Multimillion-dollar renovations to remake 1960s Pittsburgh apartments Downtown, on North Side
Two of Pittsburgh's major apartment complexes built in the 1960s are undergoing multimillion-dollar renovations by their new owner, Faros Properties of New York.
The Washington Plaza on Centre Avenue in Downtown, with 398 units, is being renamed City View Apartments. The four-building, 811-unit Allegheny Center Apartments in the North Side will be called Park View Apartments, officials announced at a news conference on Tuesday at the Omni William Penn Hotel, Downtown.
Jeremy Leventhal, Faros' managing partner, expects Park View to be completed first, by late fall, and City View shortly thereafter.
He said among the changes will be new lounges, gyms, game rooms and roof decks.
“We purchased Washington Plaza 18 months ago when we were attracted to Pittsburgh because it has smart people,” he said. “We like to invest in communities with smart people.”
Faros is still considering the Pittsburgh market for other investments, although “none are on our radar screen at this time,” he said.
Mayor Bill Peduto, in welcoming Faros to Pittsburgh, said it has invested more than $100 million in the region through the purchase of the two apartment complexes. Peduto said the renovations will encourage more people to move into the city, which supports his goal to increase Pittsburgh's population by 20,000 in the next 10 years.
“And with an increase in tax revenues, resulting from similar purchases by both local and out-of-town investors, we won't be closing any more schools,” he said.
Sam Spatter is a staff writer for Trib Total Media. He can be reached at 412-320-7843 or firstname.lastname@example.org.