Pittsburgh Urban Redevelopment Authority Offers To Buy Saks Building Downtown

English: Downtown Pittsburgh

Image via Wikipedia

As upscale retailer Saks Fifth Avenue prepares to close its doors today, the city’s Urban Redevelopment Authority is bidding to take control of the building that housed it.

The URA has made an offer to purchase the four-story building, which was put up for sale in January after Saks decided to close the store after more than 60 years Downtown.

It is not known how much the URA offered for the 86,000-square-foot building. The owner, Oliver-Smithfield Joint Venture, has been seeking $5.5 million for the property, which is located on Smithfield Street near Macy’s department store.

Yarone Zober, chairman of the URA board and chief of staff to Mayor Luke Ravenstahl, had no comment when asked about the offer.

Read more: http://www.post-gazette.com/stories/business/news/ura-offers-to-buy-saks-building-downtown-466635/?p=0

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