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Old Posted May 29, 2018, 5:05 PM
bmust71 bmust71 is offline
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Join Date: Sep 2012
Posts: 155
Quote:
Originally Posted by pj3000 View Post
Really? The fact that the Cultural Trust is now 0-2 over the course of a decade-plus indicates to me that we shouldn't be confident at all about seeing something developed there in the very short term. It's abundantly clear that the CT has no pressing interest in developing this parcel. It's not like they were dealing with a couple brothers that have a van and some tools.

The next potential developer they woo is going to have the exact same concerns about the Pittsburgh market... and specifically the downtown Pittsburgh market. If the CT demands something specific be built on their property, then they are going to have to offer insurance to the developer if the numbers fail to add up. That's the way it works.
Yes I do. While development on this parcel has been slow, the CT has worked on developing their other parcels (encore on 7th, 8th and Penn). The CT doesn't need to sell developers on downtown Pgh, we already have over 1billion in development UC or in the pipeline for greater downtown. Additionally, you only would need 200 apartments to get to 20+ fooors with the parking garage. And we have multiple projects with 300+ units under construction in downtown and the fringe (glasshouse, NRP strip, kauffmans). The CT already announced earlier this year that they would be submitting RFP's for the old Duff's trading school located on the same block. With prime economic conditions and a tight market I feel optimistic

The optimism, however, hinges on apartment development. Condos is a completely different market where construction requires pre-sold and no spec. I feel like the CT isn't set on condos for this site, considering the wide range of proposals they received after the initial RFP.

Last edited by bmust71; May 29, 2018 at 5:17 PM.
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