PITTSBURGH — One of Pittsburgh’s oldest charter schools, the Urban Academy of Greater Pittsburgh, announced on Friday that it has closed on a $12.5 million municipal bond that will allow it to purchase the school building it operates from E Properties and Development.
The school, which was founded by the Urban League of Greater Pittsburgh in 1997, is located in a 36,500-square-foot facility at 437 Turrett St. in Larimer. The property was originally purchased by The School Builders, which is a subsidiary of E Properties and Development. The School Builders is a boutique real estate development firm with a focus on charter schools, offering solutions to charter schools looking to relocate or expand.
“Five years ago, when our firm acquired the dilapidated school facility, … we worked closely with the Urban Academy leadership team, rebuilt the building according to the school’s specific needs and leased the building back to the school,” Emeka Onwugbenu, CEO of E Properties and Development, said in a release. “We also understood that ownership was an important factor for the school, and that is why we are extremely excited to announce this sale and proud that our work is supporting the school’s strategic plan.”