Approximately 13 acres of mixed-use or commercial land are for sale in Allegheny Township’s Town Center shopping plaza.
The land is listed by the real estate firm Avison Young and is near Giant Eagle and the township’s now-closed Peebles and Kmart buildings.
The land has changed hands a few times over the years but is currently owned by Florida-based Regulus Properties.
Jim Kelly, principal and senior vice president at Avison Young, said the parcel has never been developed before. Kelly thinks the space could accommodate a large retail store, an office building or a housing facility.
“I think what we need at this size of this development is probably a national retailer or regional local developer,” Kelly said.
The land is made up of two parcels. One is 6.5 acres, and one is 7.2 acres, Kelly said. While the 6.5 acres has been available for years, Kelly said Regulus Properties just acquired the 7.2 acres in the fall of 2019. Together, the asking price for the entire parcel, about the size of 10 football fields, is $750,000.
Kelly said the firm hasn’t received any offers for the land yet but has talked to some speculative investors.
“Mostly local people trying to find out what’s going on,” Kelly said.
Kelly said Avison Young is still cultivating interest and looking for ideas on what to do with the space.
“Mainly because that’s a small market up there, we would look at anything that makes money,” Kelly said.
The land is currently zoned for commercial use, according to the township.
