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Market News
Data on the construction of new housing through June 30 showed that the Pittsburgh market is finally seeing some much-needed growth in single-family homes. Pittsburgh's housing market has been marked by very low inventory for several years, bringing multiple offers for existing homes; but the expected increase in new construction has been held down by the lack of available lots. New development projects have been working through entitlement and construction for the past two years and the increase in lots is showing up in the 12.1% jump in new single-family homes.
The total number of housing unit started in the first six months actually declined by more than 25% due to a steep decline in apartment projects. That number is not necessarily indicative of a slowdown in apartment development just yet. While only 426 units of apartments were started from January through June, more than 850 units are scheduled to start before Labor Day. Based on the pipeline of projects in the entitlement and permitting stage, Tall Timber Group forecasts that 2,270 units of multi-family will start in 2016, roughly the same as in 2015 and 2014.
Two of the larger apartment projects in the pipeline are about to start construction. NRP finalized its deal with Buncher Co. for the 364-unit Riverfront apartments in the Strip. SunCap Property Group is working with
Rycon Construction to get construction underway on its 300-unit South Hills Village apartments in August. Turner Construction is getting bids on early packages for the AC Hotel by Marriott being developed at 1100 Smallman by Concord Hospitality. Mascaro Construction was the low bidder on the $26.3 million Clairton wastewater treatment plant project.
Tuesday night's planning commission shed no more light on the end user for the million-square-foot distribution center proposed at Chapman Westmont in Findlay Township.
BuildingPittsburgh speculated last Thursday that the project will be an Amazon fulfillment center but the project's developer and owner did not divulge the lessee at the meeting.
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Maiello, Brungo & Maiello is pleased to announce that Julia Wu recently joined the firm as an Associate. She will focus her practice in the areas of corporate, business and real estate law. Ms. Wu obtained her juris doctor from the Michigan State University College of Law, where she graduated in two and a half years. She received her undergraduate degree from the University of Texas, located in her hometown of Austin.
Maiello Brungo & Maiello was appointed solicitor for the Riverview School District. In that role, the firm will represent the school board at public meetings, be on call to represent the board at special committee meetings, and will represent the district on all matters relating to employment, labor, litigation, special education, public finance and other general business.
Tower Engineering has promoted T. Steffanie Bako, PE, LEED AP and Michael Plummer, PE, LEED AP to principals. Plummer is a graduate of Penn State University. Bako is a graduate of Case Western Reserve.
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Coming Events
ACE Mentor Golf Outing, September 15
International Reality Capture Workshop, Volterra Italy, October 10-22
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Tall Timber Group is the publisher of BreakingGround and DEVELOPINGPittsburgh magazines and the Pittsburgh Homebuilding Report, and is a consultant for contractors and designers serving the construction and real estate market. For more information about our services, contact Jeff Burd or call:
Tall Timber Group
506B McKnight Park Dr.
Pittsburgh, Pennsylvania 15237
412-366-1857
www.talltimbergroup.com |
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