PITTSBURGH (AP) – A developer is paying $8 million to buy two floors of the recently closed Macy’s store in downtown Pittsburgh with plans to build a hotel in the space.
Matthew Shollar, a Pittsburgh partner in the deal made by Reception Hotels and Resorts of Monsey, New York, says the sales price includes money to help Philadelphia-based Core Realty redevelop the entire building.
The 155-room, “fitness oriented” hotel is expected to open in 2017.
The former Macy’s building was originally a Kaufmann’s department store. It opened in 1887 before Macy’s bought the building in 2005. Macy’s sold the building to Core in July before closing the store in September.
Core plans to develop the rest of the building into new retail space and apartments.
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