Station Square Reeling Amid Restaurant Closings, Foreclosure

PITTSBURGH, PA — Station Square was a once vibrant Pittsburgh destination location, but those days seem to be fading quickly in the rear view mirror. The complex is for sale and losing key attractions, and its owners are being sued by a lender.

Amid an already difficult year for the restaurant-retail-office complex came news this week that its owners must pay about $143 million in overdue loan payments or face foreclosure. In November, lender Wilmington Trust filed a lawsuit demanding payment of the loans from Station Square owners Brookfield Properties.

Wilmington loaned the $403 million that helped Brookfield purchase Station Square when it acquired the previous owner, Forest City Realty Trust, in 2018. The loan agreement stipulated that the entire amount be repaid in December 2023.

The financial uncertainty now surrounding Station Square caps a year of dwindling restaurant choices at the complex that promises to extend into 2025.

In June, Buca di Beppo, closed. The chain has since filed for bankruptcy and no longer has a Pittsburgh presence.

Joe's Crab Shack, which provided diners with a dazzling view of the Monongahela River, abruptly shut down in September. It was the only Pittsburgh location for the chain.

Last week, Hard Rock Cafe announced it will close in mid-February.

Compounding the problems the complex faces is a near-total lack of retailers, according to the Station Square website.

Brookfield has not addressed its plans for Station Square's future because the company currently has none. It put the complex up for sale in August.