Arena site development vote delayed (Pittsburgh, Sharon: credit, new house, pollution)

[speagles84]

Originally Posted by ForYourLungsOnly

There are a ton of factors that go into vacancy of current buildings. It is not as simple as “look at X building it is mostly vacant why build a new tower!”. This tower already has a committed corporate anchor. Other buildings being vacant or partially vacant downtown has nothing to do with it. With this logic, the tenet should have just partaken in the renovation/redevelopment of the Granite Building (which is planned). Different companies need different things in a space.

Exactly. Well put.

[WhoIsStanwix?]

Originally Posted by ForYourLungsOnly

There are a ton of factors that go into vacancy of current buildings. It is not as simple as “look at X building it is mostly vacant why build a new tower!”. This tower already has a committed corporate anchor. Other buildings being vacant or partially vacant downtown has nothing to do with it. With this logic, the tenet should have just partaken in the renovation/redevelopment of the Granite Building (which is planned). Different companies need different things in a space.

Originally Posted by speagles84

Exactly. Well put.

There are also financing and capital structure factors that go into it. If FNB is going to be the actual owner of the new high rise (or provide financing), that is a likely consideration. Many companies have policies of "we want to own all of our real estate" or "we won't own any real estate, we only lease" for various reasons. When there are hundreds of millions of dollars involved, nothing is simple.

[eschaton]

Originally Posted by SteelCityRising

I really wish DICK'S Sporting Goods would move into the city from the suburbs someday. I could definitely see them occupying many floors in a Downtown building or being able to build a new mid-rise commercial building in the Strip or Lower Hill District.

Dick's isn't doing well lately - it's in contraction mode like most non-Amazon retailers. I can't see them moving from the city into a new signature tower for that reason, though if they contract enough it might make sense to downsize into some leased office space downtown.

[Paul2421]

Originally Posted by eschaton

Dick's isn't doing well lately - it's in contraction mode like most non-Amazon retailers. I can't see them moving from the city into a new signature tower for that reason, though if they contract enough it might make sense to downsize into some leased office space downtown.

this isn't really true. dick's is still a huge company.

https://www.marketwatch.com/story/di...fra-2019-11-26

[eschaton]

Originally Posted by Paul2421

this isn't really true. dick's is still a huge company.

https://www.marketwatch.com/story/di...fra-2019-11-26

Their 2018 annual report showed contraction on every metric - assets, liabilities, profit, revenue, etc. Their most recent quarterly report shows continued retraction too through the first nine months of this year. Sales are down from $6.1 to $5.9 billion, profit down from $227 to $217 million, etc.

Now, earnings per share are rising, so pound-for-pound the company is getting more profitable, but it absolutely is in retraction mode, cutting the less profitable stores and lines of sale from its portfolio.

[Paul2421]

Originally Posted by eschaton

Their 2018 annual report showed contraction on every metric - assets, liabilities, profit, revenue, etc. Their most recent quarterly report shows continued retraction too through the first nine months of this year. Sales are down from $6.1 to $5.9 billion, profit down from $227 to $217 million, etc.

Now, earnings per share are rising, so pound-for-pound the company is getting more profitable, but it absolutely is in retraction mode, cutting the less profitable stores and lines of sale from its portfolio.

yeah you could take that a couple ways. the most heralded sector of the pittsburgh economy is built off of a concept that hasn't even been proven yet.

im just saying it would take a ton more contraction for them to be small enough to lease space downtown.

[Independentthinking83]

Originally Posted by SteelCityRising

I really wish DICK'S Sporting Goods would move into the city from the suburbs someday. I could definitely see them occupying many floors in a Downtown building or being able to build a new mid-rise commercial building in the Strip or Lower Hill District.

I know IndependentThinker wants to see growth continue to accelerate along the I-376 West/I-79 Corridors to help people in Weirton find better-paying jobs closer to their homes; however, I-376 between the Fort Pitt Tunnels and Robinson Township really can't accommodate too much more vehicular traffic being only four lanes. The more and more employers who site themselves out there, the worse and worse I-376 becomes in subsequent years because 100% of workers in that area need to drive to work whereas only about 50% of Downtown workers drive to work.

I am very happy FNB is taking this new high rise in the hill. It is a win win for the city. They are a great local company that takes care of its people. Plus the pens are a top notch organization.

