Downtown Population increased 25% since 2000 (Pittsburgh, Economy: sale, student loan, unemployment rate)

[greg42]

It'll be interesting to see. I wonder though, if it is Millcraft, why they would hide it? Has there been backlash against them among, well, anyone? All I've ever read/heard is positive.

To me that makes me think that it's not Millcraft, but if it is, I suppose they have their reasons for not wanting to out themselves yet.

[BrianTH]

Originally Posted by greg42

It'll be interesting to see. I wonder though, if it is Millcraft, why they would hide it? Has there been backlash against them among, well, anyone? All I've ever read/heard is positive.

In the "speak of the devil" post above, I linked an article which suggested the now-former owner of those properties had some sort of issue with Millcraft:

Gerald Schiller is on yet another developer’s radar.

Over the years, whenever new developers arrived in Pittsburgh with plans for the Downtown retail corridor, they targeted at least some of the several buildings Schiller and his family own at the intersection of Forbes Avenue and Wood Street.

Now, Washington County-based Millcraft Industries wants to put a new building with loft apartments at the northeast corner of the intersection . . .

The problem is, Schiller said Friday, no one has talked with him about buying the building or working with him to redevelop it. . . .

“It looks like they’ve got plans that are unknown to us,” Schiller said. “I wasn’t approached. I think I have every reason to be paranoid, based on the history.”

Millcraft’s long-range proposal includes nine sites on five Downtown blocks, including condos above the former G.C. Murphy’s building, an entertainment complex in Warner Centre and a three-story bookstore at the southwest corner of Forbes and Wood.

Millcraft doesn’t own all of the buildings it would need for the entire development, but it is talking with property owners about joint ventures, said Brian Walker, the Cecil company’s chief financial officer.

The problem with having such ambitious plans is then property owners start to think they should hold out for more money, on the theory that the value of the whole is greater than the sum of the parts. But of course the developer needs that extra value to finance the various property renovations and such.

So this is pure speculation, but maybe Millcraft had trouble working with Schiller the first time, and this time decided they would buy the properties through this shadow entity.

But who knows--I just threw out the Millcraft idea knowing their history and plans in the area, and it could easily be someone else.

[greg42]

Yeah, I did read that, but given that it was 4 years ago I wasn't giving it a lot of weight. It's true, the building owner who felt wronged by them then could have a long memory, which would be a reason not to out themselves.

[pman]

what Brian says about holding out for more money is true, and this approach is quite common
actually. are there really no other storefronts for lease? six months is enough time to move a business like those. if the buildings are to be renovated, it's likely their business would be way down during construction anyway.

[BrianTH]

Last I saw the retail vacancy rate Downtown was around 6%. So spaces are available, and in fact reportedly the jewelry store found a new spot. On the other hand, in the current Downtown environment I could see a change in locations resulting in a rent increase, and so some marginal businesses might not be able to make it.

[pman]

The "cold plate" at Istanbul Grill, the Turkish place on Liberty Avenue. I think this is some of the best food and the best deal going: For $5, you get a heap of seasoned salad and your choice of three of the cold sides of the day: hummus, beet or carrot salad, eggplant, various bean salads, stuffed grape leaves, etc. If you ask, they'll throw in a piece of pita and warm it up, too. I regularly see the owner, Coskun "Josh" Gokalp, or one of his crew pile on tastes of other dishes, too. This place, sister to the open-at-night Istanbul Grill on Butler Street in Lawrenceville, is open 11 a.m. to 3 p.m. Monday-Friday but everything's made fresh for each day and sometimes they run out of the cold stuff earlier. (The hot food is great, too.) 643 Liberty Ave., 412-325-3346.
-- Bob Batz Jr., Post-Gazette food editor

