Trustees Approve Property Purchase in Oakland

Issue Date: 
February 29, 2016

The Property and Facilities Committee of the University of Pittsburgh’s Board of Trustees has approved the acquisition of a 2.1 acre parcel of undeveloped land in the heart of the University’s Oakland campus. The property, located just north of Fifth Avenue between Bigelow Boulevard and Lytton Avenue, is owned by UPMC.  

The site is already zoned Educational/Medical/Institutional, which facilitates University usage of the property.  

“The University continually monitors the local real estate market for strategic opportunities to acquire buildings or land that are in close proximity to any of its University campuses and suitable to support and advance the University’s mission,” said Art Ramicone, senior vice chancellor and chief financial officer, and interim senior vice chancellor for business and operations. “Opportunities such as this, to acquire property of this nature in Oakland, are extremely scarce.”

Ramicone explained that the University administration has conducted broad studies to evaluate the property’s characteristics and potential for use.  He noted that, while the property has been determined to be viable for future use by the University, no immediate plans have been developed for its use.

“Given its location, the property could potentially support a number of different uses including, among others, the creation of innovative space to support new collaborations among faculty, students, and partners inside or outside the region,” Ramicone said.  

“Determining the specific use of the property will involve a number of planning stages and approvals within the University. Throughout the planning, we will continue to work with the community and the City of Pittsburgh to follow all of the City’s planning requirements,” he added.

The asking price for the property was established at $10 million. UPMC has obtained the necessary board approvals for the sale of the property to the University. The Property and Facilities Committee approved the acquisition, subject to final due diligence findings and the preparation and execution of a definitive purchase and sale agreement with terms and conditions satisfactory to the University. 

The Property and Facilities Committee action will be forwarded to the Budget Committee for inclusion in the University’s capital budget.  The funds for the purchase of the property will come from the University’s Property Acquisition Fund.