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Old 08-28-2012, 07:29 AM
 
Location: Pittsburgh area
9,912 posts, read 24,754,728 times
Reputation: 5166

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Quote:
Originally Posted by Evergrey View Post
PMC Property Group has signed a sales agreement with Alco Parking president Merrill Stabile to buy the Jackman Building at 526 Penn Ave. next to the Penn and Sixth Street parking garage in the Cultural District.
Excellent. I've been wondering about that building. Of course with Stabile in there it's no wonder it's been vacant, but better late than never I suppose.
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Old 08-28-2012, 07:32 AM
 
2,290 posts, read 3,843,435 times
Reputation: 1747
Quote:
Originally Posted by Blackbeauty212 View Post
And the Train known as PMC keeps right on Chugging along......PMC please buy the Union Trust Building and turn it into the most Grand Boutique Hotel this city has ever seen.
Sometimes it takes a Philadelphian to unleash the potential of Downtown Pittsburgh...
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Old 08-28-2012, 07:46 AM
 
Location: Pittsburgh
1,776 posts, read 2,707,473 times
Reputation: 1741
Quote:
Originally Posted by Evergrey View Post
Sometimes it takes a Philadelphian to unleash the potential of Downtown Pittsburgh...
Hopefully it will light a fire under the ass of local developers a bit more if they've got cross-state competition like this. I'd hate to see only out-of-towners reap the rewards.
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Old 08-28-2012, 08:23 AM
 
5,802 posts, read 9,932,003 times
Reputation: 3051
Quote:
Originally Posted by Evergrey View Post
Sometimes it takes a Philadelphian to unleash the potential of Downtown Pittsburgh...
hey sometime it takes that out of town vision to see what local developers can't......PMC obviously has an excellent road map for a successful Downtown neighborhood with Center City IMO being one of the best Downtown neighborhoods in the Nation...

Downtown Pittsburgh can become a replica Center City, but it will take not only more residents but more expansion as well we need Uptown, the near Strip, Lower Hill, and North Shore to all come together...and with Downtown already having one of the highest density of Workers in the Country could rival some much bigger cities. We have the vision, and the blueprints, we just need that execution.
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Old 08-28-2012, 08:59 AM
 
Location: Philly
10,236 posts, read 16,901,131 times
Reputation: 2978
Quote:
Originally Posted by Evergrey View Post
Sometimes it takes a Philadelphian to unleash the potential of Downtown Pittsburgh...
I'm sure it definitely helps that they have experience watching downtown Philadelphia redevelop. they must see the same things I see but they obviously have a lot more access to capital. it's clear PMC is moving quickly on Pittsburgh so they must believe it is undervalued. I do think that at lot of the hometown developers lack vision...and far too much valuable land is tied up in cozy relationships that aren't producing. I'm looking at you toby kieth
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Old 08-28-2012, 10:05 AM
 
20,273 posts, read 33,127,384 times
Reputation: 2912
I don't mind out-of-towners with deep pockets, in a mood to spend on capital projects.

By the way, the building next to this one is also in the process of a residential conversion.
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Old 09-08-2012, 08:37 AM
 
Location: Philly
10,236 posts, read 16,901,131 times
Reputation: 2978
Quote:

...PMC Property Group added to its collection of holdings Downtown this week by buying a 30,000-square-foot building at 908 Penn Ave. for $525,000... PMC now owns or is close to acquiring more than 1 million square feet of real estate in the Golden Triangle. If, as expected, it secures the 195,000-square-foot James Reed Building on Sixth Avenue in a bankruptcy sale next week, the number jumps to 1.2 million square feet.
That would be more in terms of square footage than is owned by the Pittsburgh Cultural Trust, Point Park University or Millcraft Industries...PMC could count the vacant nine-story James Reed Building among its holdings by the end of the day Tuesday....PMC has more than 700 units completed, under development, or planned Downtown. On its website, PMC said it specializes it finding under-utilized or overlooked urban properties in the East Coast corridor and transforming them into "thriving rental communities and commercial spaces."
Read more: Philadelphia developer gaining presence in Downtown Pittsburgh - Pittsburgh Post-Gazette
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Old 09-08-2012, 09:11 AM
 
20,273 posts, read 33,127,384 times
Reputation: 2912
I suspect PMC is just getting started. And although they have a little local competition, for now they mostly have Pittsburgh to themselves.
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Old 09-08-2012, 09:26 AM
 
Location: Marshall-Shadeland, Pittsburgh, PA
32,637 posts, read 77,911,352 times
Reputation: 19140
I'm really grateful that PMC, quoting the article, "likes Pittsburgh". If most of our own homegrown developers are too stupid to capitalize upon the housing availability crisis plaguing the East End and Greater Golden Triangle, then I welcome Philadelphians with open arms!
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Old 09-08-2012, 09:44 AM
 
Location: Pittsburgh
1,776 posts, read 2,707,473 times
Reputation: 1741
It looks like a buying spree already with them planning 700 units. I can't even imagine how much the downtown landscape would change if they hit their 3000 unit number. Seems like they'd easily surpass PNC as the biggest property owner downtown?

*cough cough STATION SQUARE*
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