The Strip District's Terminal development will see its management structure changed this month.

Real estate firm Walnut Capital Management Inc. announced it will take over property management of the development, including "day-to-day operations, tenant experiences and community programming." The building is owned by the Urban Redevelopment Authority of Pittsburgh and leased to Chicago-based McCaffery Interests, who previously invested tens of millions to redevelop the site. Walnut Capital will take over property management effective May 15.

"Our focus is on turning great real estate into true community assets," Walnut Capital CEO Gregg Perelman said in a prepared statement. "The Terminal is already a special place, and we're excited to build on its foundation in ways that support local businesses, encourage repeat visits and bring people together."

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Pittsburgh Business Times | Jake Dabkowski