The Pittsburgh Athletic Association is seeking a buyer or development partner for its 124,000-square-foot Oakland clubhouse in an effort to resolve an accumulated $5 million in debt.
The clubhouse, which has been in use since 1911, features banquet facilities, an indoor pool, multi-use courts and a bowling alley.
Documents filed in Pittsburgh’s U.S. Bankruptcy Court earlier this month show that the association has received a total of 10 proposals, which have since been narrowed down to seven.
Attorney David Lampl, representing the committee of unsecured creditors, told the Pittsburgh Post-Gazette, “We’re at the stage of considering the highest and best final offers.”
Among those interested in attaining the clubhouse are The Davis Companies of Boston, Pittsburgh-based developer McKnight Realty Partners, and the University of Pittsburgh.
Pitt spokesperson Joe Miksch confirmed that the university will be bidding on the property, the location of which is central to the school’s campus, in a statement Tuesday.
While the association has not commented on the nature of the proposals it has received, it is said to be favoring plans that would keep a space for the PAA in part of the building.
According to senior managing director of HFF Mark Popovich, who is overseeing the PAA’s marketing campaign, each of the remaining bidders are willing to keep the association as a partner in their redevelopment plans.
The PAA expects to finalize a buyer and submit a letter of intent to the courts by September 18.
