And, of course, the Penguins are delaying development yet again in the Lower Hill site:
http://www.post-gazette.com/business/dev...mer-Civc-Arena-site/stories/201603110159
Quote:
The hockey team plans to pay another $75,000 for a second six-month extension that will allow it to retain the rights to the property. It will be the second extension the Penguins have purchased since October, when they initially were required to “take down” or buy the first 2.14-acre parcel needed for development under their agreement with the Pittsburgh-Allegheny County Sports & Exhibition Authority, which owns a large portion of the 28-acre former arena site.
Under that agreement, the team has the ability to buy extensions in six-month increments for $75,000 each for a period of up to two years. If it still has not purchased the parcel by then, it could lose the development rights. The Penguins can tap into $14.5 million in development credits available as part of the deal to build Consol Energy Center in 2007 to pay for the extensions.
|
Great, using the public's own money to pay to not to develop the public's land. When that runs out, I look forward to them asking for and getting more extensions anyway, just because.
But it isn't all bad news. Hopefully this means they are struggling to find tenants for the former US Steel HQ as planned, because that plan sucked. A re-design would be very welcome.
Meanwhile, they still seem to be more or less on track to start the BIG-designed residential portion later this year. So that's good.