PITTSBURGH | Development Rundown II

[Austinlee]

Originally Posted by Evergrey

http://www.bizjournals.com/pittsburgh/bl...ected-to-be-one-of-americas-hottest.html

5.6% growth in median house values is great for the Pittsburgh region which usually has more like 2-3% yearly housing value growth however I just saw another article that showed several other metros expected to have nearly double that next year such as St Louis, a peer city to us at 10%. Providence is also set for a 10% increase in house prices.

Boston values which already are very high are expected to increase by 6%.

http://wp.production.patheos.com/blogs/n.../2013/04/kitten-hang-in-there-poster.jpg

[BrianTH]

http://www.post-gazette.com/business/dev...-near-Consol-Center/stories/201512030097

Pittsburgh Student Housing LLC, an affiliate of Michigan-based Cypress Partners, is converting a six-story building at 1030 Fifth Ave., Uptown, into a fully furnished, 94-bed apartment complex across from Consol Energy Center. . . . Open to undergraduate and graduate students, Union on 5th Avenue, which is a block from the Duquesne campus, will feature two- and three-bedroom units ranging in size from 585 square feet to 1,100 square feet. . . . Rents will range from $795 to $895 a month per bed, plus utilities for the unit as a whole. A $500 security deposit is required to reserve a bed.

. . . Uptown Partners supports the redevelopment, said Jeanne McNutt, executive director of the community-based organization. “It’s going to bring that 24-7 pedestrian traffic to the corridor that we need to make the arena district vibrant,” she said. While Union on 5th Avenue is Cypress’s first project in Pittsburgh, the firm may look for others, Mr. Parks said. “We’d be interested in doing that. We really enjoy the city. We think it’s a great place to do business,” he said.

That's a cool old building:

https://www.google.com/maps/@40.4387722,...JfMIlNlcJ1GIA!2e0!7i13312!8i6656!6m1!1e1

Generally that area around Consol has enormous potential (note all the gray on the map), although I wouldn't be surprised if it only really gets built out once the Lower Hill site is much farther along.

[BrianTH]

And here is why apartments are booming (well, relatively speaking) in Pittsburgh:

http://www.post-gazette.com/local/region...owing-in-Pittsburgh/stories/201512030053

While the city’s and county’s population have remained stagnant in recent years, more and more of their residents are 25 to 34, even though it’s not an age group that’s growing nationally or in the rest of the metropolitan region. The new U.S. Census Bureau data, which combine five years of estimates to increase statistical reliability, show people ages 25-29 made up 7.6 percent of Allegheny County’s population in 2010-14, compared to 7.0 percent in 2005-09. Those in the 30-34 range made up 6.5 percent, compared to 6.0 percent five years earlier. Within Pittsburgh’s city limits, the percentages and increases are even higher, from people in that age group gravitating toward urban amenities and the many institutions of higher education. Those institutions are also spurring increase in the number of local residents age 20-24.

. . . Recent studies by researchers at Cleveland State University’s Center for Population Dynamics have shown Pittsburgh producing employment in its education and research sectors far beyond what is typical for its size, and the educational level of its 25-to-34-year-olds in the workforce is much higher than that of most large cities. “There’s this knowledge production complex that has exploded in Pittsburgh. ... You could argue that Pittsburgh is the fastest-rising metro in the country in its population of college-educated 25-to-34-year-olds,” said Jim Russell, a geographer who worked on the studies, which held Pittsburgh up as an attractive model for Cleveland to emulate. Such transplants are helping fill the new apartments of East Liberty, restaurants of Lawrenceville, cultural venues Downtown and sports arenas of the region, while contributing to the same vibe that has won Pittsburgh out-of-town media adulation and kept young people here once they arrive.

[SWPA]

This growth in young people is so good to see. It was a long time in coming, and shows the results of efforts that began two decades ago to capture the strengths of the region and chart on a new economic course. Also good to see new ideas and vitality in the city and county with young blood questioning the status quo and shaking things up for us elders.

[BrianTH]

Originally Posted by SWPA

It was a long time in coming, and shows the results of efforts that began two decades ago to capture the strengths of the region and chart on a new economic course. Also good to see new ideas and vitality in the city and county with young blood questioning the status quo and shaking things up for us elders.

