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Old 05-03-2013, 08:59 AM
 
Location: Philly
10,220 posts, read 16,729,984 times
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Quote:
Monroeville-based Sampson Morris Group ...renovate it into 144 one- and two-bedroom apartments...With the rents that they’re getting down there, it just seals the deal for us,” said Morris...
The project calls using the first two floors of the building for parking with units above, offering more than one parking space per unit, said Morris.
Apartments set at old Strip District landmark Federal Cold Storage - Pittsburgh Business Times

with rents that high seems odd they'd opt for so much parking rather than more units. not sure if the lack of ground floor retail means anything.
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Old 05-03-2013, 09:12 AM
 
Location: Marshall-Shadeland, Pittsburgh, PA
32,606 posts, read 77,274,241 times
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Quote:
Originally Posted by pman View Post
Apartments set at old Strip District landmark Federal Cold Storage - Pittsburgh Business Times

with rents that high seems odd they'd opt for so much parking rather than more units. not sure if the lack of ground floor retail means anything.
$1,800/month isn't really "high" for Pittsburgh anymore. Similarly-appointed units in South Side Works, the Cork Factory, Heinz Lofts, River Vue, Morgan at North Shore, 31st Street Lofts, and many other properties throughout the Greater Golden Triangle aren't much less than that.
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Old 05-03-2013, 09:20 AM
 
Location: Philly
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Originally Posted by SteelCityRising View Post
$1,800/month isn't really "high" for Pittsburgh anymore. Similarly-appointed units in South Side Works, the Cork Factory, Heinz Lofts, River Vue, Morgan at North Shore, 31st Street Lofts, and many other properties throughout the Greater Golden Triangle aren't much less than that.
the implication isn't that it's high for pittsburgh but that rents would be high enough that sacrificing square footage for extra parking becomes an expense rather than a necessity unless there's something different about the first two floors that makes them hard to use for either more units or retail. generally speaking, people will pay more to house themselves than their car.
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Old 05-03-2013, 09:26 AM
 
Location: Crafton via San Francisco
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They probably discovered that their target market is professional couples with two cars who are willing to pay a premium for garage spaces. I bet parking is cheaper to build too.
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Old 05-03-2013, 09:32 AM
 
Location: Pittsburgh, PA (Morningside)
14,360 posts, read 16,875,553 times
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Originally Posted by pman View Post
With rents that high seems odd they'd opt for so much parking rather than more units.
I'm not sure what the parking requirements under Pittsburgh zoning are. I think they mandate at least one space per unit unless a variance is granted. Regardless, I don't think they're courting the "car-free" or "car light" demographic, so having the presumption that people who rent the two-bedroom units might have two cars is fine.

Quote:
Originally Posted by pman View Post
not sure if the lack of ground floor retail means anything.
This is like two blocks away from the heart of the Strip District's most active retail area (a lot closer than the Cork Factory). There's absolutely no need for retail there.
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Old 05-03-2013, 09:34 AM
 
Location: Philly
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Originally Posted by juliegt View Post
They probably discovered that their target market is professional couples with two cars who are willing to pay a premium for garage spaces. I bet parking is cheaper to build too.
it's not really about which is cheaper but about which is more profitable, generally apartments are profitable. perhaps their "target market" is two cars or perhaps this is new territory for the monroeville based developers who would normally building some garbage surrounded by surface lots and this is actually very little parking for a project in a place like monroeville. remember, it's more than one car per unit, sacrificing some parking might yield .75 cars per unit which assumes that only a portion of residents would be carless or opt for street parking. it's an excellent location for transit use and walking.
it's a quibble, on the whole this project is very good for the area, turning an eyesore into an asset.
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Old 05-03-2013, 09:37 AM
 
Location: Philly
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Originally Posted by eschaton View Post
I'm not sure what the parking requirements under Pittsburgh zoning are. I think they mandate at least one space per unit unless a variance is granted. Regardless, I don't think they're courting the "car-free" or "car light" demographic, so having the presumption that people who rent the two-bedroom units might have two cars is fine...
This is like two blocks away from the heart of the Strip District's most active retail area (a lot closer than the Cork Factory). There's absolutely no need for retail there.
might and will are two very different things. one of the attractions of a location like this is that you don't need two cars. I'd imagine that yes, the location IS good for car light.
so what if the heart of the strip is two blocks away?
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Old 05-03-2013, 09:39 AM
 
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Ample & secure parking can be an important selling point for a residential project, especially in a area not known for available parking.
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Old 05-03-2013, 09:41 AM
 
Location: Philly
10,220 posts, read 16,729,984 times
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Originally Posted by UKyank View Post
Ample & secure parking can be an important selling point for a residential project, especially in a area not known for available parking.
obviously I was wrong to question the need for large amounts of parking, clearly people will need to drive to the strip, their jobs downtown, the baseball game, etc. OTOH, if the code requires it, then it seems easier to avoid the need for a variance. at least they aren't asking for parking subsidies like the projects downtown.
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Old 05-03-2013, 09:48 AM
 
Location: Pittsburgh, PA (Morningside)
14,360 posts, read 16,875,553 times
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Quote:
Originally Posted by pman View Post
might and will are two very different things. one of the attractions of a location like this is that you don't need two cars. I'd imagine that yes, the location IS good for car light.
I expect they are making the wrong choice to a degree, but I understand why they are making this choice. Hell, in order to get the financing, the banks might have forced them to put the extra parking spaces in.

As long as it's not surface parking though, I'm fine with it. The Strip has enough lots as it is.

Quote:
Originally Posted by pman View Post
so what if the heart of the strip is two blocks away?
Pittsburgh already has too much retail. There are vacant storefronts in every business district I can think of, except maybe in Shadyside. How is adding more retail space a good idea - particularly when it's competing against much cheaper rents a block or two away?

As an aside, I guess they can't do anything about the unsightly Buncher lot on the corner. Hopefully the remaining historic building with the bar gets fixed up due to spillover though.
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