Just when it appeared that the Downtown building would fall into the hands of a New York City developer or be sold at sheriff sale, a consortium of local foundations — aided by Pittsburgh and Allegheny County — increased its offer, triggering an eleventh-hour deal Monday that preserves the center as a hub for African-American arts and culture.
Under the settlement, an entity to be formed by the Pittsburgh Foundation, in conjunction with the Heinz Endowments and the Richard King Mellon Foundation, will buy the building for $8.49 million. That’s $1.29 million more than the foundations and the city and county had been offering. It’s unclear how the additional money will be obtained.
Tim McNulty, a spokesman for Mayor Bill Peduto, said the terms are confidential at this point. Grant Oliphant, Heinz Endowments president, said the foundations, which previously had increased their share by $200,000 to $5.2 million, were not putting in more money.