Just my two cents, but I also think it is cool a lot of "elders" I meet are totally on board with welcoming the "young blood" and working with them on a variety of issues. That's not always the impression conveyed by newspaper comment sections, or some other Internet voices, but my experience is that most long-term Pittsburghers are somewhere in the range from open to change, to ecstatic that change is finally happening. Obviously there will always be some NIMBYs and such, but I think the long history of Pittsburgh being a place that has been strongly influenced by successive waves of migrants is still operating in the background.

[BrianTH]

From the Wilkinsburg Sun . . .

https://gallery.mailchimp.com/7de95a2eb3/files/WilkSunDECWEBfinal.pdf

The Wilkinsburg Train Station turns 100 in 2016, and the WCDC plans to celebrate the centennial by kicking off a capital campaign to secure funding for the building’s restoration.

That's a pretty important project for Wilkinsburg, since the train station has a prominent location along the Busway. I'll be interested to see how it is eventually used. I thought it would make a very cool local transportation museum, but more likely it will end up some sort of shop or restaurant, or perhaps community building.

[eschaton]

Originally Posted by BrianTH

That's a cool old building:

https://www.google.com/maps/@40.4387722,...JfMIlNlcJ1GIA!2e0!7i13312!8i6656!6m1!1e1

I'm presuming this replaces the earlier plan to build student housing where 1030-1034 Fifth Avenue are? In that case, it's a big win, because IIRC they were planning on demolishing 1034 Fifth Avenue as part of that project. Both the historic storefronts can now remain, and hopefully either retain or increase their neighborhood utility.

Looks like Philadelphia will be getting a much better version of a Cambria Suites hotel... more like the one in NYC than the one in Pittsburgh. Good for Philly, but stinks that Pittsburgh got the suburban-ish treatment.

A second representative from Choice Hotels reached out to us via email to point out that Philly's Cambria will be more like the Times Square high-rise and not the Pittsburgh version: "This property [in Times Square] is a much better reflection of what the Philadelphia property will look like with its urban courtyard and design."





Read more at http://www.phillymag.com/property/2015/11/30/choice-hotels-philadelphia/#wZe2Mo7z3epWWlMH.99

[BrianTH]

Originally Posted by eschaton

I'm presuming this replaces the earlier plan to build student housing where 1030-1034 Fifth Avenue are? In that case, it's a big win, because IIRC they were planning on demolishing 1034 Fifth Avenue as part of that project. Both the historic storefronts can now remain, and hopefully either retain or increase their neighborhood utility.

I don't know for sure, but my guess is yes, based on this line:

Cypress settled on the project after it was unable to get a large scale one in the same area off the ground.

And I very much agree it would be nice if 1034 is not demolished.

Bonus: website for project:

http://www.unionon5th.com/


Edit: Yes, that was Cypress too, so I think that is confirmed:

http://forum.skyscraperpage.com/showthread.php?p=6713411&highlight=1034#post6713411

[daviderik]

Originally Posted by Perch

Looks like Philadelphia will be getting a much better version of a Cambria Suites hotel... more like the one in NYC than the one in Pittsburgh. Good for Philly, but stinks that Pittsburgh got the suburban-ish treatment.

[/url]

http://www.bizjournals.com/pittsburgh/ne...have-big-plans-for-pittsburgh-hotel.html

Pittsburgh's version will soon be getting a better version too. New ownership will convert it to a full service higher end Hotel. Obviously upgrades will not include more floors only better rooms with higher rates. Being that this was the only real affordable hotel in or near downtown...(I think there should be at least one) I'm not real thrilled about it.

[Steel City Scotty]

Originally Posted by BrianTH

Just my two cents, but I also think it is cool a lot of "elders" I meet are totally on board with welcoming the "young blood" and working with them on a variety of issues. That's not always the impression conveyed by newspaper comment sections, or some other Internet voices, but my experience is that most long-term Pittsburghers are somewhere in the range from open to change, to ecstatic that change is finally happening. Obviously there will always be some NIMBYs and such, but I think the long history of Pittsburgh being a place that has been strongly influenced by successive waves of migrants is still operating in the background.

This is reassuring news because I've talked to a few older, lifelong residents of the city who aren't happy about the mayor catering to a new generation of young professionals who are moving in. I think they're afraid that the "hipsters who like their bike lanes and vegan restaurants" are a threat to Pittsburgh's long-held reputation as a slow paced, blue-collar, "small town" kind of city.

