Point Park University completes purchase of former CVS building in Downtown Pittsburgh

Point Park University has completed its purchase of the former CVS building at Smithfield Street and Forbes Avenue in Downtown Pittsburgh, next to the university’s Pittsburgh Playhouse.

Point Park said it closed on the three-story, 42,440-square-foot property on September 9, 2026. The university and the City of Pittsburgh announced the transaction the following day.

Future use remains undecided

Point Park has not announced a final use, redevelopment design or construction schedule for the building. The university said it will announce plans for the property at a later date.

For residents, students, workers and nearby businesses, the immediate change is ownership: a long-vacant Downtown building is now controlled by Point Park. The purchase alone does not establish that a new facility, construction project, public-use space or additional jobs are imminent.

Property sits beside the Pittsburgh Playhouse

The building is located at the corner of Smithfield Street and Forbes Avenue, adjacent to Point Park’s Pittsburgh Playhouse. A city planning presentation identifies the site as the former CVS property and documents the building’s 1956 construction, three stories and approximately 42,440 square feet.

The property also sits along Smithfield Street, where the city and its partners are scheduled to begin a complete reconstruction and modernization of the street and sidewalks later in September, according to Point Park’s announcement. That surrounding public-works project is separate from any future university work that may be proposed for the building.

Main & Main and URA helped facilitate the transaction

The purchase followed Mayor Corey O’Connor’s Main & Main initiative, which identified the vacant building as an opportunity for renewal at the intersection of Forbes Avenue and Smithfield Street. Point Park said it worked with the O’Connor administration and the Urban Redevelopment Authority to purchase the property.

The initiative and URA involvement describe the transaction process; they do not amount to an approved redevelopment plan for the building.

Point Park said donations from the Allegheny Foundation and The Burke Foundations helped make the purchase possible. The university did not disclose the sale price.

Next step is a university announcement

Point Park’s acquisition is the completed action announced so far. The property’s future use, any renovation or redevelopment work, the timing of that work and possible effects on nearby streets and businesses remain unknown.

The next concrete development is expected to be Point Park’s announcement of plans for the property.

Sources

• Point Park University announcement
• City of Pittsburgh news
• Pittsburgh Business Times report