Quote:
Originally Posted by glowrock
Wouldn't it be nice if this project eventually comes to fruition? I can't imagine it wouldn't, given the incredible city views that it has! It will just take time, though. Seems that many banks are simply afraid to lend money for Pittsburgh developments, it seems many of them still think of the 'burgh as if its economy's stuck in the disaster of the late 70's-early 90's... 
Aaron (Glowrock) |
Yes, it would be awesome to see a development of this scale on Mt. Washington.
Though, considering the long history of failed development proposals on Mt. Washington over the years, I CAN imagine that it will not come to fruition --at least not in the form of the current vision. But I remain hopeful -- trying to envision a tower there whenever I look up at the site.
The fact that this "developer" still requires a paltry $1.55 million loan to finance planning of the development after 2+ years should not inspire too much confidence. A $1.55 million loan to the developer? Yikes.
Mt. Washington is a risky location all around. Yes, the views are wonderful, but access is atrocious and infrastructure is highly inadequate -- especially for a proposed $100 million hotel/residential project. Sure, the project could serve as a strong anchor for future development in the area... but, it's a very tall order to bet on that.