[Austinlee]

Originally Posted by Steel City Scotty

This is reassuring news because I've talked to a few older, lifelong residents of the city who aren't happy about the mayor catering to a new generation of young professionals who are moving in. I think they're afraid that the "hipsters who like their bike lanes and vegan restaurants" are a threat to Pittsburgh's long-held reputation as a slow paced, blue-collar, "small town" kind of city.

Yeah, except those people are factually wrong in that we are a big city of 2.35 million people and their generation somehow made 200,000 blue collar jobs disappear. So too bad, so sad. Time to retire to Florida. Don't let the Ft Pitt tunnel hit you in the 🞵🞵🞵 on your way out.

[Captain Crash]

Updates on the Produce Terminal. Housing has been reduced in favor of more office and retail space, including an "anchor that will focus on food"

http://www.post-gazette.com/business/dev...rk-produce-terminal/stories/201512040176

[BrianTH]

Originally Posted by Captain Crash

Updates on the Produce Terminal. Housing has been reduced in favor of more office and retail space, including an "anchor that will focus on food"

It will be interesting to see exactly what they have in mind.

Mr. McCaffery said the new mixed-use development will be a “smattering of everything,” with “sensible office space, sensible retail space” and parking as well as a “much, much improved streetscape” on Smallman Street.

That's a promising note, because the more I have walked around that area and thought about the Produce Terminal, the more convinced I have become that more than the interior use, the most important issue is what happens with Smallman.

[Austinlee]

Does anyone subscribe to the Pgh Business Times? I am curious what other retailers besides Wegman's people want to come to our area.

http://www.bizjournals.com/pittsburgh/pr...e-pittsburghs-most-wanted-retailers.html

[glowrock]

Originally Posted by daviderik

http://www.bizjournals.com/pittsburgh/ne...have-big-plans-for-pittsburgh-hotel.html

Pittsburgh's version will soon be getting a better version too. New ownership will convert it to a full service higher end Hotel. Obviously upgrades will not include more floors only better rooms with higher rates. Being that this was the only real affordable hotel in or near downtown...(I think there should be at least one) I'm not real thrilled about it.

There are a number of reasonably-priced options in the North Shore, so that's not entirely true. I'm going to be in town for much of next week, only paying a bit more than $100/night for the Hyatt Place. I agree that Pittsburgh hotels are generally pretty pricey, but that's going to slowly alleviate itself as more hotels come into the area.

Aaron (Glowrock)

[BrianTH]

I checked a random weekend next year, and I was actually getting a lower rate at the Courtyard in Downtown than the Cambria (-$10 a night). The Holiday Inn North Shore was also cheaper (-$5), and the Springhill Suites North Shore was just a bit more (+$2). The Residence Inn North Shore was +$10, and the Doubletree and Hampton Inn Strip were +$16.

Anyway, I will be interested to see how the upcoming Hilton Garden Inn in Tower 260 and the Holiday Inn on Fort Pitt Boulevard price out. The Drury Inn in the former Federal Reserve building may also provide some price competition in this part of the market.

[PghSH22]

http://www.post-gazette.com/business/dev...rk-produce-terminal/stories/201512040176

"A Chicago developer has overhauled its plan for the city’s historic produce terminal, replacing much of the housing that had been proposed with offices and retail and an anchor “that will focus on food.”

After months of consultations with city leaders, local foundations and others, Dan McCaffery, CEO of McCaffery Interests, said he is excited about the new proposal that is emerging for the redevelopment of the Strip District landmark. “In many ways, it stands the chance to be the crown jewel of the whole area,” he said."

Just noticed someone already posted earlier. Not sure how to delete. My bad

[JVC]

Originally Posted by Captain Crash

Updates on the Produce Terminal. Housing has been reduced in favor of more office and retail space, including an "anchor that will focus on food"

produce terminal on google earth - probably the longest building in western pennsylvania

[BrianTH]

Katie's Kandy is opening a third location Downtown in the Clark Building:

http://www.bizjournals.com/pittsburgh/bl...aties-kandy-to-add-another-location.html

All three of the locations are really pretty close to each other, but I gather this is the sort of business which supports that super-convenience model (ala Starbucks).