PMC Property Bids to Redevelop the John C. Robin Civic Building
- Nov 16, 2011
PMC Property Group is hoping the Urban Redevelopment Authority (URA) will vote to grant it the development rights to the John C. Robin Civic building.
The Pittsburgh Business Times reports that PMC was recommended over two other requests for proposal. The C. Robin Civic building would be the fourth building in Pittsburgh targeted by the company.
Currently, the C. Robin Civic building is occupied by the URA, the Pittsburgh Housing Authority and other city offices. The redevelopment of the building will take place only after all the offices find new headquarters.
URA will hire Burns & Scalo Real Estate Services, which will have to find a 75,000-square-foot location. Rob Stephany, executive director of the URA, said that they prefer PMC Property Group over other companies because of the strength of their balance sheet and their highly capable team.
PMC has also shown interest in acquiring the Schenley High School in Oakland. PMC bid $2 million for the former school, having proposed a $35 million investment, which entails the repositioning of the school as an apartment complex.
As part of an expansion strategy, PMC has acquired apartment properties including the 117-unit Penn Garrison building for $13.5 million, and the Verizon Building on Stanwix Street, which is also being repositioned on the market as a residential property. Aaron Stauber, president of New Rochelle and owner of various Downtown buildings, said that PMC’s recent acquisitions have increased the company’s reach in the region considerably.
In related news, URA has given approval to the Allegheny City Development Group LLC to acquire parcels on the central North Side. The company has received the green light from URA by showcasing letters of intent with retailers Nakama, Round Corner Cantina and the Firehouse Lounge. Hoping to proceed to the construction phase next year, Allegheny City Development Co. will try to obtain full leases with the retailers.