Revitalization of Downtown Pittsburgh Landmark to Bring Retail, Hotel and Apartments
- Mar 16, 2015
The iconic Macy’s building in downtown Pittsburgh could soon house a mix of retail, hotel space and high-end apartments.
The Pittsburgh Business Times reports that Core Realty, Inc. is planning to redevelop the 12-story property, which will include a reduction of the retail portion for the established Macy’s department store to the first four floors, a 155-room hotel on the fifth and sixth floors, as well as a residential component with 311 apartments on floors six through 12.
In support of the project, the Philadelphia-based developer is seeking a $10 million state grant through the Redevelopment Assistance Capital Program. The company also intends to buy the 1.2-million-square foot building, the newspaper reports.
If approved, the new hotel will be one of InterContinental Hotels Group’s new Even properties. The brand promotes the concept of a wellness boutique hotel that offers guests a “best-in-class fitness experience,” along with healthy dining options. Other lodging facilities InterContinental operates in Pittsburgh include the new Hotel Monaco by Kimpton Hotels & Restaurants downtown and the soon-to-open Hotel Indigo in East Liberty.
The hotel development proposal arrives amid a hotel building boom in Pittsburgh, sustained by the high demand in the city’s downtown hospitality market.
“In general, I think it’s just another sign of how strong the Pittsburgh market is and the lack of rooms in that downtown area,” Chris Rosselot, a principal of downtown-based developer Hotel d2 Services, told the newspaper.
According to Lodging Econometrics data compiled late last year for the Pittsburgh Tribune-Review, there are 55 hotel projects under development in the Pittsburgh region, totaling 6,012 rooms. This brings the rate of planned rooms relative to existing rooms to 23.6 percent, the third highest in the country.
Photo credits: Wikimedia Commons