Schenley and Peabody no more (apartments, dorm, construction)

[MathmanMathman]

Originally Posted by BrianTH

Possibly, but that is really up to Pitt and CMU, so a Plan B (or is it Plan C?) might be a good idea.

"Donation" is a very alluring, powerful, and sweet sounding word to any university. Money is the best and real estate is second best. Few would walk away and really, other than the asbestos issue, Schenley is a gorgeous building already built to suit their needs.

And PPS might have to donate it as the asbestos makes it a real albatross to a sale.

[MathmanMathman]

Originally Posted by trlstreet

I wonder if the School of Information Sciences wouldn't be a better fit. I remember back in my days at SIS (late 90s), it always felt like an overly cramped space. I don't know if that has changed. Maybe they could combo the SIS and some sort of student center for all of the students who live in the direction of North Oakland and Shadyside.

Sure, but I thought with a classy looking building like that, plus it would be a bit set off from the campus, a stand-alone use would be best. If you are in law school, I think that is pretty much all you do. Schenley could hold the law school and law library.

And if need be, the IS department could move into the former law school site.

[BrianTH]

Originally Posted by MathmanMathman

"Donation" is a very alluring, powerful, and sweet sounding word to any university. Money is the best and real estate is second best. Few would walk away and really, other than the asbestos issue, Schenley is a gorgeous building already built to suit their needs. And PPS might have to donate it as the asbestos makes it a real albatross to a sale.

Real estate can have negative value for precisely this reason (that to make it usable would first require a large expense). I'm not saying it necessarily has negative value in this case, just that Pitt or CMU would have to make that determination first.

[BrianTH]

Originally Posted by MathmanMathman

Schenley could hold the law school and law library.

Law schools actually mostly need a decent number of medium to large classrooms, not a lot of small ones. I'm not saying it isn't a possibility, but it isn't a perfect fit either.

[MathmanMathman]

Originally Posted by BrianTH

Real estate can have negative value for precisely this reason (that to make it usable would first require a large expense). I'm not saying it necessarily has negative value in this case, just that Pitt or CMU would have to make that determination first.

Depending on its size and use, a new university building could range from $50-$100 million and that doesn't count the land acquisition. It could work out favorably for either Pitt or CMU.

[Lobick]

Originally Posted by MathmanMathman

Depending on its size and use, a new university building could range from $50-$100 million and that doesn't count the land acquisition. It could work out favorably for either Pitt or CMU.

I thought I remembered reading that Pitt looked at it but passed for now. If CMU suddenly became interested though, that could spur Pitt to act. I know they're not overly happy with CMU's move up the Craig St. corridor. If CMU thought about moving to Bellfield, on the other side of Fifth, Pitt would have a conniption.

[robrobrob]

If Pitt or CMU wanted the building they would have bought it by now. The building is going to sit there vacant for years until the city basically gives it away. My guess is the price gets low enough the Pitt will take it off the city's hands.

I personally would rather give it to a developer who will fix it up and get it back on the tax rolls.

[pman]

[LEFT]The only bidder for the Schenley building was PMC Property Group Inc., of Philadelphia, which offered $2 million and plans to spend $35 million restoring and transforming the historic school into an apartment building.

Read more: Bakery Square expansion proposed; 3 school sites for bid[/LEFT]

[BrianTH]

I may have to send PMC a holiday card, because they are doing a lot of my favorite residential conversion projects:







Edit: Oh, and those of us suggesting a non-school reuse in the conversation above deserve a gold star.

[greg42]

Schenley sure will make a nice apartment spot. Go PMC.