PITTSBURGH | Development Rundown II

[BrianTH]

The first of those is the Thomas Tull property:

http://www.post-gazette.com/stories/...sburgh-665842/

[Austinlee]

Originally Posted by BrianTH

The first of those is the Thomas Tull property:

http://www.post-gazette.com/stories/...sburgh-665842/

Wow, high profile person. Thanks for the link, that was interesting.

[Austinlee]

Downtown units are still prohibitively expensive for middle class income people. There are 65 units for sale in downtown right now that are listed in the West Penn MLS (multilist). FORTY of those are at the 400k and up price range (the highest right now is 1.75M). 13 of those 65 are under contract. Seems like the downtown "neighborhood" is pretty strong right now.

I personally believe Pittsburgh needs a minimum of 2-3 modern condo towers, around 300-400+ ft to help with demand. Maybe make the low to mid floors starting around 200-220k. That would help a lot more people than the 400k price point that is so common.


I don't get why Pittsburgh doesn't really have any of the typical modern, midrise balconeyed style condo towers that so many other midsize cities have multitudes of. Such as Vancouver which has nothing BUT these style of towers as well as Toronto, Seattle has a ton, Milwaukee, Minneapolis and many more. This is the style that I refer to, center of photo; I believe this is Seattle/Bellevue, WA:

[Steel City Scotty]

Lots of interesting little tidbits in this article...

I don't want to say that it's a downer on all of the excitement about the ongoing development in the city, but it does address some of the issues that still exist in the Downtown area, including parking and a few buildings with too much vacancy.

http://www.post-gazette.com/stories/...wntown-682449/

Next Pittsburgh mayor has plenty left to do Downtown
More parking, specialty retail among the center city's needs
April 7, 2013 12:17 am
By Mark Belko / Pittsburgh Post-Gazette

It's easy to think that with two new skyscrapers in the works, an ever-tightening office market, a growing residential sector and a booming Market Square, Pittsburgh's next mayor may be able to rest easy when it comes to development Downtown.

Not by a long shot.

While the Golden Triangle no doubt is in midst of a transformation, property owners, merchants and others say there is still plenty of work to do -- from creating more parking to developing more specialized retail that appeals to suburbanites and Downtown residents alike.


Read more: http://www.post-gazette.com/stories/...#ixzz2Poicfovu

[BrianTH]

Originally Posted by Austinlee

I don't get why Pittsburgh doesn't really have any of the typical modern, midrise balconeyed style condo towers that so many other midsize cities have multitudes of.

So for relatively recent buildings there is 151 Firstside, but in general I think right now the focus is on apartments, and particularly conversions of historic buildings, because the economics/financing is currently more favorable.

[Jonboy1983]

Originally Posted by BrianTH

So for relatively recent buildings there is 151 Firstside, but in general I think right now the focus is on apartments, and particularly conversions of historic buildings, because the economics/financing is currently more favorable.

I have quite often wondered about that myself, and given the economic downturn and prolonged recovery from it I suppose it would be unwise for banks to put forth the funds for such buildings.

Maybe at some point as things become more stable (especially for folks to invest in Pittsburgh in this way), we might see a couple of 20 to 30-story, or even 40-story condo towers go up in or near downtown...

[markson33]

The cost and financing for condos is prohibitively expensive. Very few banks want to touch condos and to build a new building you have to get $350,000 +. Even most of our new apt projects are conversions of existing buildings. If the banks ever loosen up you might see new condo projects, but I wouldn't be shocked if that is a decade from now.

[Brentsters]

Speaking of, Strada announced on their facebook page that they are working with PMC to convert the Clark building to apartments. At 23 floors, even subtracting the 6 floors currently dedicated to retail, that's a lot of apartments.

[EventHorizon]

I didn't notice an image posted on here yet, so here's a photo from the Post-Gazette taken at the first game held at the Highmark Stadium. Sweet view!

Photo courtesy of the Pittsburgh Post-Gazette

http://old.post-gazette.com/pg/13097/1310544-490.stm

[qwho]

Not a huge project by any means, but... They started the inside work for the bridge between Children's Hospital and their administrative office building across 44th st this morning. 44th street right at Penn Ave is scheduled to close in about 10 minutes. I'm guessing for cranes and what not to cut the holes. I doubt they actually hang the bridge for a while though.

[glowrock]

Originally Posted by EventHorizon

I didn't notice an image posted on here yet, so here's a photo from the Post-Gazette taken at the first game held at the Highmark Stadium. Sweet view!

Photo courtesy of the Pittsburgh Post-Gazette

http://old.post-gazette.com/pg/13097/1310544-490.stm

I wholeheartedly think that Highmark Stadium is going to do wonders for the Station Square area. While it may be small in stature, the views are amazing, it's going to bring a lot of families to the area for games, and of course many of those people will take advantage of the food and other options at Station Square before or after the game. Now for the owners of Station Square to finally get some residential planned for the site!

Aaron (Glowrock)

[Evergrey]

Originally Posted by Brentsters

Speaking of, Strada announced on their facebook page that they are working with PMC to convert the Clark building to apartments. At 23 floors, even subtracting the 6 floors currently dedicated to retail, that's a lot of apartments.

That is huge news. A really awesome development for a property that underwent a few tumultuous years of failed ownership under Ira Gorman.

