I have fond memories of this building, which made my neighborhood smell wonderful when the wind was just right.
The Pittsburgh Nabisco Bakery was built in 1918, and remained productive for 70 years. It consistently beating corporate cost-savings goals. The employees even won the company's President's Cup competition among biscuit factories at least once. But the company closed it in 1998, costing nearly 400 highly-skilled bakery workers to lose their jobs. Another bakery operated there in 1999, but went bankrupt and closed the facility in 2004.
In June of 2006, Walnut Capital Partners, the current owner, announced plans to develop the property into retail, office and hotel space, called Bakery Square. All are intended to be LEED-certified "green" buildings.
I hope very much that it all works out well. It sounds like it'll be good for the neighborhood economically, while still preserving most of the cool old building.