Developers Invest $19M in Acquisition and Renovation of Moorehead Tower in Pittsburgh
Beacon Communities Development LLC of Boston has partnered with local firm Ralph Falbo Inc. to purchase and renovate the Moorehead Tower, an iconic 141-unit affordable senior housing property in Oakland.
According to the Pittsburgh Business Times, the building’s new owners have spent $7.69 million for the acquisition of the property and are currently investing in major upgrades, which will bring the total cost of the project to around $19 million. Part of the financing will be provided through $13 million in credits from various sources, including PNC Financial Services Group Inc.
Mistick Construction is in charge of the renovation, which is already under way and should cost an average of $57,000 per unit. Upgrades will include new mechanicals, new windows and new amenities for seniors with disabilities.
Michael Polite, CEO of Ralph Falbo Inc., told the newspaper that the property had never undergone major renovations in its entire 32-year history.
In other news, Entertainment technology firm Schell Games has announced it will relocate to Station Square this spring. The company has signed a long-term lease with Cleveland-based Forest City Enterprises to occupy the Bessemer Court property, which boasts expansive views of the Monongahela River and the city’s downtown area. The building also offers abundant parking, and easy access to a variety of public transportation opportunities, shops and restaurants.
Schell Games was represented by Jack Donahue of Donahue Real Estate Advisors, while CBRE’s Jeremy Kronman and Adam Viccaro brokered the lease on behalf of Forest City Enterprises.
“We are thrilled to be able to expand our Pittsburgh presence. Finding space that matches our creative culture and allows us to accommodate our current and future growth has been a major focus for us,” Jake Witherell, chief operating officer of Schell Games, said in a news release.
The company, which has more than 100 employees, will relocate from Birmingham Place on the city’s South Side.
Photo credits: wikimapia.orgTags: Acquisitions/Dispositions, affordable housing, Beacon Communities Development LLC, Brokers, CBRE, Commercial, Consumer, Developers, Development, Donahue Real Estate Advisors, Finance/Investment, Forest City Enterprises, Investors, leasing, Local, Managers, Moorehead Tower, multi-family, National, Office, operations, Owners, Pittsburgh affordable, Pittsburgh Lead Story, Pittsburgh office, Professional, property management, Ralph Falbo Inc., Regional, Residential, Schell Games, Senior, senior housing, Station Square