Macy's is closing its landmark downtown store, after selling the iconic Pittsburg buildingh to Philadelphia based developer, Core Realty. 

Core Realty purchased the 13-storey building from the retailer and is reportedly planning to re-develop the property into an apartment and hotel complex.  The Philadelphia based developer is known for restoring old properties into restaurants, hotels, offices, retail area and entertainment space, reports CNBC.  

The iconic building first opened as a Kaufmann store in 1887.  In 2005, the Cincinnati, Ohio-based Macy's acquired Kaufmann's parent company. For nearly 100 years, the Fifth Avenue building served as a landmark and popular meeting place for residents, particularly the outdoor Kaufmann clock.  Pittsburg residents were known to tell each other to "meet under the Kaufmann clock."

Randy Mineo, vice president of Core Realty, told Pittsburgh's Action News 4 that the company will preserve the historic features of the landmark building.  This includes the Kaufmann clock that is currently at the corner of Fifth Avenue and Smithfield Street.  Mineo further explained that not a lot of changes will be made on building's exterior.   

Meanwhile, Macy's reportedly decided to sell as it was not able to fully maximize the building's 1.2 million square feet of space.  It seems that only one-third of the building was in use, wherein the top floors were left idle.  Macy's Jeff Kantor said that the company has been exploring other options for the building.  Last year, the company reportedly started working with Core Realty, until finally deciding to sell the property to the developer. 

Kantor explained that the decision to sell was so Core Realty's plans for the building could further evolve into "a holistic project." Kantor added, "We believe this will be an outstanding addition to the downtown Pittsburgh community in an important location in the heart of the city."

Once completed, the landmark building will contain a hotel and apartments, along with a restaurant and some retail stores on the lower floors.  The former Kaufman and Macy's building will also feature a pool and a rooftop tennis court, including a car park that can fit 600 vehicles.  Designated areas will be used by the residents, but the rest will be open to the public.

Macy's downtown Pittsburg store will also be holding a clearance sale until early September.