{"id":1004090364,"date":"2014-01-24T10:39:46","date_gmt":"2014-01-24T18:39:46","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=234212"},"modified":"2020-04-29T08:55:44","modified_gmt":"2020-04-29T16:55:44","slug":"august-wilson-center-in-downtown-pittsburgh-could-be-liquidated","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/august-wilson-center-in-downtown-pittsburgh-could-be-liquidated\/","title":{"rendered":"August Wilson Center in Downtown Pittsburgh Could Be Liquidated"},"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 \/>\n<w:PunctuationKerning\/><br \/>\n<w:ValidateAgainstSchemas\/><br 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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\/August-Wilson-Center.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-234213\" title=\"August-Wilson-Center\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/01\/August-Wilson-Center.jpg\" alt=\"\" width=\"300\" height=\"206\" \/><\/a>By Adriana Pop, Associate Editor <\/span><\/em><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">A court-appointed conservator recommends that the August Wilson Center for African American Culture in downtown Pittsburgh be sold and its assets liquidated. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">The <em style=\"mso-bidi-font-style: normal;\"><a href=\"https:\/\/www.post-gazette.com\/business\/2014\/01\/21\/Conservator-asks-to-liquidate-August-Wilson-Center-assets\/stories\/201401210139\" target=\"_blank\" rel=\"nofollow\">Pittsburgh Post-Gazette<\/a><\/em> reports that after conducting a thorough investigation, Judith Fitzgerald, a former U.S. bankruptcy judge, concluded that the center doesn&#8217;t have the money to pay off debt or fund normal operations or feasibility studies. The total accumulated debt is estimated to be between $9.5 million and $10 million.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Last September, Dollar Bank filed an action with the Allegheny County Court of Common Pleas, claiming that the center is $7.06 million in default of its mortgage. The museum is also in default of a $574,000 Urban Redevelopment Authority loan issued in 2012. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Named for the Pulitzer Prize-winning playwright from Pittsburgh, the August Wilson Center opened in 2009. It offers multiple exhibition galleries, a 486-seat theater for performances in all genres, an education center for classes, lectures and hands-on learning, as well as dazzling spaces for community programs and events. A significant portion of the $40 million cost of the project was financed through public and private foundations.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">In other news, a joint venture between Monroeville-based Valcott Enterprises and Cleveland-based multifamily developer NRP Group is planning to convert the former Overbrook Middle School in Pittsburgh into a senior living complex. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">According to the <em style=\"mso-bidi-font-style: normal;\"><a href=\"https:\/\/www.bizjournals.com\/pittsburgh\/news\/2014\/01\/16\/ura-board-grants-funds-for-new.html\" target=\"_blank\" rel=\"nofollow\">Pittsburgh Business Times<\/a><\/em>, the community group Economic Development South has received a grant of up to $30,000 from the Urban Redevelopment Authority to study the project known as Overbrook Estates. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Under the proposed plan, Valcott would repurpose the school building into a 90-bed senior living facility, while NRP would develop a separate 50-unit independent living apartment building. Plans also call for infrastructure improvements, including a pedestrian bridge that would grant access to a nearby T station and bus line.<\/span><\/p>\n<p class=\"MsoNormal\"><em style=\"mso-bidi-font-style: normal;\"><span lang=\"EN-US\">Photo credits: www.perkinswill.com<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A court-appointed conservator recommends that the August Wilson Center for African American Culture in downtown Pittsburgh be sold and its assets liquidated.<\/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-1004090364","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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