PITTSBURGH | Development Rundown II

[deja vu]

Originally Posted by eschaton

Maybe I'm crazy, but it looks like on that Holiday Inn they installed the windows already for the first two stories of stick and drywall, even though the rest of the building has yet to be built. That seems really...unusual.

Just a guess, maybe given that it's being built through the winter they were trying to maintain a complete 'shell' to keep interior spaces protected from the elements as they progress. It could have something to do with the construction methods used too.

[DKNewYork]

The restoration of the Skinny Building’s first floor will start by early summer. Recall that the URA, the building’s owner, deferred the first floor work when the rest of the building was restored. Good news.

The grocer on Market Street has leased the upper two floors of the Thompson Building. It is adding more space for its catering business and a rental meeting room/private dining room.

The ground floor of the former Weldin’s building, whose exterior restoration was finished a couple months ago, has been leased by a new women’s clothing boutique. No news on the plan to add apartments to the upper floors.

Restoration of the Wilkinsburg train station is scheduled to start in a couple weeks.

PHLF is about to start a pilot project in Allentown---to restore up to seven homes that border McKinley Park.

In November I was told the Even Hotel would open by June 2017. Now the goal is the end of this year. There are some renderings on the Even Hotel website:

http://www.jmac-architects.com/portf...aItem-izd8r46b

[photoLith]

^
That's all awesome news, can't wait to see the Wilkinsburg Train Station restored and the skinny building fully restored.

[Urbana]

,

[AaronPGH]

Originally Posted by Urbana

Here is an article from January on Stark buying 350 Fifth.

http://www.bizjournals.com/pittsburg...ice-tower.html

Stark's website lists "residential and office - Pittsburgh, PA - Coming Soon"

http://www.starkenterprises.com/prop...pittsburgh-pa/

It is maybe worth noting that Stark does not seem to be in the business of the renovation of historic buildings. All of their portfolio is new construction.

Oh gross... they're the people responsible for almost everything I hate in Ohio.

[summersm343]

Originally Posted by eschaton

Maybe I'm crazy, but it looks like on that Holiday Inn they installed the windows already for the first two stories of stick and drywall, even though the rest of the building has yet to be built. That seems really...unusual.

It's not too unusual... it's called modular construction. They build portions of it at a time (rooms, walls, windows, etc.) in a warehouse somewhere then ship the assembled pieces in and stack them together on site. They've built quick a few buildings like this in Philly recently.

[Private Dick]

Even Hotel


North Shore Hotel






East Ohio Street Hotel



I'm not familiar with the "North Shore Hotel"... can't keep all these budgety type hotels straight. Is this the one on proposed on the other side of Heinz Field? And is that one on East Ohio going to be a Comfort Inn? Jeez

[mikebarbaro]

North Shore Hotel








I'm not familiar with the "North Shore Hotel"... can't keep all these budgety type hotels straight. Is this the one on proposed on the other side of Heinz Field? And is that one on East Ohio going to be a Comfort Inn? Jeez

That North Shore Hotel is the one behind the Allegheny T Station by the casino. You can see the front is a partial re-use of the current warehouse facade. Also, where is the Even Hotel renderings?

[Gilamonster]

Originally Posted by DKNewYork

In November I was told the Even Hotel would open by June 2017. Now the goal is the end of this year.

Even though November was after the fire in the building last July, I wonder if that event was responsible for the delay that you were made aware of. Maybe not....possibly just some other type of hurdle that they had to overcome.

[DKNewYork]

Originally Posted by mikebarbaro

Also, where is the Even Hotel renderings?

Sorry. I posted the link to the first pic, which apparently disabled the ability to scroll to the other images.

http://www.jmac-architects.com/portfolio

Use this link and click on the pic of the Kaufmann's/Macy's.

[deja vu]

Originally Posted by DKNewYork

Sorry. I posted the link to the first pic, which apparently disabled the ability to scroll to the other images.

http://www.jmac-architects.com/portfolio

Use this link and click on the pic of the Kaufmann's/Macy's.

Not very inspired renderings. But they are obviously preliminary.

[DKNewYork]

Originally Posted by deja vu

Not very inspired renderings. But they are obviously preliminary.

Agreed. The renderings look conceptual at best.

Anyone recall how many hotel rooms will be in the Even Hotel? It will be very interesting to see how any significant number of guest rooms---plus public and back-of-the-house spaces---can be carved out of just two floors (fifth and sixth) of Macy’s. There's lots of square footage but it is horizontal rather than vertical. The glazed atrium is eight stories tall, so this space should penetrate down to the hotel's floors. Not sure about the open-air courtyard.

