PITTSBURGH | Development Rundown II

[Private Dick]

Originally Posted by chucka

This is very encouraging!

Philly developer working to buy historic Lawrenceville brewery

[BrianTH]

Originally Posted by DBR96A

Not necessarily development-related, but it's worth mentioning that the Pittsburgh metropolitan area had 32,800 more jobs in July 2015 than it did in July 2014. This could be the largest year-over-year job increase in many (most?) of our lifetimes. Also, the June 2015 employment number was revised upward to 1,200,000 exactly, which is the first time the Pittsburgh metropolitan area has ever reached that milestone.

Just my two cents, but I definitely think background issues like that are development-related. I mean, people keep asking where all the people to rent these new apartments are going to come from, and that is a big part of the answer.

I downloaded the BLS spreadsheet with monthly data back to 1990. Unless I missed something, this would be the highest yoy result percentage wise (+2.83%) in that whole series. Second place appeared to be February 2011 at +2.72%.

Of course it could yet be revised--and alternatively, the record could be broken again soon (knock on wood). But I do think it is safe to say at this point that whatever caused the slowdown in growth circa 2013 is now over, and we appear to be back to pretty robust growth (particularly for an area with our population dynamic).

[BrianTH]

Originally Posted by Private Dick

No kidding. That is great news!

There are a lot of really promising and prominent adaptive reuse projects at various stages these days: the former Kaufmann's (Macy's), the Produce Terminal, the Terminal Building (River Walk Corporate Center), Garden Theatre block, Granite Building (Forbes Hotel), former ALCOA HQ, Salvation Army building, Federal Reserve building, Schenley High School, South Side Brew House, East Liberty YMCA (Ace Hotel), a bunch more buildings in the Heinz complex . . . plus a whole bunch of buildings getting a refresh (e.g., Union Trust, the Pittsburgher (Lawyer's Building), and Allegheny Building) . . . and now this!

Of course odds are some of these projects will stall, but still, it is a pretty good era in terms of prominent historic buildings getting reused.

[xchris125x]

Chicago Developer Abandons Plans for Hotel, Residential Project on Mount Washington

A Chicago developer has abandoned plans for a grandiose hotel and residential project on Mount Washington.

Steven Beemsterboer said today that he is putting the four-acre site that once housed the Edge restaurant up for sale.

At one time, Mr. Beemsterboer and his company had proposed building a 20-story tower at the site featuring a 163-room hotel and up to 58 condos, all with dramatic views of the Downtown Pittsburgh skyline. The project was later revised to include a 125-room hotel, 285 apartments and 12 townhouses.

Mr. Beemsterboer said he never was able to secure the financing to be able to do the project. Rather than seek other partners at this time, Mr. Beemsterboer said he decided to sell the land.

"We would need to do a joint venture. That will be another four or five years to see it come to fruition. We accomplished what we originally set out to do, and it's time for us to move on. We hope to find another spot in Pittsburgh and assemble that, too."

The CBRE real estate firm will be auctioning the property Oct. 1.

Mr. Beemsterboer said he took pride in being able to assemble 27 lots into a single four-acre development. While it would have been nice to see the project to completion, "it was best for us to sell and get it into the hands of a large developer," he said.

"We certainly would have liked to be involved, but it's a huge undertaking and I have other opportunities," he said.

Representatives for the Mount Washington Community Development Corp. could not immediately be reached for comment.

http://www.post-gazette.com/business/dev...ox&utm_medium=social&utm_source=Facebook

[photoLith]

Here we go again, I foresee that land being developed maybe by 2060, if the robots haven't taken over humanity by that point.

[Private Dick]

^^ It was only a matter of time. I recall saying when the original proposal came out that a a project of this scale wold never see the light of day, as long as a slag company from Indiana was the "developer". I hope an actual real estate development company sees an opportunity here for a project of similar scale to what was "proposed". I put proposed in quotes because it was never a proposal, but rather complete novice's pipe dream.

Classic example of a wanna-be developer getting in WAY over their heads with a big project right off the bat.

"We accomplished what we originally set out to do, and it's time for us to move on. We hope to find another spot in Pittsburgh and assemble that, too." Translation: We're selling now to cut our losses or maybe break even, and now we're going to try a smaller project.

"it was best for us to sell and get it into the hands of a large developer" Translation: We have seen the light. What the fuck were we thinking?

[BrianTH]

Yeah, the possibility of something happening with this land in the next 5-10 years just went from zero to . . . well, more than zero. So that's good.

Personally, I always saw the possibility of integrating this with the development of the Station Square parking lot, with the Incline and possibly a new staircase tying it together . . . an "Upper Station" and "Lower Station" sort of thing. So maybe Forest City could take a run at it.

[GeneW]

Originally Posted by BrianTH

Yeah, the possibility of something happening with this land in the next 5-10 years just went from zero to . . . well, more than zero. So that's good.

Personally, I always saw the possibility of integrating this with the development of the Station Square parking lot, with the Incline and possibly a new staircase tying it together . . . an "Upper Station" and "Lower Station" sort of thing. So maybe Forest City could take a run at it.

I'd love to see the area around the bottom of the Incline reconfigured and made much more pedestrian friendly. It's weird how badly it ties in with Station Square which has no sidewalks on that side and presents loading docks to the visitors coming down the incline.

[BrianTH]

Originally Posted by GeneW

I'd love to see the area around the bottom of the Incline reconfigured and made much more pedestrian friendly. It's weird how badly it ties in with Station Square which has no sidewalks on that side and presents loading docks to the visitors coming down the incline.

