Living in a neighborhood called Mount Washington, Albert Elovitz, a 71-year-old retail entrepreneur, had stunning views of the Pittsburgh skyline. In time, however, Mr. Elovitz realized that he wanted to be a part of the revitalized downtown—not watching it from afar. So in 2011, he spent about $1 million on a 1,750-square-foot condo in the Residences at Three PNC Plaza, where he has floor-to-ceiling windows that look out on high-rises around him.

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