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PITTSBURGH COMMERCIAL REAL ESTATE

WEEK #27

Etna celebrates $3M grant to fund new community building and library


Mary Ellen Ramage has lived and helped to lead the small borough of Etna along the Allegheny River long enough to experience a steep decline, but also to help her see how a revival might be at hand.


"I saw the town change and go through some really awful times," said Ramage, long-time borough manager for Etna, at a celebration of a new community building and library in the works for the community.


She recounted not just the demise of the steel industry in the second half of the 20th century, but also the construction of Route 28 that resulted in the razing of one quarter of the borough's territory and the demolition of nearly 400 homes, along with later floods and economic challenges that resulted in half the police department getting laid off...Read More

'A good day for Braddock:' Closed vertical farm to be converted for specialty manufacturing and cold storage


An abandoned vertical farm in Braddock will be converted into a specialty manufacturing and cold storage facility under a plan being advanced by the building owner and a Boston firm that invests in inner cities.


Green Tree-based RDC is teaming with Arctaris Impact Investors to redevelop the space in hopes of securing a tenant involved in food and pharma production or specialty manufacturing.


RDC has been working to try to find a company to take over the 60,000-square-foot plant at 1050 Talbot Ave. since Fifth Season, a Carnegie Mellon University spinoff that created the vertical farm, abruptly shut it down in October 2022...Read More

Connective corridors renovation of Point State Park will need to negotiate national historic standards


Look for the new vision plan to bring new recreational and other amenities to a portion of Point State Park to face some scrutiny from the state agency that owns and manages it.


Last month, the Allegheny Conference on Community Development, City of Pittsburgh and Allegheny County jointly introduced a new vision plan for downtown that included refashioning three so-called connective corridors to better make the Golden Triangle more accommodating for residents, including families. The three corridors included a stretch near the Cultural District, Market Square and Point State Park.


The Point State Park portion would reconfigure the eastern portion of Point State Park and its perimeter nearest Gateway Center as a “front yard for downtown,” offering more active uses to better appeal to nearby residents and featuring such possible options as sports courts or dog parks in the median on Liberty Avenue to better connect the park with Market Square. There also could be changes to the traffic patterns and to the park itself...Read More

Downtown Neighbors Alliance works to increase rooftop greenery in Pittsburgh


One organization wants to make Downtown a little greener — on the rooftops, at least.


The Downtown Neighbors Alliance is working with Point Park University and the Pittsburgh Cultural Trust to add some greenery — as well as some environmental benefits — to some of its Golden Triangle properties.


John Valentine, the alliance’s executive director, said he reached out to Point Park and the Cultural Trust to get the initiative rolling because they are among the largest property owners Downtown...Read More

Rivers Casino Pittsburgh finishes $6.6 million renovation


Citing a full events calendar and the growing popularity of the North Shore, Rivers Casino announced Wednesday that it had finished a $6.6 million renovation, expanding the rentable and reservable spaces to 50,000 square-feet.


The construction project included a 7,044-square-foot Bridges ballroom, improving the existing Rivers ballroom, adding a Starbucks, four meeting rooms and a lounge for exclusive members.


“With the stadiums and other nearby attractions on the North Shore ... our events calendar fills up quickly,” general manager Bud Green said in a statement. “We’re happy to provide new spaces and more dates for hosting conferences, weddings and special events.” ...Read More

CRE expectations mixed for cost of capital, dealmaking in second half of 2024


The outlook among commercial real estate industry players remains mixed as 2024 officially hits its midway point.


A second-quarter survey of industry representatives by Altus Group found slightly more respondents were concerned about the possibility of a recession compared to the prior quarter, but a greater share felt better about debt capital availability.


While about half of the respondents said they didn't anticipate a recession in the near term, the number of individuals who said they did expect a recession soon increased by seven percentage points compared to Altus' first-quarter survey. Additionally, many respondents believe the U.S. capital environment will remain a challenge, with 49% saying they expect interest rates will remain stable in the next year, but 40% of respondents saying they felt the cost of capital will increase in the next year...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.
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.

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