Dollar Bank and the court-appointed receiver for the debt-ridden August Wilson Center for African American Culture struck a deal on Monday to sell the embattled Downtown cultural center to a coalition of foundations for $8.85 million.
The agreement nixes the proposed $9.5 million sale of the center to New York-based 980 Liberty Partners, a developer that wanted to build a 200-room luxury hotel atop the existing two stories and share space with the center.
The surprise announcement shortly before noon in Allegheny County Common Pleas Court halted what was supposed to be a two- to three-day trial over deed terms before it began. It marked a shift in course for court-appointed receiver Judith K. Fitzgerald, who had previously urged the judge to approve the sale to 980.
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