Demolition at the former Saks site may be starting soon:
http://www.post-gazette.com/business/dev...burgh-to-start-soon/stories/201508120194
In my view, the key to this being an acceptable project is the residential component. On that subject . . .
Quote:
At its meeting, the URA board also will consider a $7 million loan to help finance the garage and the infrastructure to support the seven-story tower to be built above it. The loan would be paid back by diverting 75 percent of the parking tax revenue generated by the garage. The URA would own the air rights above the garage.
Kevin Acklin, URA board chairman and chief of staff to Mayor Bill Peduto, said that in exchange for the loan, the administration insisted that Smithfield Oliver start construction of the residential units within the next two years. It also demanded “personal guarantees” from Millcraft and McKnight that the money would be repaid if the housing isn’t built in accordance with the timetable or if the garage is sold before the residential construction. . . . Mr. Piatt said the development team hopes to “roll right into” the residential construction as it completes the garage and retail space. “At the end of the day, we envision this as one extended project,” he said.
Smithfield Oliver had been planning to construct 77 condos at the Saks site, but now may erect apartments. “We haven’t made a clear decision yet. Our goal is to deliver a residential component to the market in a timely fashion, and apartments allow us to deliver to the market more quickly, although we do feel there is a demand for condos at this point,” Mr. Piatt said. Depending on what Smithfield Oliver decides, the number of units could range from 50 to 100.
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Hopefully everything the URA is doing will make sure the residential phase really does follow on immediately, but retaining the air rights implies they could transfer them to another developer in case this plan falls apart.
I don't have a particular preference for apartments versus condos per se, but I do always think Downtown, and indeed the entire core area, could benefit from more small apartments which could be a bit more affordable.