PITTSBURGH | Development Rundown III

[MarkMyWords]

Originally Posted by eschaton

I've also wondered what the impact of the three big apartment buildings (SkyVue, Bridge on Forbes, and One on Centre) has been on the student rental market. In total the development added 1,500+ beds to Oakland since 2016. Enrollment at Pitt and CMU hasn't been growing that rapidly, so presumably more units close in has depreciated demand for the "dated" buildings somewhere.

I think you are right on the money. Here in Columbus, over the last five years or so, there has been a literal explosion of new multi-story apartment buildings right next to the OSU campus, or very close by. I would estimate at least 3000 units, probably many more. The impact on all the older apartments which have depended on students has been significant. Even though the landlords deny it, you can tell by the increasing number of "for rent" signs that vacancies are up in older properties. And the owners of the older buildings (especially old large homes converted into apartments) are starting to sink money into their properties or even selling them to flippers for conversion back to single family homes.

[eschaton]

Originally Posted by MarkMyWords

I think you are right on the money. Here in Columbus, over the last five years or so, there has been a literal explosion of new multi-story apartment buildings right next to the OSU campus, or very close by. I would estimate at least 3000 units, probably many more. The impact on all the older apartments which have depended on students has been significant. Even though the landlords deny it, you can tell by the increasing number of "for rent" signs that vacancies are up in older properties. And the owners of the older buildings (especially old large homes converted into apartments) are starting to sink money into their properties or even selling them to flippers for conversion back to single family homes.

I've noticed the last few years there are more homes on the market in Oakland than there were in the past. Usually in the far southern part of the neighborhood below Boulevard of the Allies - but this area was previously getting absorbed by the student slum with landlords illegally renting out undivided homes by the room. IIRC Peduto began enforcing the rules against this more, so between that and the new apartments demand to live as a student in the far fringes of Oakland may have fallen. You can actually buy a decent house there for under $300,000 now, which is less than a lot of portions of the East End.

[bossride]

Originally Posted by Muckk

One of my regular customers said he is in town working on that project. Trouble is he comes into my bar to unwind and never wants to talk shop so he hasn't had much to say in that regard. Then again, he hasn't been in for about 3 weeks and I used to see him every Friday and Saturday. Regardless, I would think the Cardello Building would have to be demoed before we see any real progress.

I don't believe the Cardello Building is involved in the project, but the warehouses to the north are part of the project. I spoke with the owner of one of the warehouses in January and he told me that the option to buy his building was coming up soon. I don't know if the option was extended, the time passed, or if it was exercised. When I see him again, I'll ask.

Picture showing buildings to be acquired



Picture showing Cardello Building next to project



These pictures come from a senior class project study from the Pitt Civil & Environmental Engineering Department based on an earlier design of the project.

[pj3000]

Cardello building (the old casket factory) is not part of the Esplanade development

[Muckk]

Ah. I had not seen that last render until now. I assumed the Cardello Building was coming down. Thanks for the info.

[eschaton]

That's an old rendering of the Esplanade project. It's been scaled down considerably, with the Ferris Wheel eliminated.

[photoLith]

What’s going on with the shitty McDonald’s in the Strip? The signage is gone and there’s a fence around it. I hope it gets torn down and something urban replaces it.

[Minivan Werner]

Originally Posted by photoLith

What’s going on with the shitty McDonald’s in the Strip? The signage is gone and there’s a fence around it. I hope it gets torn down and something urban replaces it.

I know it’s slated for demolition but I don’t think there’s any other plans for it.

Someone posted on here or on reddit that it’s corporate policy that any closed McDonald’s have to be bulldozed in X amount of days.

[Jonboy1983]

Originally Posted by eschaton

That's an old rendering of the Esplanade project. It's been scaled down considerably, with the Ferris Wheel eliminated.

Where was the press release regarding this? Eliminating the ferris wheel is moronic. So much for making that part of the North Side a destination...

If they also remove the lagoon, then there is no point in moving forward with the project IMO. It will have about as much of a "wow" factor as a used car lot at that point...

[dfiler]

That seems a bit extreme. It is riverfront property less than a mile from downtown. There isn't even a railroad track to contend with between the property and the river. Combined with the marina, it seems quite viable and far from moronic. If anything, I consider developments WITH lagoons to be questionable.


On the topic of Oakland's housing supply. Someone mentioned large, new residential buildings triggering conversion of sub-divided homes back into single residencies in other cities. That would be quite an exciting trend to see happen in Pittsburgh. I think the homes would be better maintained and renters would be in buildings purposefully built to be multi-units. It seems like it would benefit everyone except perhaps slum-lords who are currently sitting on decaying sub-divided rentals.

[pj3000]

Movie theater megaplex to "tech space"... Have we jumped the shark on tech co-working space yet?

Anyway, an additional 230 residential units and 200k sqft office will be good to finally see fill out that development.


SouthSide Works movie theater to close as part of makeover of entire complex

https://www.post-gazette.com/busines...s/202003090094

The new owner of SouthSide Works will shut down its movie theater as part of a $37 million makeover of the riverfront complex.

New York-based Somera Road plans to convert the cinema into the Box Office, a 77,000-square-foot innovative and creative office space designed to attract tech tenants.

The conversion is part of $37 million in improvements that will include changes to the SouthSide Works town square and streets, expanded green space, more public art, and children’s and dog play areas.

Somera also plans to add about 230 residential units along the Monongahela riverfront and about 200,000 square feet of waterfront office space.

[eschaton]

Originally Posted by pj3000

Movie theater megaplex to "tech space"... Have we jumped the shark on tech co-working space yet?