Originally Posted by EventHorizon

I didn't notice an image posted on here yet, so here's a photo from the Post-Gazette taken at the first game held at the Highmark Stadium. Sweet view!

Photo courtesy of the Pittsburgh Post-Gazette

http://old.post-gazette.com/pg/13097/1310544-490.stm

Thanks for the update, EventHorizon. Looks like a nice venue.

[themaguffin]

Originally Posted by Brentsters View Post
Speaking of, Strada announced on their facebook page that they are working with PMC to convert the Clark building to apartments. At 23 floors, even subtracting the 6 floors currently dedicated to retail, that's a lot of apartments.
That is huge news. A really awesome development for a property that underwent a few tumultuous years of failed ownership under Ira Gorman.

I agree, this is really big news. I checked out their FB page and did see pictures of views from the building, but no commentary though. In any case, exciting stuff.

[Evergrey]

http://www.bizjournals.com/pittsburg...ittsburgh.html

Apr 8, 2013, 10:51am EDT

Office space filling up in Pittsburgh



Office space may be increasingly scarce in the Pittsburgh market but there are always plenty of ways to measure it.

In its new Pittsburgh Market Overview released last week, CBRE reports that the Pittsburgh market absorbed 754,521 square feet of office space in the first quarter of 2013. That compares to 289,939 square feet in the first quarter of 2012.

For perspective, the amount of office space filled in the first three months of this year represents enough space to more than fill downtown Pittsburgh's seventh-largest office building, the 735,939-square-foot Fifth Avenue Place.

This reflects the fulfillment of a long-established plan, as well as some new moves and expansions. The biggest impact came from the University of Pittsburgh Medical Center, which began moving into eight new floors at the U.S. Steel Tower, adding to their established presence on 15 floors in downtown's biggest building.

Moves by Schneider Downs, which took 46,546 square feet at One PPG Place, and a doubling of space by the Leech Tishman at 525 William Penn Place, were among the other highights.

[Evergrey]

http://www.bizjournals.com/pittsburg...-delivery.html

Apr 5, 2013, 12:48pm EDT

What is to come for the PG's headquarters?

As ownership of the Pittsburgh Post-Gazette figures out its next big move for a new printing operation, the future real estate possibilities of the company’s property at 34 Boulevard of the Allies downtown become hard to ignore.

"There's definitely a higher and better use for it," said Gregg Broujos, managing director of the Pittsburgh office of Colliers International of the downtown location.

He points out the contrast of having such a building with a printing facility operating in the heart of downtown, adding: “Without a doubt, it makes no sense to have a printing operation in a building at the Point in one of the hottest real estate markets in the United States."

PG management declined to talk to me this week after it published in its own paper last week a relatively vague plan to invest in new printing equipment, a move it acknowledged could lead it to move both the printing and news-gathering arms of the business.

A big question to be answered is what role the company’s property might play in the transition.

Rich Beynon, president of downtown-based Beynon & Co., expects an all-or-nothing approach to 34 Boulevard of the Allies.

“If they were going to do this, the play would be to move everything,” he said.

The process of converting to a new press would make for a huge logistical challenge in continuing to operate out of the same space, he said. Moving the printing operation would leave too much empty space in the building for it to make financial sense to stay.

The Post-Gazette owns the building and a neighboring lot totaling nearly 1.5 acres through an entity called Press Acquisition Corp., according to county records. The building’s 2013 assessed value is $8.4 million.

...

[Brentsters]

Originally Posted by themaguffin

I agree, this is really big news. I checked out their FB page and did see pictures of views from the building, but no commentary though. In any case, exciting stuff.

Caption on one of the photos:

"Last month, Sean Beasley snapped these photos from the 16th floor of the Clark Building on Liberty Ave. Strada will be working with PMC to convert this 1928 building into apartments, some of which will have excellent views of PNC Park."

Their website also has an updated rendering of the Bakery Square apartments.

[themaguffin]

Was looking at some #'s regarding PIT. How depressing. It had 8 million passengers last year (and lower than 2011). It ranks 43rd in the US and right below Love Field, meaning it doesn't serve as many people as Dallas' secondary airport....

http://aci-na.org/content/airport-traffic-reports

[Jonboy1983]

Originally Posted by themaguffin

Was looking at some #'s regarding PIT. How depressing. It had 8 million passengers last year (and lower than 2011). It ranks 43rd in the US and right below Love Field, meaning it doesn't serve as many people as Dallas' secondary airport....

http://aci-na.org/content/airport-traffic-reports

I'm not sure if this will make you feel better or worse -- CLE handled only a million pax more than PIT, and that is with a hub operation, at least that's what UA calls it anyway...

[BrianTH]

From my perspective, what matters is whether the airport is doing a reasonably good job serving local travelers/visitors. A lot of connecting passengers is an OK line of business, but not fundamental to the overall health of the local economy. In general, rankings don't necessarily mean much since different cities can and do have different potential demand for airport services.

[Austinlee]

Originally Posted by Evergrey

http://www.bizjournals.com/pittsburg...-delivery.html

It's such an ugly building. I would love to see it torn down and replaced with something tall and worthy of the beautiful Ft Pitt Tunnel entrance view or added onto in height and rehabbed. That would be an amazing location for a residential tower because of access to the huge renovated point state park.