PITTSBURGH — After a challenge by a new administration put a major downtown renovation project into doubt and delay, Beacon Communities expects now to move forward on a package of loans in order to refurbish its May Building property downtown.
“Those deals are moving ahead,” said Michael Polite, a senior vice president for Boston-based Beacon Communities. “We are moving as fast as we can to get our deals to closing.”
Beacon’s on-again-off-again saga with its property at 111 Fifth Avenue in the Cultural District downtown began in late 2023 when the company was among the first awarded grant funding through the U.S, Department of Housing and Urban Development for a new program called the Green and Resilient Retrofit Program established through the Inflation Reduction Act.
The development firm was awarded a $5.1 million grant to be used to help make the building more energy efficient and sustainable, a strategy expected to include new windows and building mechanicals and HVAC on a nationally registered building located within the Penn-Liberty Historic District downtown.
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