Anyway, an additional 230 residential units and 200k sqft office will be good to finally see fill out that development.


SouthSide Works movie theater to close as part of makeover of entire complex

https://www.post-gazette.com/busines...s/202003090094

I believe there are only two vacant plots along the Mon left. So it sounds like we're looking at one additional office building, and one new apartment building.

I didn't realize the movie theater was doing that badly - though come to think of it, it always did seem kinda empty when I went there.

[eschaton]

In fantastic news, Peduto is going to submit a change to zoning which will end the requirement for off-street parking in single-family attached zones of the city.

This will end the proliferation of infill rowhouses with front-facing garages/curb cuts which have been filling up Lawrenceville and the South Side. In particular I think it's going to make infill in alleys more doable.

I wish they also included a reduction in parking minimums in UNC/LNC zoned areas, but at least it's a start.

[Jonboy1983]

Originally Posted by dfiler

That seems a bit extreme. It is riverfront property less than a mile from downtown. There isn't even a railroad track to contend with between the property and the river. Combined with the marina, it seems quite viable and far from moronic. If anything, I consider developments WITH lagoons to be questionable.


On the topic of Oakland's housing supply. Someone mentioned large, new residential buildings triggering conversion of sub-divided homes back into single residencies in other cities. That would be quite an exciting trend to see happen in Pittsburgh. I think the homes would be better maintained and renters would be in buildings purposefully built to be multi-units. It seems like it would benefit everyone except perhaps slum-lords who are currently sitting on decaying sub-divided rentals.

So you're saying removing the ferris wheel isn't a dumb idea? So this whole area gets scaled way down to the point where it has a very limited "wow" factor. I thought this was supposed to be built as something that could be a regional draw. Yes, the lagoon does seem to be a bit over-the-top. Yes, I scratched my head at the idea at first, but it's something unique to the city.

All of that said, I just happened to visit Staten Island last month and walked past where they were working on a construction site that included a monster of a wheel. I just did some research on it, and it turns out that monster wheel was axed. However, they are working on possibly erecting a smaller ferris wheel. Mind you, this proposed wheel would have been about as tall as a 40 or 50-story building (630 feet). The wheel they wanted to build in Pittsburgh isn't even a third of that size...

[eschaton]

PBT has some more details about Somera's revamp of SouthSide Works. Behind paywall, but here is a summary.

1. Two new office tenants were announced, but no new retail tenants.
2. Major signals were given that the area is over-retailed (duh!).
3. Conversion of movie theater to offices to begin this summer. This project is on spec.
4. Somera is going to spend $2 million redesigning the "town square." There's also some vague discussion about a "container park" for an open lot with a bar and food pop-ups.
5. The new apartment building will cost about $60 million, and will be placed next to the marina.
6. The new office building will be built between the new apartment and Hofbrauhaus. It will not be built on spec - they need an anchor tenant.
7. The last lot (next to the Hyatt House) does not appear to have any plans at the moment.

[eschaton]

Next Pittsburgh has a focus piece on a 124-room boutique hotel at 401 Wood Street.

I have to say this is the first I have heard about this project - making it somewhat of a "stealth" development - and it's opening in October. Maybe it used to be branded something else?

[pj3000]

^^ It would be great if their plans included leveling the Hyatt House and starting anew.

[markson33]

Originally Posted by Muckk

One of my regular customers said he is in town working on that project. Trouble is he comes into my bar to unwind and never wants to talk shop so he hasn't had much to say in that regard. Then again, he hasn't been in for about 3 weeks and I used to see him every Friday and Saturday. Regardless, I would think the Cardello Building would have to be demoed before we see any real progress.

As far as the Arena Site goes... Wednesday is my day off but according to my boss about 10 or 15 construction workers came in on Wednesday night and told him they were hired to work on a music venue. My boss knows I'm the guy to talk to when it comes to local development so he was surprised it wasn't on my radar but sure enough, this was announced yesterday (today for me, I just got home from my shift ) but if they have a team assembled then it would stand to reason that they will break ground in the very near future.

The Cardello Building isn't going anywhere. Its not part of the project.

[Austinlee]

Originally Posted by eschaton

In fantastic news, Peduto is going to submit a change to zoning which will end the requirement for off-street parking in single-family attached zones of the city.

This will end the proliferation of infill rowhouses with front-facing garages/curb cuts which have been filling up Lawrenceville and the South Side. In particular I think it's going to make infill in alleys more doable.

I wish they also included a reduction in parking minimums in UNC/LNC zoned areas, but at least it's a start.

Wow, that's great news. And I agree, reduce those parking minimums!

[pj3000]

Originally Posted by eschaton

PBT has some more details about Somera's revamp of SouthSide Works. Behind paywall, but here is a summary.

1. Two new office tenants were announced, but no new retail tenants.
2. Major signals were given that the area is over-retailed (duh!).
3. Conversion of movie theater to offices to begin this summer. This project is on spec.
4. Somera is going to spend $2 million redesigning the "town square." There's also some vague discussion about a "container park" for an open lot with a bar and food pop-ups.
5. The new apartment building will cost about $60 million, and will be placed next to the marina.
6. The new office building will be built between the new apartment and Hofbrauhaus. It will not be built on spec - they need an anchor tenant.
7. The last lot (next to the Hyatt House) does not appear to have any plans at the moment.

If you can get past the inaccurate, reality show style, over-the-top narration and the slo-mo footage of some fucknut local leasing agents... well then this video from Somera Road at least provides some good aerial shots of Pittsburgh.

https://www.linkedin.com/embed/feed/...72429290098688