Pittsburgh Cultural Trust puts housing project on hold

The Pittsburgh Cultural Trust announced late Thursday that it is putting its nearly $500 million RiverParc Downtown housing project on hold indefinitely, citing "turmoil in residential mortgage and national credit markets."

The 700-unit residential project, slated to begin last summer, was pushed back for at leasta yearamid fallout from the credit crunch.

It's unclear if the project's developer, Concord Eastridge Inc. of Arlington, Va., and Phoenix, will remain involved in the project.

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Susan Eastridge, president of Concord Eastridge, was not immediately available for comment.

Other Concord Eastridge representatives declined to comment.

The project -- a complete redevelopment of the areas bounded by Seventh Street, Penn Avenue, Ninth Street and Fort Duquesne Boulevard -- was to include 159,000 square feet of retail and restaurant space, parks and public art in addition the residential portion.