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PITTSBURG —
The Colonial Fox Theatre Foundation has acquired a downtown Pittsburg landmark. In a transaction completed Tuesday, Nov. 1, the foundation took over guardianship of the National Bank Building at Fourth and Broadway.
The building was built in the 1880s and was home to the National Bank of Pittsburg, now Bank of America, N.A., until the bank moved to its present location in 1965. The building’s tenants then organized Pittsburg Enterprises, Inc. and purchased the building from the Bank. The building had fallen into disrepair and “was a pinstroke away” from being demolished, said Vonnie Corsini, executive director of the Colonial Fox Theatre Foundation.
The building was acquired by the foundation for $85,000, which was paid entirely by donations from the Mitchelson and Menghini families, WATCO, the Webb family and an anonymous donor. Mid America Roofing will donate roof repairs to prevent further damage, Corsini continued, and an anonymous donor has pledged to pay for future property taxes and insurance.
“We’re just holding onto the building,” Corsini said. “Our intention is solely to protect the building from demolition and to secure it for possible development that is consistent with the vision of the Colonial Fox Theatre Foundation.”
Kevin Mitchelson, attorney for Pittsburg Enterprises, was not available for comment as of press time, but said in a release that the building is in good hands.
“We are thrilled to see the Foundation assume ownership of the National Bank Building, which our law firm and the Menghini law firm called home for over 50 years,” Mitchelson said. “Our efforts to secure a private developer for the building have proven unsuccessful. We have always believed that the building has a promising future, and are optimistic about its future under the ownership of the Colonial Fox Theatre Foundation.”
Gina Pinamonti, president of the Colonial Fox Theatre Foundation, said in the release that she sees great development potential for the building.
“We see the acquisition of the National Bank Building as an increased opportunity to protect another important part of the fabric of downtown and we are humbled by the faith the Mitchelson and Menghini families have shown in us to take charge of this responsibility to do more for the heart of our city,” Pinamonti said. “The Foundation is in every respect focused on our goal to revive the Colonial Fox Theatre to be an economic engine that will drive further investment in Pittsburg. We believe that as stewards of the investment the community has already made in the Colonial Fox Theatre, we have the responsibility to protect the environment in which she will operate.”
The Colonial Fox Theatre Foundation has acquired a downtown Pittsburg landmark. In a transaction completed Tuesday, Nov. 1, the foundation took over guardianship of the National Bank Building at Fourth and Broadway.
The building was built in the 1880s and was home to the National Bank of Pittsburg, now Bank of America, N.A., until the bank moved to its present location in 1965. The building’s tenants then organized Pittsburg Enterprises, Inc. and purchased the building from the Bank. The building had fallen into disrepair and “was a pinstroke away” from being demolished, said Vonnie Corsini, executive director of the Colonial Fox Theatre Foundation.
The building was acquired by the foundation for $85,000, which was paid entirely by donations from the Mitchelson and Menghini families, WATCO, the Webb family and an anonymous donor. Mid America Roofing will donate roof repairs to prevent further damage, Corsini continued, and an anonymous donor has pledged to pay for future property taxes and insurance.
“We’re just holding onto the building,” Corsini said. “Our intention is solely to protect the building from demolition and to secure it for possible development that is consistent with the vision of the Colonial Fox Theatre Foundation.”
Kevin Mitchelson, attorney for Pittsburg Enterprises, was not available for comment as of press time, but said in a release that the building is in good hands.
“We are thrilled to see the Foundation assume ownership of the National Bank Building, which our law firm and the Menghini law firm called home for over 50 years,” Mitchelson said. “Our efforts to secure a private developer for the building have proven unsuccessful. We have always believed that the building has a promising future, and are optimistic about its future under the ownership of the Colonial Fox Theatre Foundation.”
Gina Pinamonti, president of the Colonial Fox Theatre Foundation, said in the release that she sees great development potential for the building.
“We see the acquisition of the National Bank Building as an increased opportunity to protect another important part of the fabric of downtown and we are humbled by the faith the Mitchelson and Menghini families have shown in us to take charge of this responsibility to do more for the heart of our city,” Pinamonti said. “The Foundation is in every respect focused on our goal to revive the Colonial Fox Theatre to be an economic engine that will drive further investment in Pittsburg. We believe that as stewards of the investment the community has already made in the Colonial Fox Theatre, we have the responsibility to protect the environment in which she will operate.”
