Pittsburgh Post Gazette
Big East End development firm eyes Reizenstein school building
By Dan Fitzpatrick
July 26, 2006

Developer Walnut Capital Partners, already interested in redeveloping the old Nabisco bakery on Penn Avenue, also has its eye on the Reizenstein Middle School site across the street.

But the Shadyside real estate company may have to wait two or three years to have a shot at buying the school building and surrounding grounds. The Pittsburgh Public Schools would have to sell the vacant Reizenstein through a public bidding process -- and a decision on such a process is at least two years away, according to school district chief of staff Lisa Fischetti.

In the meantime, the district may use Reizenstein as temporary classrooms for students at Schenley High School, which is scheduled for renovation.

Walnut Capital met with the school district a few months ago to discuss the property.

While a decision to sell has not yet been made, "we want to keep all options open," Ms. Fischetti said.

Walnut Capital President Todd Reidbord said his company "absolutely" would be interested in competing for the property in the event of a sale.

"I think it is a fantastic piece of property ... a great candidate for some kind of mixed-use residential, possibly retail."

Walnut Capital, one of the most active developers in Pittsburgh's East End, has drawn up plans that would turn the former Nabisco plant on Penn into the anchor of a six-acre, mixed use project that would blend about 130,000 square foot of retail with 150,000 square feet of office space, a 1,200-car parking garage, a hotel, 38 residential units and a fitness center. Having Reizenstein would give Walnut a major presence on both sides of Penn.

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