{"id":1004089952,"date":"2014-01-16T12:24:18","date_gmt":"2014-01-16T20:24:18","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=232216"},"modified":"2020-04-27T22:32:32","modified_gmt":"2020-04-28T06:32:32","slug":"developers-invest-19m-in-acquisition-and-renovation-of-moorehead-tower-in-pittsburgh","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/developers-invest-19m-in-acquisition-and-renovation-of-moorehead-tower-in-pittsburgh\/","title":{"rendered":"Developers Invest $19M in Acquisition and Renovation of Moorehead Tower in Pittsburgh"},"content":{"rendered":"<p><!--[if gte mso 9]><xml><br \/>\n<o:OfficeDocumentSettings><br \/>\n<o:AllowPNG\/><br \/>\n<\/o:OfficeDocumentSettings><br \/>\n<\/xml><![endif]--><\/p>\n<p><!--[if gte mso 9]><xml><br \/>\n<w:WordDocument><br \/>\n<w:View>Normal<\/w:View><br \/>\n<w:Zoom>0<\/w:Zoom><br \/>\n<w:TrackMoves\/><br \/>\n<w:TrackFormatting\/><br \/>\n<w:HyphenationZone>21<\/w:HyphenationZone><br 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5.4pt;\n\tmso-para-margin-top:0cm;\n\tmso-para-margin-right:0cm;\n\tmso-para-margin-bottom:10.0pt;\n\tmso-para-margin-left:0cm;\n\tline-height:115%;\n\tmso-pagination:widow-orphan;\n\tfont-size:11.0pt;\n\tfont-family:\"Calibri\",\"sans-serif\";\n\tmso-ascii-font-family:Calibri;\n\tmso-ascii-theme-font:minor-latin;\n\tmso-hansi-font-family:Calibri;\n\tmso-hansi-theme-font:minor-latin;\n\tmso-fareast-language:EN-US;}\n<\/style>\n\n\n\n\n<p><![endif]--><\/p>\n<p class=\"MsoNormal\"><em style=\"mso-bidi-font-style: normal;\"><span lang=\"EN-US\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/01\/Moorehead-Tower-in-Pittsburgh.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-232217\" title=\"Moorehead Tower in Pittsburgh\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/01\/Moorehead-Tower-in-Pittsburgh.jpg\" alt=\"\" width=\"281\" height=\"300\" \/><\/a>By Adriana Pop, Associate Editor <\/span><\/em><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Beacon Communities Development LLC of Boston has partnered with local firm Ralph Falbo Inc. to purchase and renovate the Moorehead Tower, an iconic 141-unit affordable senior housing property in Oakland. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">According to the <a href=\"https:\/\/www.bizjournals.com\/pittsburgh\/blog\/the-next-move\/2014\/01\/moorehead-tower-to-see-19m-in-new.html\" target=\"_blank\" rel=\"nofollow\"><em style=\"mso-bidi-font-style: normal;\">Pittsburgh Business Times<\/em><\/a>, the building\u2019s new owners have spent $7.69 million for the acquisition of the property and are currently investing in major upgrades, which will bring the total cost of the project to around $19 million. Part of the financing will be provided through $13 million in credits from various sources, including PNC Financial Services Group Inc. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Mistick Construction is in charge of the renovation, which is already under way and should cost an average of $57,000 per unit. Upgrades will include new mechanicals, new windows and new amenities for seniors with disabilities.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Michael Polite, CEO of Ralph Falbo Inc., told the newspaper that the property had never undergone major renovations in its entire 32-year history.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">In other news, Entertainment technology firm Schell Games has announced it will relocate to Station Square this spring. The company has signed a long-term lease with Cleveland-based Forest City Enterprises to occupy the Bessemer Court property, which boasts expansive views of the Monongahela River and the city\u2019s downtown area. The building also offers abundant parking, and easy access to a variety of public transportation opportunities, shops and restaurants.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Schell Games was represented by Jack Donahue of Donahue Real Estate Advisors, while CBRE\u2019s Jeremy Kronman and Adam Viccaro brokered the lease on behalf of Forest City Enterprises.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">&#8220;We are thrilled to be able to expand our Pittsburgh presence. Finding space that matches our creative culture and allows us to accommodate our current and future growth has been a major focus for us,\u201d Jake Witherell, chief operating officer of Schell Games, said in a news release.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">The company, which has more than 100 employees, will relocate from Birmingham Place on the city\u2019s South Side.<\/span><\/p>\n<p class=\"MsoNormal\"><em style=\"mso-bidi-font-style: normal;\"><span lang=\"EN-US\">Photo credits: wikimapia.org<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Beacon Communities Development LLC of Boston has partnered with local firm Ralph Falbo Inc. to purchase and renovate the Moorehead Tower, an iconic 141-unit affordable senior housing property in Oakland.<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1602],"tags":[1815],"class_list":["post-1004089952","post","type-post","status-publish","format-standard","hentry","category-latest","category-pittsburgh","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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