Downtown Population increased 25% since 2000 (Pittsburgh, Erie: assess, statistics, health) - Pennsylvania (PA) - Page 77 - City-Data Forum

pman · 06-07-2013, 11:15 AM

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A Philadelphia-based developer appears poised to convert five floors of a Seventh Street office building into 40 more residential units in the Golden Triangle.
Pittsburgh Planning Department documents list the developer as 121 7th Street Associates of Philadelphia, but an accompanying phone number and mailing address belong to Red Rocks Group, a Philadelphia-based development firm.
Red Rocks appears to be the process of purchasing the property from MA Associates of Pittsburgh. Company officials could not immediately be reached.

Read more: Philadelphia developer could add 40 apartments to Golden Triangle | TribLIVE
a strange mix of properties
Red Rocks Groups

pman · 06-12-2013, 08:27 AM

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For Philadelphia developer Ethan Fellheimer, a project to convert a six-story office building on Seventh Street, Downtown, into apartments amounts to a homecoming of sorts.
Mr. Fellheimer, managing director of Red Rocks Group, grew up in Sewickley Heights, the son of former Equimark Corp. chairman Alan S. Fellheimer...It's just a tremendous community. You're seeing the renaissance Philadelphia experienced in the 1990s," he said after a planning commission briefing for his project Tuesday.

The conversion of the upper floors of the former Schneider Engineering building on Seventh near Fort Duquesne Boulevard into 40 loft-style apartments will be his first project in Pittsburgh.
He plans to lease the apartments at market rate, but "we are not going for anything extraordinary" in terms of price.
While the project will be Mr. Fellheimer's initial one in Pittsburgh, he vowed that it would not be his last...
The proposed Hotel Monaco is expected to open next summer. The boutique hotel will feature 30 to 35 rooms per floor, valet parking, a fitness center, and meeting and ballroom space. There also will be a sit-down restaurant with seating for 70 people.
San Francisco-based Kimpton is partnering with Philadelphia developer PMC Property Group on the project. PMC bought the building for $5.5 million in a bankruptcy sale last September.
In addition, the planning commission on Tuesday approved plans to renovate the street level facade of the Blush adult nightclub on Ninth Street.

Read more: Red Rocks Group set to join reviving Downtown scene - Pittsburgh Post-Gazette

if I'm not mistaken the city occupancy rate is much higher

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At the end of April, the Pittsburgh metro market had 215 hotels, with 24,565 rooms combined, and occupancy this year was just less than 58 percent, according to VisitPittsburgh.

Read more: http://triblive.com/business/headlin...#ixzz2W1ASbRfH
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FreightTrainRunning · 06-13-2013, 07:57 AM

The Magic Number: $1400:

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... why the boom all the sudden? Its not as though there were not vacant spaces before that would have been better served as residential. The answer in part is due to the magic number, $1400. When average rents for apartments hit $1,400 in the Golden Triangle, the tipping point swayed from unfeasible to financially feasible in terms of conversion. This coupled with other market trends such as renewed interested in urban lifestyles, job growth/relocation, overall market rent increases, and raising incomes (though modest in PGH) have all played a role in this micro Downtown boom.

SteelCityRising · 06-13-2013, 07:59 AM

^ That article is replete with grammatical errors and typos and is very difficult to read.

pman · 06-13-2013, 08:33 AM

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Originally Posted by SteelCityRising

^ That article is replete with grammatical errors and typos and is very difficult to read.

it's basic economics though, as demand rises, the price rises, as the price rises quantity supplied rises. there's always a magic number though, whether it be driven by actual costs (like construction), regulation, or taxes above which something becomes profitable and below which something becomes negative. all decisions are made at the margin. I agree, the format is terrible.

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Late night Mondays at Meat & Potatoes
Every Monday Meat & Potatoes hosts Night Cap to 1 a.m., during which the patio and kitchen is open and drink specials abound. The late night menu this past week featured $5 burgers and $3 sides, including fried pickles, fries and "loaded tots" with bacon, cheese, scallions and sour cream.

Read more: http://www.post-gazette.com/stories/...#ixzz2W6nASq6Y

pman · 06-23-2013, 09:28 AM

Outside investors purchasing more Downtown Pittsburgh sites - Pittsburgh Post-Gazette

pman · 06-26-2013, 06:13 AM

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City planning commission members cleared the way Tuesday for the conversion of the James Reed Building on Sixth Avenue into a Hotel Monaco featuring 249 rooms, a rooftop hospitality suite, fitness center, banquet and ballroom space, and a restaurant.
Also Tuesday, the commission was briefed on plans to convert the upper floors of the Clark Building on Liberty Avenue into at least 144 apartments and to create an addition to Four Gateway Center to accommodate the new Eddie Merlot's steakhouse.
...The basement will house a sit-down restaurant. Kimpton also is planning a "sandwich window" for take-out near the hotel entrance to the restaurant at Strawberry Way and William Penn Place. Mr. Beasley said the window will be "modeled" after those at Shake Shack restaurants.
Although he said Shake Shack could be a possibility, he stressed that no restaurant has been confirmed to date.

Read more: Pittsburgh planning commission approves plan for Hotel Monaco - Pittsburgh Post-Gazette