PITTSBURGH | Development Rundown II

[JVC]

for those of you who choose not to ignore reality and non-cheerleading posts

local average hourly earnings are $1 LOWER than last year



and high-profile restaurants are closing

Verde Mexican Kitchen & Cantina to close in Garfield
http://www.bizjournals.com/pittsburgh/ne...itchen-cantina-to-close-in-garfield.html

"The closing is the latest sign of flux in the East End restaurant scene.
The acclaimed restaurant Salt of the Earth closed a few blocks away from Verde at the end of the July as its founding chef moved on to a new project in Braddock."

[themaguffin]

for those of you who choose not to ignore reality and non-cheerleading posts

local average hourly earnings are $1 LOWER than last year

You can create a thread on economic matters.


Thanks.

[BrianTH]

That doesn't sound right--as I recall there was a spike in average hourly earnings from like late-2013 to early-2014, but it was already over as of this time in 2014.

That spike actually coincided with the latter part of the period in which overall year-over-year jobs growth was very low or sometimes negative. Once jobs growth picked back up, the spike ended. Part of what that demonstrates is that in the short term, at least, the average hourly earnings is very sensitive to which jobs sectors are growing most rapidly. So, for example, the current relatively rapid growth in Leisure and Hospitality is going to tend to shift the average hourly earnings down. But of course that doesn't mean pay is actually going down for existing jobs.

Overall I'd say this is a measure we should keep an eye on over the long term, but we should expect significant short term variation in trends.

[Evergrey]

Originally Posted by BrianTH

That doesn't sound right--as I recall there was a spike in average hourly earnings from like late-2013 to early-2014, but it was already over as of this time in 2014.

That spike actually coincided with the latter part of the period in which overall year-over-year jobs growth was very low or sometimes negative. Once jobs growth picked back up, the spike ended. Part of what that demonstrates is that in the short term, at least, the average hourly earnings is very sensitive to which jobs sectors are growing most rapidly. So, for example, the current relatively rapid growth in Leisure and Hospitality is going to tend to shift the average hourly earnings down. But of course that doesn't mean pay is actually going down for existing jobs.

Overall I'd say this is a measure we should keep an eye on over the long term, but we should expect significant short term variation in trends.

I just checked out the FRED website... and most peer metros experienced similar trends to Pittsburgh over the past couple years. The flattening of earnings is a macro issue, not a Pittsburgh-specific issue as JVC would like to pretend.

As for JVC's example of Verde's closure as some sort of indicator of Pittsburgh's decline... the owners will be announcing a new restaurant concept in that very space soon. There's many reasons why a restaurant may close that are not related to "this city's going to hell".

http://www.nextpittsburgh.com/eatdrink/caffe-damore-coffee-community-go-hand-hand/

And the articles on restaurant openings I posted a couple days ago indicate if anything, Pittsburgh's dining scene continues to expand and diversify.

[Evergrey]

Yet another development announcement for JVC's favorite area of the city... 7-story office building on Baum:

http://www.bizjournals.com/pittsburgh/ne...er-plans-expansion-of-converted-car.html

Developer plans expansion of converted car dealership property

Sep 21, 2015, 2:27pm EDT

The developer who converted an historic car dealership building into a new home for an Aldi grocery store on Baum Boulevard is now working to expand the property and build a new building across the street.

John Odell, whose Michigan-based Warner Pacific first bought the three-parcel Day Baum car dealership property in the Baum Centre corridor in 2010, is pursuing the expansion that includes a new seven-story building.

An entity called Baum Corner Investors LP will present a plan to build a new seven-story building at 5620 Baum Blvd. to the Pittsburgh Zoning Board of Adjustment at its regular meeting on Thursday, according to the meeting agenda. The Baum-Centre Initiative, or BCI, a community group focused on development in the busy East End commercial stretch, confirmed the developer is Odell after meeting with him about the new project last month.

Tentatively called the Offices on Baum, the project needs a variance for its height and its number of floors.

Odell’s current design for the new building calls for a seven-story building to reach 92 feet high in a location for which the city allows a four-story building and four stories.

...

[GeneW]

Even in vibrant cities non-chain restaurants often have a pretty short half-life. Good restaurants live and die by their chefs and chefs tend get bored with one thing pretty quickly. Spork is aready getting ready to open in the old Quiet Storm space and the Verde folks have said that they're working on something new.

[SWPA]

So I'm starting to lose count because they keep announcing new seven-story buildings for the Baum Blvd corridor. This one you just posted must be new. I know about the one at Baum and Graham (apartments), the one on Centre across and down the block from Whole Foods (apartments), the one at Penn and Highland, and now this one, which looks like it's at Baum and Roup, possibly where the old Penguini's restaurant used to be, but will be offices. Almost done, or well along, are the 365 apartments at the East Liberty Transit Center, the couple hundred at Baum and Liberty, and at Bakery Square. Add to that the mammoth apartment building going up at Centre and Craig, and the construction continues unabated. It's nice to see so many cranes in the center of East Liberty. And I look forward to welcoming so many new people to a very bustling neighborhood.

