- Associated Press - Friday, August 14, 2015

PITTSBURGH (AP) - Pittsburgh’s Urban Redevelopment Authority is selling the former Saks Fifth Avenue at a loss, but officials say the planned redevelopment there will make that worthwhile.

The authority paid $6.9 million for the former site of the downtown department store and some adjacent properties. On Thursday, it was announced they’d be sold for $2.25 million.

The authority’s chairman, Kevin Acklin - who is also the mayor’s chief of staff - told the Pittsburgh Tribune-Review the city is “taking a haircut” on the deal.

But the authority should be able to recoup more money by selling development rights, not to mention taxes that should generate.

Millcraft Investments and McKnight Realty Partners plan a parking garage, street-level retail stores and at least two restaurants for about $35.5 million. After that, they may add seven stories of apartments or condos.

LOAD COMMENTS ()

 

Click to Read More

Click to Hide