PMC Property Group Plans to Repurpose Pittsburgh’s Clark Building into Apartments
By Adriana Pop, Associate Editor
The upper floors of the 23-story Clark Building on Liberty Avenue in downtown Pittsburgh could soon be converted into one- and two-bedroom apartments.
According to the Pittsburgh Business Times, PMC Property Group Inc. is planning to redevelop floors 12 to 23 into 144 apartments. The Philadelphia-based company is also proposing to repurpose floors five through 11 into 84 separate apartments, while another seven residences are planned for the building’s roof. The Pittsburgh Zoning Board of Adjustment is expected to review the redevelopment proposal in August.
Sean Beasley, an architect for Strada Architecture LLC, which is designing the project for PMC, told the newspaper that the retailers currently occupying the structure’s first four floors would remain at the property. The rest of the building has been vacant since its main office tenants moved out last year.
Earlier this year PMC acquired the foreclosed Clark Building at an online auction for approximately $7 million.
In other news, the Pittsburgh Business Times reports that commodity chemical maker Axiall Corp. has leased 23,000 square feet of office space at the 11 Stanwix office tower in downtown Pittsburgh. The company plans to move its Monroeville operations to the new location.
Axiall announced the move along with a new office lease at its headquarters in Atlanta.
“When we combined our corporate requirements with the feedback we received from employees during the site review process, the North Park and 11 Stanwix locations were the clear winners for our Atlanta and Pittsburgh offices,” James Worrell, vice president of corporate administration and communications said in a recent press statement.
The 11 Stanwix Street office tower is owned by GLL Real Estate Partners, a Munich-based company that acquired the property in 2011 for $66.6 million.
Photo credits: www.loopnet.comTags: 11 Stanwix, Acquisitions/Dispositions, Axiall Corp., Clark Building, Commercial, Consumer, Conventional - Market Rate, Development, Finance/Investment, Investors, leasing, Managers, multi-family, National, operations, Owners, Pittsburgh, Pittsburgh apartment, Pittsburgh Lead Story, Pittsburgh office, PMC Property Group Inc., property management, Regional, Residential, retail