I also have this vision of the aforementioned steps ending with an east-west path, maybe using the railroad shelf (there seems to me a little extra room), that connects the Incline and the T Station.

[Evergrey]

Originally Posted by Private Dick

^^ It was only a matter of time. I recall saying when the original proposal came out that a a project of this scale wold never see the light of day, as long as a slag company from Indiana was the "developer". I hope an actual real estate development company sees an opportunity here for a project of similar scale to what was "proposed". I put proposed in quotes because it was never a proposal, but rather complete novice's pipe dream.

Classic example of a wanna-be developer getting in WAY over their heads with a big project right off the bat.

"We accomplished what we originally set out to do, and it's time for us to move on. We hope to find another spot in Pittsburgh and assemble that, too." Translation: We're selling now to cut our losses or maybe break even, and now we're going to try a smaller project.

"it was best for us to sell and get it into the hands of a large developer" Translation: We have seen the light. What the fuck were we thinking?

I recall several of us saying at the time that if all we got out of this was the decades-overdue demolition of The Edge restaurant... a legendary Pittsburgh embarrassment... this would be a hugely positive development for the city.

Thank you, Beemsteemboer, for removing this blight from its prominent perch on Mt. Washington.

[Private Dick]

Originally Posted by BrianTH

Yeah, the possibility of something happening with this land in the next 5-10 years just went from zero to . . . well, more than zero. So that's good.

Originally Posted by Evergrey

I recall several of us saying at the time that if all we got out of this was the decades-overdue demolition of The Edge restaurant... a legendary Pittsburgh embarrassment... this would be a hugely positive development for the city.

Thank you, Beemsteemboer, for removing this blight from its prominent perch on Mt. Washington.

Right and right. We have a better chance of seeing development now that the land is cleared and now that it will be out of the hands of a party that likely had a slim chance of actually being able to follow through on the project.

Though it's a shame that the Edge was demolished over 4 years ago and talks of this development started around 6 years ago... and today Pittsburgh has nothing much to show for it. I'm actually hoping that their plan was to buy up surrounding properties and clear/ready the land for development by another party once the demand existed and the price was right. Maybe CBRE is shopping it to a developer to bring the Four Seasons that has been talked about.

[PITairport]

Construction of Burns & Scalo's new office building in Greentree, right off the Parkway West, has been underway.

http://www.bizjournals.com/pittsburgh/bl...lding-new-office-project-on-parkway.html

Nice looking building, pic here:
http://assets.bizjournals.com/pittsburgh/print-edition/04-29-SCALO-RENDERING*750.jpg?v=1

[Evergrey]

Originally Posted by PITairport

Construction of Burns & Scalo's new office building in Greentree, right off the Parkway West, has been underway.

http://www.bizjournals.com/pittsburgh/bl...lding-new-office-project-on-parkway.html

Nice looking building, pic here:
http://assets.bizjournals.com/pittsburgh/print-edition/04-29-SCALO-RENDERING*750.jpg?v=1

nice lawn!

[chucka]

Very early rendering of CMU's Forbes innovation facility.

CMU receives $35 million from India-based corporation to develop innovation facility

CMU receives $35 million from India-based corporation to develop innovation facility

By Bill Schackner / Pittsburgh Post-Gazette
A top global information technology services and consulting organization is giving Carnegie Mellon University $35 million to develop a facility promoting education and leading-edge research by CMU's faculty and students, officials announced today.

The gift from Tata Consultancy Services (TCS), headquartered in India, is the fifth largest gift in Carnegie Mellon's history and the biggest the school has received either from outside the U.S. or from a corporation.

The multi-story building it will fund is the latest piece of an emerging development boom at Carnegie Mellon centered around innovation. It joins other projects along the Forbes Avenue corridor running through campus, among them Tepper Quadrangle, the Cohon University Center expansion and an office, hotel and retail development of up to 425,000 square feet proposed in April on university land between Carnegie Museums of Pittsburgh and Junction Hollow near Craig Street...

[Austinlee]

Originally Posted by PITairport

Construction of Burns & Scalo's new office building in Greentree, right off the Parkway West, has been underway.

http://www.bizjournals.com/pittsburgh/bl...lding-new-office-project-on-parkway.html

Nice looking building, pic here:
http://assets.bizjournals.com/pittsburgh/print-edition/04-29-SCALO-RENDERING*750.jpg?v=1

To be honest, i'd rather have a decent looking building there than nothing. I think the more built up and fresh and new the airport corridor looks the better. It's a 10+ mile front walkway of the city for visitors and I want it to look prosperous.
The owners really need to re-clad/freshen up the office park in Greentree with the WDVE building and those smaller buildings next door. They look incredibly dated.
Also, there are a couple of railroad bridges that look pretty bad; That big one right past the Carnegie exit, inbound and also the other huge railroad trestle bridge right before the Fort Pitt Tunnels. They really scream "Rust belt". Wish they could be freshened up somehow.

[Muckk]

Originally Posted by Austinlee

Also, there are a couple of railroad bridges that look pretty bad; That big one right past the Carnegie exit, inbound and also the other huge railroad trestle bridge right before the Fort Pitt Tunnels. They really scream "Rust belt". Wish they could be freshened up somehow.

Agreed. I nearly caused a pile-up because I was silently judging that trestle near the Carnegie exit once. Granted, a somewhat dated look is part of the charm those structures have but that one looks pretty crappy. The other looks even worse.

[AaronPGH]

Are you kidding? Those rustbelt train bridges are always out of town friends favorite things as they drive in.

[BrianTH]

I also think those old bridges are pretty cool.

[Austinlee]

Well then, we are a house divided.

[Muckk]

Trestles are cool indeed but those two could use some love.