Future of Station Square in question as owner still owes millions in outstanding loans, lawsuit says

PITTSBURGH — Pay up or leave. Those are the two options given in a recent lawsuit. Brookfield Properties, the current owners of Station Square, owe more than $140 million in outstanding loans that are past due and if they aren’t paid now, they will risk foreclosure.

So what does that mean for the future of Station Square? We worked to get answers.

“It used to be lively, years ago it even had a bakery - everything- anything you wanted you could find in there,” Rosecina Weadon said.

Station Square was once a tourist destination with parking and easy public transit

When the History and Landmarks Foundation opened Station Square in 1976, it was an innovative mix of retail, office, dining and historic landmarks.

“We generated about $4 million in revenue for the City of Pittsburgh in terms of real estate taxes. Station Square had about 3,000 employees and about 150 businesses,” Karamagi Rujumba, director of the Pittsburgh History and Landmarks Foundation, said.

But now, the shopping hub is facing foreclosure.

In November, a lawsuit was filed by lender Wilmington Trust demanding Brookfield Properties, the current owners of Station Square, pay off the remainder of its $403 million loan.

The loan which was issued in 2018 helped Brookfield Properties acquire Station Square, but six years later, millions are still owed and, according to the lawsuit, the full sum was due in December 2023.

This lawsuit comes following a steady flow of businesses that have left Station Square in recent months.

Bucca di Beppo closed in June, Joe’s Crab Shack closed in September and Hard Rock Café is set to close in February 2025.

We reached out to council member Theresa Kail-Smith, who represents the area. She has been in touch with Brookfield Properties about the future of Station Square.

We asked Brookfield Properties about its plans to resolve the lawsuit.. We did not hear back

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