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Commercial land prices NEED to come down. Land is WAY to expensive for everything and housing prices are way to high. Rent needs to come down. There is no reason a townhouse should cost $1200 a month to rent, there is no way the gravel lot next to sheetz in downtown is worth 2.5 million or the small grass lot across from Second Amendment Sports and Defense is worth the 3-5 million they are supposedly asking. If prices come down in the warf district (which is badly needed), I'd expect a new building boom to happen there. The thing holding back that area is the insanely high land and rent prices (plus the homeless, but that supposedly is being addressed). I think you'll start seeing building tapering off if prices don't come down. But then as prices come down, building will start picking up again. Downtown is going to be its own animal though, WVU is the wild card in this and with their push to build up the riverfront property they own (plus their renewed focus on downtown), they could cause prices to remain artificially high for a while in premium areas.
One thing to remember though is that all of this retail doesn't just feed off people in this immediate area but also off of people from areas such as Elkins, Cumberland MD, Uniontown PA, Clarksburg, and parts of South West PA (retail being one of those reasons they come here, but I imagine WVU medicine is also a big part of it). The population within a 30 mile radius of the new exit is a little over 404K and that doesn't include Elkins, most of western Maryland (including Cumberland) and parts of Clarksburg.
I do think some of the older properties should be torn down and used for other purposes, like the old Kmart shopping area above the mall would make for a great spot for a warehouse for some company (we are in a pretty good location for warehouses, Pittsburg to the north and roads to the east and west, highway that goes directly to DC and Baltimore) and the old mall would make for a great spot for some company wanting flat land for some type of manufacturing facility.
I think in part Youngman hit it above. The folks who own the land don't need the money and are willing to hold onto it for the potential instead of the immediate profits. Since the area will grow by about 20% during the next 10 years, they are figuring future demand will enable them to reap the rewards they are seeking even if current conditions don't do it for them. For the Downtown and Wharf parcels, WVU's expressed interest in development in those areas lends credence to their arguments.
I don't know if this has been said on here, but I heard Mylan was going to move off of their operations at the Mountaineer Mall to a new facility somewhere within the Westridge area. This is from a very reliable source.
I don't know if this has been said on here, but I heard Mylan was going to move off of their operations at the Mountaineer Mall to a new facility somewhere within the Westridge area. This is from a very reliable source.
That is their accounting unit at Mountaineer Mall. I believe they moved that here from Canonsburg a few years ago and always intended for that location to be temporary. I believe they have about 500 people working there. As their corporation has grown, they have outgrown the Canonsburg headquarters building and the 705 location can't spare the space for that. Putting a building at Westridge would make perfect sense for them. Being by the Interstate, it would also provide easy access for their PA resident employees too, and Westridge is only a 45 to 50 minute drive from Canonsburg depending on traffic.
That is their accounting unit at Mountaineer Mall. I believe they moved that here from Canonsburg a few years ago and always intended for that location to be temporary. I believe they have about 500 people working there. As their corporation has grown, they have outgrown the Canonsburg headquarters building and the 705 location can't spare the space for that. Putting a building at Westridge would make perfect sense for them. Being by the Interstate, it would also provide easy access for their PA resident employees too, and Westridge is only a 45 to 50 minute drive from Canonsburg depending on traffic.
I had heard at one point they would also be putting their purchasing department at the new location too (I believe moving some from their current HQ).
Did they outgrow their Canonsburg facility or did their tax incentives expire?
Their headquarters is still in Canonsburg ... close to Pittsburgh and an International Airport although they have their firm (artificially) registered in the Netherlands because their corporate tax rate is 15% instead of the 32% and up for American corporations. They have grown by leaps and bounds, absorbing other, smaller, pharma operations. They still have as many folks working in Canonsburg as before, but their growth has enabled them to move some operations to Morgantown such as accounting, and possibly purchasing. This is a very large company.
Looks like in addition to the Panda Express going up, the new Wendy's has broken ground. Does anyone know if the new rumored Chic-fil-a will be building in this area (panda express, wendy's, new exit area), off of Exit 1 (by Gucci sheetz) on I-68, or both?
I saw a sign stating "this project financed by clear mountain bank" yesterday by the new sheetz heading out Grafton Rd but no sign stating what the project was
I saw a sign stating "this project financed by clear mountain bank" yesterday by the new sheetz heading out Grafton Rd but no sign stating what the project was
probably a fast food place since its right by the interstate and Wal-Mart. There is surprisingly few of those at that exit.
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