The talk at Macy’s Downtown on Thursday was not so much about Father’s Day sales or new fall fashions as it was about plans to turn much of the venerable old building with the famous clock into residences.
Philadelphia developer Core Realty has reached an agreement to buy the 13-story building on Smithfield Street with the intent of converting all but four floors into apartments, the Pittsburgh Post-Gazette has learned.
As part of the sale, Macy’s department store would stay, although the number of floors devoted to retail would be shrinking once again. The store, once a 12-floor behemoth, is expected to be housed on the building’s first four floors, minus the mezzanine level, which would be closed and used as an entrance for residents.
Three years ago, Macy’s cut the number of floors in half, consolidating all retail, including furniture, on the first six floors of the building, plus the mezzanine.