PITTSBURGH COMMERCIAL NEWS

WEEK #21

Capital investment in Western PA reached $5.5 billion, IT most active segment  The good news: Western Pennsylvania experienced significant economic growth in 2017. According to the 11th annual Pittsburgh Region Business Investment Scorecard, there were 15 percent more jobs created last year than in 2016, and capital investment reached $5.5 billion. Information technology, due to increased investments in artificial intelligence and robotics, became the most active sector of the economy... Read More.

Can a spruced up Oxford Centre bring in $35 a square foot? Like the host of a HGTV fixer up show, Shorenstein Properties is ready for the big reveal. Only the remake involved is not a rundown split level in Scott Township, but one of Downtown’s most iconic skyscrapers — One Oxford Centre. The San Francisco-based real estate investment firm has spent $50 million overhauling the lobby, adding Downtown’s first food hall and bulking up tenant amenities in a bid to make the venerable 45-story skyscraper a signature building in Pittsburgh... Read More.

Fig and Ash, a new farm-to-flame restaurant, opening this fall in Deutschtown As executive chef at Google’s Bakery Square location, Cory Hughes has been preparing gourmet eats for computer gurus. His latest culinary venture will be considerably less high-tech. This fall, Hughes will open Fig & Ash, a farm-to-flame restaurant in the North Side’s Deutschtown neighborhood. “I wanted to go old-school,” Hughes says. “I want to make turn-of-the-century dishes with modern flair and flavors". .. Read More.

Burns Scalo commits to $35 million Riviera project at Pittsburgh Technology Center on spec Burns Scalo Real Estate has bought a riverfront parcel at the Pittsburgh Technology Center and closed on financing to begin its Riviera office development. CEO Jim Scalo reports the company bought the parcel of a little more than an acre for $539,055 from the Urban Redevelopment Authority and has closed on a loan of about $29 million from Dollar Bank... Read More.

You can get sweets delivered to your door at 1 a.m. from now-open Insomnia Cookies Apparently it’s now possible to get warm chocolate chip cookies delivered to your door at 1 a.m. with the first of two Insomnia Cookies locations now open and the second spot at 1734 E. Carson St. shop debuting any day now. The Pittsburgh Insomnia Cookies will sell chocolate chunk, snickerdoodle, chocolate peanut butter cup and s’mores deluxe. It also delivers cookie cakes and brownies — and, of course, milk... Read More.

Mosites requests subdivision for Riverfront 47 Aspinwall council in June could consider a subdivision application from the Mosites Company for its Riverfront 47 property. The 1.5-mile plot of land is targeted for commercial development, with Mosites hoping to transform it with housing, trails, retail and alternative energy... Read More.

Checkers and Rally's Extending Fast Food Footprint To Pittsburgh PITTSBURGH, PA - Tampa-based fast food chain Checkers & Rally's Restaurants Inc. is in expansion mode and plans to add two dozen Pittsburgh locations, a company spokesperson announced Wednesday. The company, which operates two differently named eateries with the same menu - Checkers and Rally's, currently has 870 restaurants nationwide. The company is adding another 76 this year and plans another hundred in 2019. .. Read More.

Plan for ambitious Cultural District housing and parking garage project falls apart A plan to build up to 185 high-end condominiums, a new 935-space parking garage, and 30,000 square feet of retail at Ninth Street and Penn Avenue in the Downtown cultural district has collapsed. The Pittsburgh Cultural Trust has ended talks with The Davis Companies of Boston over the $175-million mixed use development, effectively killing a project that also involved plans to replace a 583-space city parking authority garage at the site... Read More.

In an effort to keep our clients and colleagues informed about the Pittsburgh commercial real estate market, we send out a weekly email with the top news stories that affect you. Each day we sort through various industry publications and local news sources to narrow down the top articles that matter to the Pittsburgh commercial real estate investor. For more information from a SVN-TRCA Agent please contact  724-918-4428   or email  threeriversadmin@svn.com Visit Us: www.svnthreerivers.com

SVN | Three Rivers Commercial Advisors is a leading commercial real estate investment brokerage firm located in Pittsburgh, Pennsylvania. SVN | Three Rivers Commercial Advisors provide best-in-class service to the commercial real estate community. Through an individualized approach and customized marketing strategy - SVN | Three Rivers Commercial Advisors strives to outperform its competition and deliver unprecedented value to our clients. All SVN® offices are independently owned and operated. Have Feedback? Leave us a review on Google!

‌ ‌ ‌ ‌ ‌