By Justin Criado
Faros Properties, which recently acquired a controlling interest in Allegheny Center’s 1.2 million-square-foot office and parking complex, will invest over $100 million in to the converted former shopping mall, according to reports.
The New York-based Faros purchased the complex for $48.69 million, according to deed transfer information listed with Allegheny County. Mortgage documents indicate that Faros took out a loan totaling $109.3 million from Wells Fargo Bank.
Faros bought the 1.2 million square foot office-and-parking complex to go along with the company’s previous March 2014 acquisition of the 810-unit Allegheny Center Apartments within the larger complex.
A press event detailing the company’s plans will be held in the near future.
Also in real estate news, the Manchester Citizens Corp. (MCC) announced that two properties, which were purchased and renovated as part of the Manchester Renaissance II program, recently sold, according to a press release.
Three-story properties at 1401 Columbus Ave. and 1109 Liverpool St. will be used for businesses, according to MCC executive director LaShawn Burton-Faulk.
“Both of our buyers are moving their professional service businesses to their new locations, and the owners of the Liverpool address are moving from Albany, New York to live there as well,” Burton-Faulk said. “The owners of 1401 Columbus plan to remain in their nearby Mexican War Street residence and place their new property’s upper floors on the rental market.”
The MCC partnered with the Pittsburgh History & Landmarks Foundation to form the Renaissance II program at the start of 2014.
“The group’s considerable support of this effort is consistent with its long and deep involvement in the Manchester community,” Burton-Faulk said.
Work continues to progress on Columbus Square, the new 31-home community being co-developed by MCC and its private partner. To date, 14 market-priced residences have been built, 11 have been sold, foundation work for a large new model has begun and planning for other 2015 additions is underway.