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PITTSBURGH COMMERCIAL REAL ESTATE

WEEK #43

Goodyear facility to be demolished as "The Backyard" plan gets going in the Cultural District


Look for a long-time tire retailer building on Fort Duquesne Boulevard to face the wrecking ball in the near future as the Pittsburgh Cultural Trust pushes forward on its reinvention of a block of mostly open lots on Eighth Street downtown.


The Pittsburgh Downtown Partnership is scheduled to host a development activities meeting on November 14 that includes two of the key "connecting corridor" redevelopments" chosen to be part of the $600 million revitalization plan for the Central Business District, including the renovation of Market Square as well as the Eighth Street block plan to be called "The Backyard."


To clear more space for The Backyard, the trust is preparing the demolish the Goodyear Auto Service facility that has long been located at 800 Fort Duquesne Boulevard, a part of the larger plan that is listed as an agenda item for the upcoming meeting...Read More

Niche to move headquarters to new building in the heart of the Strip District


Niche, the ranking and review platform maturing after more than 15 years is in business, is set to move its Strip District headquarters from an off-center location along Liberty Avenue to the third floor of The Vision on Fifteenth along Smallman Street near the Strict District Terminal.


The company, which started out of Carnegie Mellon University more than 20 years ago when it was known as College Prowler, has inked a lease for 7,600 square feet at The Vision.


Pat Gruden, who has represented the firm in its office needs since near its inception, called the lease, "a classic, post-COVID move," adding how "more and more tenants are choosing to downsize and upgrade to trophy properties" as an increasing norm...Read More

Lionstone Investments, key partner for Walnut Capital, "winding down" operations


A Houston-based financial backer of Walnut Capital as well as the owner of a prominent North Shore office building is in the process of being closed down.


Lionstone Investments, which replaced New York-based RCG Longview as the investment partner of Walnut Capital and its Bakery Square in the middle of the last decade, is in the process of "winding down" operations, according to a prepared statement by Ameriprise Financial Inc. (NYSE: AMP), the global asset management firm that owns it.


In a brief Election Day announcement, Ameriprise revealed "it has decided to wind down" Lionstone, which it called its United States real estate investment subsidiary, "and exit the business after a strategic evaluation."...Read More

AIA Pittsburgh's design awards showcase an emphasis on redevelopment projects in western Pennsylvania


The ongoing trends of redevelopment and affordable housing are reflected in the 2024 AIA Pittsburgh awards, the annual event to celebrate the best design in the region.


Second Avenue Commons, a much publicized shelter to help meet the needs of the unhoused downtown, won a social impact award from AIA Pittsburgh for Green Tree-based DLA+ Architecture & Interior Design. Downtown-based LGA Partners also won a social impact award for its work on Heritage Highlands, a redevelopment of the former Hawkins Village public housing project in Rankin into a mix of affordable and public housing.


Rothschild Doyno Collaborative won an honor award for a medium-sized project for its revamping of the Church of the Ascension in Shadyside...Read More

Bowling alley closures are piling up. Many are being forced to pick a lane.


The Mohrhardt family spent more than six decades running a bowling alley in Traverse City, Michigan. That run ended in September, when the Mohrhardts announced they would sell their business, Lucky Jack's.


“It’s been a great 63 years but the time for retirement has come,” the family said in a Facebook post. “After many failed attempts to sell the center for the last 4 years that would enable bowling to continue at this location, an unexpected solid offer came from Serra Auto and the deal was closed on September 18, 2024.”


Three months earlier and more than 2,000 miles away, the operators of Roxy Ann Lanes in Medford, Oregon, announced plans to close that facility after more than 50 years in business...Read More

Long-standing Downtown Goodyear store to be demolished as part of Eighth Street makeover


Plans by the Pittsburgh Cultural Trust to remake the entire block of Eighth Street as part of the effort to revitalize Downtown will mean the end of the road for a longtime tire dealer.


The Goodyear Auto Service store at 800 Fort Duquesne Blvd. will be demolished to clear the way for the Eighth Street makeover, which includes a large lawn for festivals and performances, an outdoor bandshell, and a children’s play area.


Kendra Whitlock Ingram, Cultural Trust president and CEO, said Friday that the arts organization plans to raze the building once Goodyear vacates it in March. That’s when the auto store’s long-term lease ends...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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