PRESS RELEASE

For Immediate Release

Date: December 17, 2025

Contact: Erin Sogal, 614-572-5297, erin@trailblazecreative.com

Beacon Communities Kicks Off May Building Redevelopment, Boosting Downtown Revival Efforts

Governor Shapiro’s support for expanding affordable housing will help preserve this important downtown affordable housing asset well into the future.

PITTSBURGH, PA – Beacon Communities today announced the official start of construction of the redevelopment for the historic May Building at 111 Fifth Ave. in Downtown Pittsburgh. The milestone paves the way for renovation to begin on this 12-story landmark’s 86 apartment homes, 66 of which will now be income-restricted. The project will extensively improve the current property and builds on substantial downtown affordable housing investments by Beacon and the City of Pittsburgh.

The May Building is supported by a 9% tax credit award from the Pennsylvania Housing Finance Agency (PHFA). The redevelopment also received a $5 million grant from the Department of Housing and Urban Development (HUD) through the Inflation Reduction Act’s Green and Resilient Retrofit Program (GRRP). In addition to PHFA and HUD, funding partners include the Urban Redevelopment Authority of Pittsburgh, Allegheny County, and private equity investors committed to revitalizing Pittsburgh’s downtown core.

“The May Building embodies the intersection of historic preservation, community investment, and long-term housing affordability,” said Dara Kovel, CEO of Beacon Communities. “We’re grateful to Gov. Shapiro, the Commonwealth of Pennsylvania and PHFA, as well as our partners at HUD and the Pittsburgh Downtown Partnership, for their hard work and dedication to bringing this project to life despite the significant hurdles over the last two years.”

Originally built in 1908, the May Building was once home to the May Drug Company. Currently the property includes studios and one-bedroom apartments, along with ground floor commercial space. This construction marks the first redevelopment work on the property since the 1970s. The redevelopment will feature a complete rehabilitation of the exterior façade, building systems and common spaces, including a fitness center and a community room that will serve as a gathering space and home for the resident services that Beacon will begin to provide. All units will receive interior improvements including new flooring, cabinets, and counters. The building will receive new windows throughout, and work will improve the building’s energy efficiency by 25%. All these improvements will ensure the building helps keep downtown Pittsburgh a great and accessible place to live.

“Thanks to Governor Shapiro’s leadership, we have made incredible progress on our commitment to revitalize downtown Pittsburgh – today’s announcement is another exciting milestone,” said Secretary Rick Siger, Pennsylvania Department of Community and Economic Development. “These improvements to the May Building will improve quality of life for residents and ensure that it can continue to offer safe, affordable housing options for decades to come. We’ll continue to work closely with everyone involved in the revitalization efforts to complete projects that will support the city’s current residents, attract new ones, and help Pittsburgh successfully compete in the global economy.”

The May Building development is part of Beacon Communities’ expanding footprint in Pittsburgh. The company currently manages several affordable housing communities throughout the region — including the May Building and eight other properties in Downtown Pittsburgh alone — and continues to advance projects that prioritize long-term affordability, historic preservation, and resident well-being.

“I’m thrilled that Allegheny County was able to support the May Building with a meaningful investment,” said Sara Innamorato, Allegheny County Executive. “The revitalization of downtown is a multi-pronged effort, including fabulous public realm projects and vastly increasing the number of housing units downtown. Projects like the May Building, that expand affordable housing options and modernize our existing building stock, are vital to making downtown a neighborhood where everyone feels welcomed and everyone can call home.”

“The redevelopment of the historic May Building is exactly the kind of investment Downtown Pittsburgh needs—one that preserves our architectural heritage while expanding access to high-quality, affordable housing,” said Pittsburgh Mayor Ed Gainey. “This project continues to strengthen our commitment to equity and a vibrant downtown where people of all incomes can live and thrive.”

“Beacon Communities has been an exceptional partner in our work to create and preserve affordable housing and to reimagine Downtown Pittsburgh as a more inclusive and equitable neighborhood,” said Susheela Nemani-Stanger, executive director, Urban Redevelopment Authority of Pittsburgh. “The May Building redevelopment exemplifies what we aim to achieve Downtown, prioritizing affordability, honoring the city’s unique historic character, and investing in the workers and families who build their lives here. The URA is proud to support this preservation effort. We thank Beacon Communities for their continued leadership in expanding safe, quality housing.”

With demand for affordable housing sharply rising, the May Building redevelopment represents a vital step toward a more inclusive and vibrant city center.

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About Beacon Communities LLC

Beacon Communities LLC is a privately owned real estate firm that develops, acquires, invests in, and manages a wide range of multi-family housing. Their portfolio includes affordable housing, market-rate housing, and mixed income-housing. Their developments range from new construction to historic adaptive reuse to the renovation of existing housing. They take on challenging developments and make them succeed. Their driving passion is to create well-designed, healthy homes that enhance the neighborhoods in which they are located. For more information about Beacon Communities LLC, please visit www.beaconcommunitiesllc.com.