Luxury apartments may be in store for the historic former Schenley High School in Oakland.
The recommended proposal calls for a $36.9 million renovation that would create 175 apartments and a fitness center, making use of an existing gym.
Fourth River Development recently released its recommendation to sell the building to PMC/Schenley HSB Associates for $5.2 million. Fourth River was hired by the Pittsburgh Public Schools to manage the marketing and bidding of the former high school.
Fourth River’s Pat Morosetti says the panel review committee did a full evaluation of all proposals, and PMC’s stood above all the rest.
“The benefits to the community we believe stood above and beyond the others,” he says. “They’re a very focused group with a strong business model proven in the Pittsburgh market, and we expect nothing but the same from them with the proposed Schenley redevelopment."
The school board is expected to vote on the proposal on February 27th, while reserving the right to reject any bids. A public comment meeting will be held on February 25th, at 6:00 p.m., at the board's headquarters on Bellefield Avenue in Oakland.
PMC Property Group
was the highest bidder. In 2011, the company had successfully bid for the same building for $2 million, and was then the lone bidder for the project. Recently, PMC successfully converted the former Verizon building, in Downtown, into apartments and the City Charter High School.
Other proposals include Kossman Development Co. and Provident Charter School, at $4.6 million with 115 units of housing and a charter school for 336 dyslexic children; AWSVPA/Edward Alexei, $4.1 million, creating the Andy Warhol School of Visual and Performing Arts; Ralph A. Falbo Inc. and Beacon Communities Development, $4 million, 123 market-rate apartments.
Writer: Andrew Moore
Source: Pat Morosetti