A 12-story landmark building and former Macy's location in Downtown Pittsburgh will be transformed into a high-end mixed use project, signaling continued confidence in that city's rebirth.
Core Realty, based in Philadelphia, in July paid $15 million for the property just months before Macy’s closed. The building, on the corner of Fifth Avenue and Smithfield Street, dates to the late 1800s and for years was the flagship of the Kaufmann’s department store chain. It went through several expansions and renovations, including a heralded Art Deco interior makeover of the first floor in 1930.
Randy Mineo, executive vice president of Core Realty and a Pittsburgh native, envisions a mix of retailers, restaurants and entertainment spots to complement a 155-room Even Hotel and 312 luxury apartments. Named the Grand at Fifth Avenue, the estimated $100 million project will feature an open-air atrium beginning on the fifth floor and 600 parking spaces, a sparse commodity downtown.
“I’ve always looked at Pittsburgh as a hidden gem; it’s a city that has been kind of ignored,” said Mr. Mineo, who with the owner of Core Realty, Michael Samschick, began hunting for properties in the city three years ago. “But you could tell that underneath the surface, Pittsburgh was bubbling...”
Original source: The New York Times
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