[Dr. Avis]

I'm very interested who if anyone they'd fill that building with because next to no companies expand or relocate here and if they do it tends to be north or near the airport for several reasons.

[Austinlee]

Random thought; I think FNB is a prime candidate to move from the outskirts of the CSA to downtown Pittsburgh which would be the logical place to move to take advantage of the centrally located pool of bank workers. They seem to be a shrewd, growing company and in my unbiased opinion should build a signature tower downtown or anchor one of the couple of towers announced (Oxford's tower on Smithfield or the "Monongahela Tower" on Ft Duquesne Blvd).

http://www.bizjournals.com/pittsburgh/bl...15/09/f-n-b-completes-bofa-purchase.html

Their current HQ is strangely located in a Lowe's parking lot in Hermitage, PA.

(Below are 2009 numbers; They've grown)



From the above article:

The new locations include two offices in Berks County, two in Lancaster County and one in Chester County. F.N.B. (NYSE:FNB) said this brings its total number of branches in its Capital Region to 40. Last month, it announced plans to acquire Harrisburg-based Metro Bancorp for $474 million, and, in September, Fifth Third Bancorp's 17 branches in the Pittsburgh region.
All told, F.N.B. operates 225 branches in Pennsylvania and more than 300 across its footprint.

[BrianTH]

I was just thinking the other day that spot across from Aldi's seems ripe for a nice project. With all the tall buildings already down around Negley and Centre, hopefully there is no problem getting a variance for a 7-story building at that location. Building above the Aldi's also seems like a nice idea:

Sittig said Odell also is pursuing a plan to add 57,000 square feet of office space to the established building above the Aldi.

Now about that Hertz . . .

[Austinlee]

Quick question, I would greatly appreciate if any of you could answer in your own opinion: Who do you think are several of the top local developers doing great things in the city of Pittsburgh? Who are making the best buildings/have the brightest future/are going to change Pittsburgh for the better?

I'm trying to figure out the top 10 or so best developers who are doing the most for Pittsburgh.

[Evergrey]

FNB relocated their HQ to Federal St. across from PNC Park about a year ago.

http://triblive.com/mobile/6418044-96/pittsburgh-delie-national

[Gilamonster]

Though this will be small and bland, it is yet another hotel in the boom.

Construction of Holiday Inn just getting underway on Fort Pitt Blvd:

[Austinlee]

Originally Posted by Evergrey

FNB relocated their HQ to Federal St. across from PNC Park about a year ago.

http://triblive.com/mobile/6418044-96/pittsburgh-delie-national

Hmm, I either didn't know this or I completely forgot. Ok, FNB now you're beefing up; You're going to need a very cool office tower downtown if you want to make a statement preferably from a starchitect. I recommend Zaha Hadid.

[BrianTH]

I'm looking forward to that Fort Pitt hotel even if it is modest. That corner of Downtown has such potential.

Speaking of new hotels . . .

http://buildingpittsburgh.com/2015/09/18/of-interest-rates-and-the-casino-hotel/

Proposals are due next Friday, Sept. 25, for the new 214-room, $30 million hotel at the Rivers Casino. Asked to submit proposals for construction mgt. were: Massaro, Turner, Mascaro, Skanska and Norwood.

[Gilamonster]

Well, it's replacing an old junky building and some parking so that's an instant improvement. I don't think there have been any renderings released but I expect it to be pretty basic. Some of the rooms will have a nice view down into the river.
Good to see the hotel at the casino getting close to the bid submission deadline. Interesting to see Skanska as one of the bidders. Maybe they'll lowball it to get their first big project in Pittsburgh since locating an office here.

[psuhoops123]

Unless I missed something along the past 20 pages, what are they doing to the top of the Highmark building. I figured sign repairs but hoping for a paint job or exterior washing?

[TBone7281]

Originally Posted by psuhoops123

Unless I missed something along the past 20 pages, what are they doing to the top of the Highmark building. I figured sign repairs but hoping for a paint job or exterior washing?

My wife works on the 24 floor or thereabouts. I asked her last week what all the scaffolding was for. She gave me a blank look and said something like "what scaffolding?"

Edit: I assumed they were cleaning the pyramid part at the top but I have nothing to back that up...

[Private Dick]

Originally Posted by psuhoops123

Unless I missed something along the past 20 pages, what are they doing to the top of the Highmark building. I figured sign repairs but hoping for a paint job or exterior washing?

Pittsburgh has finally come to its collective senses and they're taking those fucking letters off.

Fifth Avenue Place

[JVC]

Originally Posted by Private Dick

Pittsburgh has finally come to its collective senses and they're taking those fucking letters off.

word - that should be the case for every tall building downtown