I’m merely pointing out to others that criticize the new gas plant in beaver county are the same that want to conserve recycle and reuse. But They are all in with this new building. This new building is going to need a lot of energy in the form of fossil fuel to heat it and keep the lights on. There are plenty of buildings half empty downtown using tons of energy. They are ok with half full buildings that are so old and probably energy inefficient wasting energy. Just because it’s a tall building and makes Pittsburgh look bigger than it is. They are all in on this new high rise. Yet they say they are against energy waste and pollution. They don’t want the gas plant but they want energy to heat this additional building and keep the lights on. It’s just hypocrisy. Energy wasters in the city that hate the Industry providing them the energy to waste.

As far as west and north of the city, what can you do? This is the growth area of the Pittsburgh metro. There is nothing you can do. Companies find it a good place to setup business. Families find it a good place to live. If you want to compete with that, do better as a city. They are building an additional highway to accommodate the growth in the form of a toll road connecting the airport to canonsburg. The area is the flattest and easiest to navigate in the region. Companies are setting up that way. I only see the growth continuing. None of the companies out that way are going to move into the city. I also expect the 2020 census to show that area as the only growing part of the region.

And what would be the benefit for dicks to move into the city?

[_Buster]

Originally Posted by ForYourLungsOnly

Very happy with this overall. I do wish the tower was a tad taller though. This whole development will come down to quality design. If designed well and built with good material, this could transform the expansion of downtown and become a highly attractive destination area. If they value-engineer the crap out of everything it could be a disaster. Given the prominence of the site, I'm hoping they make the right choice!

I think its fine without a really tall tower. I really think it would be great if modeled after Penn Quarter in DC, in their arena district. But they do have real historic buildings there, along with some modern facades. If the lower hill were developed as a neighborhood like that, even with new but historic looking facades, I think it'd be pretty cool, and blend better as a link between downtown and the Hill. asi it is though it looks like everything is modern/glass for commercial as presented in renderings. I hope not. the charm of the old neighborhoods is they have a generally similar feel in the buildings but individuality for each. Different architecture styles but of the same period, and different layouts, uses. For example, restaurants next to dry cleaners next to a retail shop , and maybe a lower level smallish basement bar here and there, as opposed to everything being high end street level stuff.. variety with a common need to serve the local neighborhood.

[_Buster]

Originally Posted by Independentthinking83

I am very happy FNB is taking this new high rise in the hill. It is a win win for the city. They are a great local company that takes care of its people. Plus the pens are a top notch organization.

I’m merely pointing out to others that criticize the new gas plant in beaver county are the same that want to conserve recycle and reuse. But They are all in with this new building. This new building is going to need a lot of energy in the form of fossil fuel to heat it and keep the lights on. There are plenty of buildings half empty downtown using tons of energy. They are ok with half full buildings that are so old and probably energy inefficient wasting energy. Just because it’s a tall building and makes Pittsburgh look bigger than it is. They are all in on this new high rise. Yet they say they are against energy waste and pollution. They don’t want the gas plant but they want energy to heat this additional building and keep the lights on. It’s just hypocrisy. Energy wasters in the city that hate the Industry providing them the energy to waste.

As far as west and north of the city, what can you do? This is the growth area of the Pittsburgh metro. There is nothing you can do. Companies find it a good place to setup business. Families find it a good place to live. If you want to compete with that, do better as a city. They are building an additional highway to accommodate the growth in the form of a toll road connecting the airport to canonsburg. The area is the flattest and easiest to navigate in the region. Companies are setting up that way. I only see the growth continuing. None of the companies out that way are going to move into the city. I also expect the 2020 census to show that area as the only growing part of the region.

And what would be the benefit for dicks to move into the city?

Those buildings were/are being renovated completely which is why they have big vacancies. it takes a while to fill those but they will fill up. its not going to waste. If they don't meet the needs of FNB then it doesn't matter what anyone else's opinion is. they just don't. but they will meet the needs of others. it may take a few years but that's not a big deal.

[Independentthinking83]

Originally Posted by _Buster

Those buildings were/are being renovated completely which is why they have big vacancies. it takes a while to fill those but they will fill up. its not going to waste. If they don't meet the needs of FNB then it doesn't matter what anyone else's opinion is. they just don't. but they will meet the needs of others. it may take a few years but that's not a big deal.

So you are ok with extra capacity and wasting energy?