The Property : The Pennsylvanian is a mixed-use property located in downtown Pittsburgh consisting of 242 residential units, 50,000 SF of office space, a 270 space garage and 10,000 SF of event space. The 12-story beaux-arts style Property, one of downtown Pittsburgh’s most architecturally significant and iconic buildings, was built in 1900 as a major railroad terminal. The Property’s unique physical attributes, such as on-site parking, high ceilings and excellent light & air, position the Property to benefit from downtown Pittsburgh’s ongoing renaissance.
Investment : JMC is completely re-branding the building through an extensive capital improvement plan. The $15MM budget includes a full unit upgrade package (kitchens, bathrooms and floors) in addition to a new fitness center, lobby and resident lounge. When the project is completed, JMC will seek an institutional exit for what will be the premiere rental building in downtown Pittsburgh.