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PITTSBURGH COMMERCIAL REAL ESTATE

WEEK #46

Point Park president discusses the the university's role in Downtown Pittsburgh revitalization


Gov. Josh Shapiro in October introduced a $600 million plan to spur new growth Downtown — a potential antidote to empty offices, low property values, and ongoing concerns about crime and cleanliness.


Point Park University, the private school of over 3,500 students in the heart of Downtown, believes it is well-positioned to help fast-track development.


And its university president, Chris Brussalis, believes the school can grow its student body, arts and entertainment offerings, and athletics programs in the process...Read More

Will Downtown Pittsburgh's pricey rescue plan help the struggling office market?


For some, the nearly $600 million plan to rescue Downtown Pittsburgh comes with a sobering reality — it may not be enough.


And that’s not because the initiative itself is flawed in any way. It simply reflects the magnitude of the woes facing the Downtown office market in the aftermath of the COVID-19 pandemic.


The centerpiece of the plan, announced last month by Gov. Josh Shapiro, involves the conversion of six buildings, including the former YWCA on Wood Street, into residential, representing about half a billion dollars in combined capital...Read More

Proposed amendments would block Gainey plan to extend affordable housing mandate citywide


A Pittsburgh councilman is proposing major changes to Mayor Ed Gainey’s bid to expand an affordable housing mandate to all parts of the city.


Amendments introduced Tuesday by Councilman Bob Charland would leave it up to individual neighborhoods to impose the mandate, known as inclusionary zoning, rather than requiring it citywide, as the mayor wants.


Mr. Charland’s amendments would likewise require the city, the Pittsburgh Urban Redevelopment Authority, or the housing authority to “fully fund” any financial gaps in projects involving the creation of affordable housing...Read More

Downtown law firm relocation could help pave way for Three Gateway Center residential conversion


After spending 21 years in Downtown’s Gateway Center, the Houston Harbaugh law firm has decided to make a change. But it won’t be leaving the four-building complex near Point State Park.


Instead, Houston Harbaugh will be moving from its 26,548-square-foot footprint in Three Gateway Center to a smaller 23,204-square-foot space at Two Gateway Center next door.


The law firm decided to stay in Gateway Center, built in the 1950s during the city’s first renaissance, despite the uncertainty swirling around the complex, which is facing a possible foreclosure...Read More

Owner faces foreclosure for Tryp by Wyndham hotel in Lawrenceville


The ownership of the Tryp by Wyndham Pittsburgh, redeveloped out of the former Washington Education Center in the heart of Lawrenceville, is facing foreclosure and a potential sale of the property.


The 107-room hotel located along 40th Street near the intersection with Butler continues to operate but it does so now under a court-appointed receiver after its main lender filed to foreclose in the Allegheny County Court of Common Pleas in August.


According to court documents, Atlanta-based Access Point Financial LLC, which bought the original 2017 mortgage from First Commonwealth Bank in October 2021, seeks a total debt balance, including interest and fees, of more than $16.9 million from its ownership, affiliates of Century Equities, a Wheeling, West Virginia-based commercial real estate and development firm with a Pittsburgh office...Read More

Allegheny County 1.7 mill real estate tax increase expected amid looming real estate tax challenges


The administration of Allegheny County Executive Sara Innamorato and 10 members of county council reached a compromise budget this week that includes a 1.7 mil increase, representing a 36% hike that avoids any layoffs or significant budget cuts.


It's an increase some close observers saw as fully expected as well as something of a band aid on a tax system for Allegheny County that's gone more than 10 years without a reassessment coming out of a pandemic that dramatically devalued downtown office properties that have long been a core real estate tax generator...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.
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