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Old 02-01-2014, 08:12 PM
 
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There was a tidbit in this morning's newspaper about the closure of some Downtown streets today in order to "jump" the crane at PNC Tower. The skyscraper looks to be about on floor 17.
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Old 02-01-2014, 08:43 PM
 
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Originally Posted by markson33 View Post
Yeah love that concept for Monongahela Tower. That was just one of many renderings submitted as part of a design competition for the site.

One Grandview isn't happening.. at least not as something that cool.

350 Fifth is going to be a renovation of the existing structure, not the tower. The tower was pretty darn ugly in my opinion - definitely stuck in the 1980s.
We keep hearing about how Downtown Pittsburgh is one of the hottest downtown real estate markets in the US... about how the Class A vacancy rate is so tight... etc etc... yet no office towers ever get built other than PNC's own. I feel like if this was the 1980s... we'd be seeing 350 Fifth and Monongahela Tower taking off. What conditions must be met in today's environment to secure financing for such towers?
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Old 02-01-2014, 08:58 PM
 
Location: Pittsburgh
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Originally Posted by Evergrey View Post
. I feel like if this was the 1980s... we'd be seeing 350 Fifth and Monongahela Tower taking off. What conditions must be met in today's environment to secure financing for such towers?

You have to have tenants lined up for most of the space before ground is broken- same as in the 1980's.

The major office towers in the 80's had major outfits like Oxford Development, National Steel, PPG and Dravo signed on the dotted line for major sections of those projects. None of those buildings were built on pure speculation, and we can't really expect that developers in the modern day are inclined to roll the dice and just hope for the best.
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Old 02-02-2014, 01:43 PM
 
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I recall hearing a few months ago that US Steel's decision to remain in their tower threw a wrench into Oxford's plans for their new tower; supposedly USX had been in conversation with Oxford for being the anchor tenant of the new skyscraper.
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Old 02-02-2014, 01:49 PM
 
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I don't recall US Steel making their decision yet. I would find odd for them to leave their long time home for a similar downtown office space though.
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Old 02-02-2014, 01:59 PM
 
Location: Pittsburgh area
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Originally Posted by JoeP View Post
I don't recall US Steel making their decision yet. I would find odd for them to leave their long time home for a similar downtown office space though.
Well, it can be easier to move than to try to remodel in place. But, I haven't heard that decision either.
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Old 02-03-2014, 11:16 AM
 
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Here's the article from October: U.S. Steel won't go to Oxford's new tower - Pittsburgh Business Times
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Old 02-03-2014, 11:22 AM
 
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I remember that, but also that they hadn't decided and the PG and PBT seemed to say over the months that either a suburban campus or something like the Pens development, not really downtown though....
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Old 02-03-2014, 11:31 AM
 
Location: Pittsburgh area
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Originally Posted by corneliuswonder View Post
Hm. Not at all the same as reaching a final decision on where to be. Got anything that says they've decided to stay put in the same building?
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Old 02-03-2014, 11:54 AM
 
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Upon re-reading the article, it seems I mis-remembered USX's apparent decision to not pursue the Oxford site with a decision to remain in the USX Tower. Regardless, it seems that USX's plans have thrown a bit of a wrench into Oxford's timeline, as they seemed to have been in discussion to be a primary tenant.
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