A Boston developer that spent $100 million renovating the Union Trust Building may now have its eye on another reclamation project Downtown — a former PPG glass warehouse overlooking the Allegheny River.
According to real estate sources, The Davis Companies is believed to be in talks to buy the nine-story building at 632-634 Fort Duquesne Boulevard from billionaire Dallas Mavericks owner Mark Cuban, who has owned it since 2006.
Without naming the buyer, Mr. Cuban confirmed Wednesday that he has an offer for the building and is hoping to close on the sale in January.
Jonathan Davis, CEO and founder of The Davis Companies, had no comment.
At one time, Mr. Cuban, a Mt. Lebanon High School graduate, had big plans for the real estate, which occupies a prominent perch on the riverfront between Sixth and Seventh streets.
In 2016, he partnered with Shadyside developer Walnut Capital on a plan to convert the building into a mix of housing and offices. The $30 million project would have featured 76 apartments on floors six through nine and offices, possibly in the form of coworking space, on floors two through five.
There were also plans for a restaurant and meeting rooms at street level as well as a green roof with a deck.
However, the redevelopment never came to fruition. The building was vacant at the time Mr. Cuban bought it in 2006 under the name Radical Duquesne Investments LP for $6.85 million and it has remained so. The last occupant was the Easter Seals of Western Pennsylvania.
In an email Wednesday, Mr. Cuban expressed regret that he had not been able to follow through on his plans to redevelop the property.
“I’m disappointed I haven’t had time to develop it as originally planned. So I’m open to all market offers,” he said.
Asked why he wasn’t able to undertake the project, he replied, “Just have not had the time I expected to.”
Mr. Cuban has owned the pro basketball Mavericks since 2000. He and Todd Reidbord, Walnut Capital president, were schoolmates in Mt. Lebanon and have remained close. In 2005, Mr. Cuban, a lifelong Pittsburgh Pirates fan, expressed an interest in buying the baseball team but was told it was not for sale.
Last summer, he told the Post-Gazette that his interest in the team had waned, in part because of how much he enjoys being with his children and in part because of some of the problems he sees with Major League Baseball.
The Davis Companies is no stranger to the Downtown market. It spent $100 million rehabbing the historic Union Trust Building on Grant Street after buying it at sheriff’s sale for $14 million in 2014.
The developer is now trying to sell the Downtown landmark, which opened in 1917 and was built by industrialist Henry Clay Frick, after taking offers for the building Nov. 20.
The real estate firm also owns Shannon Hall, a former dormitory for the Art Institute of Pittsburgh on Second Avenue in Downtown. It has converted that property into 205 apartments — a mix of studios, one bedrooms and two bedrooms. The first residents are expected to move in next month.
Amenities include duckpin bowling, arcade games like Skee-Ball and pinball, vintage video games, a room to play board games, a communal kitchen, a speakeasy-style bar, five soundproof music rehearsal rooms and coworking spaces.
The Davis Companies also has had its eye on the Club One Fitness property at 6325 Penn Ave. in East Liberty, which is being sold.
The fitness club sits a strategic location in the East End near the Trader Joe’s grocery store and about equidistant between the East Liberty Target store and Bakery Square, which is home to Google a number of other tech- or university-related ventures.
Mark Belko: mbelko@post-gazette.com or 412-263-1262.
First Published: December 19, 2019, 11:30 a.m.