[BrianTH]

CBRE reports the urban fringe (circle of areas right around Downtown) is hot:

http://www.bizjournals.com/pittsburg...e-lots-of.html

Meanwhile, in the Lower Hill . . . .

[Captain Crash]

Originally Posted by bmust71

I'm hoping this will create some momentum for the 'high line' project down the road. Haven't heard anything about that in quite some time

Riverlife recently met with them to discuss ways to integrate their project with the bike trail and waterfront. Sounds as though it's on track if slow.

Announced last year and dubbed “the highline” (yes, hip lowercase letters included), the project will contain 500,000 square feet of office space, 100,000 square feet of retail and over an acre of public open space on the riverfront. The building is currently known as the Riverwalk Corporate Center. McKnight’s proposal includes new activation on the riverfront that aims to attract people to the water side of the property through enhanced trail connections, special events like farmers markets and concerts, and views of the Downtown skyline from the building’s signature elevated railway spur which will be converted into a pedestrian overlook.

http://riverlifepgh.org/riverfront-d...tation-square/

[BrianTH]

Oxford Development is apparently interested in the former Packaging Corp. of America (PCA) property in the Strip District (mostly behind paywall):

http://www.bizjournals.com/pittsburg...oxford-is.html

PCA vacated the location late last year:

http://www.post-gazette.com/business...ersion=pgevoke

It is apparently a seven-acre complex, and I believe this is it, between 28th and 29th, Railroad and the river. That's quite close to 3 Crossings, and yet another large, key, riverfront parcel.

[Wiz Khalifa]

Originally Posted by mikebarbaro

That North Shore Hotel is the one behind the Allegheny T Station by the casino. You can see the front is a partial re-use of the current warehouse facade. Also, where is the Even Hotel renderings?

Speaking of North Shore hotels, don't forget about the casino hotel which is supposed to be only a block away from the one going in behind the T station.

[BrianTH]

Hotels near the North Shore T stations seem like a good idea to me.

Apartments too, though, would be nice . . . .

[Austinlee]

Originally Posted by BrianTH

CBRE reports the urban fringe (circle of areas right around Downtown) is hot:

http://www.bizjournals.com/pittsburg...e-lots-of.html

Meanwhile, in the Lower Hill . . . .

I love this article and I have perceived this somewhere in my subconscious for years.

I purchased a super cheap 2 story red brick townhouse on a cute street in Spring Hill (Yetta Avenue) in July of 2014 with the idea that with billions of investment dollars happening downtown, the strip, lawrenceville, the north shore and the northside that these (In my opinion) VERY undervalued neighborhoods on the eastern Northside as defined by me as East Deutschtown, Troy Hill, Spring Hill and to a slower degree Spring Garden, these neigborhoods are RIGHT across the bridges (16th Street Bridge, 31st Street Bridge) from billions of new construction yet the average sale price in Spring Hill for example is $35-$50 thousand. Troy Hill is actually going up and is probably at about an average sale price of $75-80k. And even rundown East Deutschtown prices have gone from around $35k to about $75-$150k as these historic old townhouses get the "down to the studs" renovations and become very desirable again.

My investment plan (Nobody copy me! ) Is to buy up to 5 or more houses in these neighborhoods over the next few years, do some moderate renovations and rent them out and get a nice portfolio of money makers for me.

I think in 5, 10, 20 and 30 years down the road these neighborhoods will be gentrified and each of my investment houses will be worth 3-5 times OR MORE in value. Retirement plan. No working for "The Man"!

[Austinlee]

I mean, my house cost $35,000 - Move in condition and this is my view from my master bedroom window. I can lay in my bed and look at this view.



The view from my covered front porch is of a sweeping panoramo of Lawrenceville, Bloomfield, Polish Hill and Downtown.
If a 10 story retirement highrise wouldn't have been built directly across the street from my house in 1980 my panoramic view would include much of the strip district and the Hill district.


I love Pittsburgh's affordable housing and uniqueness. Try getting an affordable, decent house in the coastal cities. Good fucking luck.

[BrianTH]

Originally Posted by Austinlee

My investment plan (Nobody copy me! ) Is to buy up to 5 or more houses in these neighborhoods over the next few years, do some moderate renovations and rent them out and get a nice portfolio of money makers for me.

My father did something similar in retirement in the Detroit area, and it worked out well for him. It was a decent amount of work, however--but he enjoyed it.