Massachusetts-based WS Development announced the purchase of Station Square in Pittsburgh, nearly a year after Pittsburgh’s Action News 4 reported that the complex might be facing foreclosure. The company said the blend of dining, entertainment, hospitality and office space will help Station Square enter a new era as a mixed-use destination. “Station Square has long been one of Pittsburgh’s most distinctive places,” said Jeremy Sclar, chairman and CEO of WS Development, in a statement. “We’re inspired by its history and excited to build on that foundation as we imagine a future that sees this one-of-a-kind, mixed-use destination reach its full potential in serving the community and bringing exciting partners to Pittsburgh.”Station Square was created by the Pittsburgh History & Landmarks Foundation in 1976, making it a retail destination district with dining and office space.Pittsburgh’s Action News 4 reached out to WS Development for comment following the acquisition. “Our vision is to honor Station Square’s industrial heritage while transforming it into a vibrant destination for culture, connection, and community. We see significant potential to elevate the retail, dining, and entertainment experience, along with opportunities for office and mixed-use partners aligned with our placemaking mission. It’s too early to discuss specific tenants, but our goal is to revitalize Station Square for Pittsburgh’s next generation.” – Eric Smookler, Vice Chairman, Co-Chief Investment Officer, WS DevelopmentFacing Foreclosure Last year, Brookfield Properties, the owner of Station Square, faced a civil lawsuit demanding more than $140 million for an outstanding loan balance.Wilmington Trust filed the lawsuit in Common Pleas Court in November 2024 as the lead plaintiff based on a loan valued at $405 million established in 2018. The lawsuit says Brookfield Properties paid down a good chunk of the loan but defaulted on the remaining balance.In December, Hard Rock Cafe became the latest location in Station Square to close its doors. Prior to that, Buca di Beppo and Joe’s Crab Shack in the Bessemer Court area both closed. There is no word on how much Station Square sold for. The company will be adding the area to their properties that already include Seaport in Boston, Hyde Park Village in Tampa and Montgomery Village in California.Can Station Square Come Back?Ron Yokhum said he has been working at Station Square “in one way or another for several decades.” He has seen it thrive and watched it fail.”Station Square isn’t like any other property in Pittsburgh,” Yokhum said. “It’s historic. It’s been here for 40-some years, and it takes a mind to manage and promote this property because it’s very unique. It’s not like a shopping mall or a downtown. It has historic buildings, it has a hotel, it has a waterfront.”Over the past year, prominent spots such as Hard Rock Cafe, Joe’s Crab Shack and Buca di Beppo all closed as the historic location that once was home to more than 150 businesses saw a deep decline.WS Development said it plans to bring Station Square back to life, and Pittsburghers say they will be waiting.”If they can bring that back, that would be nice. My mother used to take us to Pittsburgh — Kaufmann’s, Gimbels and Horne’s every Saturday, and the Candy-Rama if we were good,” said Sue Fontanese, of West Mifflin.Would she come back if there were more shopping options? “Yes,” Fontanese said. “And you could walk and be safe.””A lot of people have noticed it over the years: Station Square has lost the shine that it once had,” Yokhum said. “But unlike Pittsburgh Mills or, say, Century III Mall, Station Square has a fondness in people’s hearts and minds, and it still has a brand that I think is unmatched in Pittsburgh.”

PITTSBURGH —

Massachusetts-based WS Development announced the purchase of Station Square in Pittsburgh, nearly a year after Pittsburgh’s Action News 4 reported that the complex might be facing foreclosure.

The company said the blend of dining, entertainment, hospitality and office space will help Station Square enter a new era as a mixed-use destination.

“Station Square has long been one of Pittsburgh’s most distinctive places,” said Jeremy Sclar, chairman and CEO of WS Development, in a statement. “We’re inspired by its history and excited to build on that foundation as we imagine a future that sees this one-of-a-kind, mixed-use destination reach its full potential in serving the community and bringing exciting partners to Pittsburgh.”

Station Square was created by the Pittsburgh History & Landmarks Foundation in 1976, making it a retail destination district with dining and office space.

Pittsburgh’s Action News 4 reached out to WS Development for comment following the acquisition.

“Our vision is to honor Station Square’s industrial heritage while transforming it into a vibrant destination for culture, connection, and community. We see significant potential to elevate the retail, dining, and entertainment experience, along with opportunities for office and mixed-use partners aligned with our placemaking mission. It’s too early to discuss specific tenants, but our goal is to revitalize Station Square for Pittsburgh’s next generation.” – Eric Smookler, Vice Chairman, Co-Chief Investment Officer, WS Development

Facing Foreclosure

Last year, Brookfield Properties, the owner of Station Square, faced a civil lawsuit demanding more than $140 million for an outstanding loan balance.

Wilmington Trust filed the lawsuit in Common Pleas Court in November 2024 as the lead plaintiff based on a loan valued at $405 million established in 2018.

The lawsuit says Brookfield Properties paid down a good chunk of the loan but defaulted on the remaining balance.

In December, Hard Rock Cafe became the latest location in Station Square to close its doors. Prior to that, Buca di Beppo and Joe’s Crab Shack in the Bessemer Court area both closed.

There is no word on how much Station Square sold for. The company will be adding the area to their properties that already include Seaport in Boston, Hyde Park Village in Tampa and Montgomery Village in California.

Can Station Square Come Back?

Ron Yokhum said he has been working at Station Square “in one way or another for several decades.” He has seen it thrive and watched it fail.

“Station Square isn’t like any other property in Pittsburgh,” Yokhum said. “It’s historic. It’s been here for 40-some years, and it takes a mind to manage and promote this property because it’s very unique. It’s not like a shopping mall or a downtown. It has historic buildings, it has a hotel, it has a waterfront.”

Over the past year, prominent spots such as Hard Rock Cafe, Joe’s Crab Shack and Buca di Beppo all closed as the historic location that once was home to more than 150 businesses saw a deep decline.

WS Development said it plans to bring Station Square back to life, and Pittsburghers say they will be waiting.

“If they can bring that back, that would be nice. My mother used to take us to Pittsburgh — Kaufmann’s, Gimbels and Horne’s every Saturday, and the Candy-Rama if we were good,” said Sue Fontanese, of West Mifflin.

Would she come back if there were more shopping options? “Yes,” Fontanese said. “And you could walk and be safe.”

“A lot of people have noticed it over the years: Station Square has lost the shine that it once had,” Yokhum said. “But unlike Pittsburgh Mills or, say, Century III Mall, Station Square has a fondness in people’s hearts and minds, and it still has a brand that I think is unmatched in Pittsburgh.”