Pine Blachers commercial property is set to sell to an undisclosed buyer for $500 million, bringing the total value of Pine Blacks commercial property to about $1.2 billion.
The sale comes as Pine Blasters commercial property continues to undergo a rapid redevelopment, according to the Pine Blakes site.
It will be used to develop the community, including a new convention center and hotel, and a public plaza.
The Pine Blakers will also use the property for a public park and amphitheater.
Pine Blacks general manager Mark Kestenbaum says the sale is part of a broader process of improving the Pineblades region.
Kestens statement says the PineBlacks community will benefit from the sale as the Pine blakes community is “rebuilding and modernizing its infrastructure, making it safer and healthier for its residents, and investing in a vibrant business community that is welcoming and inclusive.”
He adds that the Pinebrook Community Development Corporation, which operates the PineBrook Regional Business Association, will serve as a community steward.
The Pine Blaker community has been hit hard by the Great Recession and the opioid epidemic.
Since its closure in the late 1990s, the PineBLacks has had to find new ways to attract business and residents.