up and down in Squirrel Hill,” Oct. 8), Tom Chunchick with R.E. Crawford Construction called. That’s one of the companies involved with the Forward Square project at the five-way intersection of Murray and Forward. When news broke about Forward Square last year, it was billed as a $40 million or $50 million dollar mixed-use venture with a hotel, shops, restaurants and condos.

In reporting the story, it was noted that one of the properties involved in the project — the former U.S. Professional Karate location — is now for rent. Chunchick confirmed that Forward Square is on hold for the time being because of the difficulty getting financing right now for hotel projects. Word about Forward Square began simmering in August 2008, weeks right before the economy tanked.

Chunchick said they hope to pick up the project again when the economic environment for it improves.

(Eric Lidji can be reached at ericl@thejewishchronicle.net or (412) 687-1006.)