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. Now he walks to work. "If you're up high enough, the view is unforgettable,"...