Pie for lunch? Don't knock it until you've tried Sand Hill Berries' pie at the Market Square Farmers Market. There are several ready-to-eat bites available at the market, which runs from 10 a.m. to 2 p.m. Thursdays through Nov. 18. But my favorite is the berry pie from this Westmoreland County farm, just $1.50 a slice. If you get there early, you can have your choice of several -- black or red raspberry, blackberry, blueberry and bumbleberry (blueberries, raspberries, blackberries, cherries and strawberries, and dashes of orange and cinnamon). Make friends by buying a whole pie to take back to the office. sandhillberries.com.
...
. It follows that the best food for really hot weather comes from countries with really, really hot weather, such as Cambodia (average annual temperature for Phnom Penh = 89.8 degrees). The Green Papaya salad at Downtown's Cambodian restaurant, Lemon Grass Cafe, is a glowing example of this -- spaghetti-like strands of crunchy green papaya and carrots, basil, shrimp, chicken and cherry tomatoes dressed up with a salty, sweet and citrusy sauce. For a salad, it's surprisingly substantial. 124 Sixth St., 412-765-2222.
-- Moriah Balingit, Post-Gazette staff writer
6. It may seem like Downtown lunch options rarely change, but it pays to keep your eyes open and take a new route to work every once and a while. On a recent detour down Penn Avenue the cold noodles on Fu Lai's specials menu caught my eye. A big pile of lo mein noodles was topped with a small scoop of soft peanut butter and sprinkled with sesame seeds. As I stirred, a spoonful or two of soy sauce thinned out the sauce until it just coated the noodles. A bite revealed sweetness, from peanut butter and sesame oil, the salty tang of soy sauce and the surprising heat of chile oil. It's not the most nutritionally balanced meal, but if you're planning a long run after work, this is ideal carbohydrate loading. At $5.30 with tax, including an egg roll (only OK) and a drink, this was a real bargain. 525 Penn Ave., 412-471-6338.


7. The falafel sandwich at Bigelow Grille is neither as cold nor as cheap as most of the items on the list, but it has quickly become my favorite splurge lunch. Straight from the frying pan, falafel, soft and warm, are wrapped up in grilled flat bread with chopped cucumber and tomatoes and drizzled with yogurt sauce. It comes with a side salad, french fries or pierogies, making for quite an ample lunch. 1 Bigelow Square, 412-281-5013.
-- C.M.
8. There's something magical about quiche. Combine eggs, cream, chopped-up vegetables and meat and put it in a crust, you suddenly have a meal equally delicious at any temperature and any time of day. A thick slice of the daily quiche from Dozen Bakeshop will run you $5. Usually there is a vegetarian option and one with bacon, which I like to think makes it extra filling. 807 Liberty Ave., www.dozenbakeshop.com, 412-281-4800.
-- C.M.
9. When walking out of the office resembles stepping into a sauna, skip the sandwich and head straight for the ice cream. Two local favorites are now offered Downtown -- Dave and Andy's at Franktuary ($3 for one large scoop, $5 for two; I highly recommend the chocolate peanut butter) and Mercurio's mulberry Creamery Gelato at Verde Good Beans ($2.75). Franktuary, 325 Oliver Ave., www.franktuary.com, 412-288-0322; Verde Good Beans, 412 First Ave., 412-523-8885.
-- C.M.
10. Chaat papri is technically a snack, but the portion at India Palace is more than sufficient for lunch. Layers of wheat puffs, chopped potato, chickpeas, onions and spicy green pepper are doused in cooling yogurt, cilantro chutney and deliciously sour tamarind sauce ($4). The wheat puffs stayed surprisingly crisp despite the thick layer of sauce. 137 Sixth St., www.indiapalacepgh.com, 412-471-0660.

Read more: Deals to be had for good lunches at Downtown spots

[pman]

The way things are going, the Golden Triangle just might become one gigantic "for sale" sign.
All over Downtown, buildings are going up for sale almost as fast as LeBron James jerseys in Cleveland.
And not just any old building. Some of Pittsburgh's signature real estate is on the block -- from Macy's (formerly Kaufmann's) department store to Gateway Center, the linchpin of the city's first renaissance.
Others up for sale include the Henry W. Oliver Building; the Regional Enterprise Tower, formerly the Alcoa building; EQT Tower, once known as Dominion Tower; and the American Red Cross of Southwestern Pennsylvania building.
And that doesn't even count some of the smaller properties that have hit the market recently.

Read more: Several Downtown Pittsburgh landmarks up for sale
interesting article



Read more: Several Downtown Pittsburgh landmarks up for sale

[BrianTH]

The sales volume of commercial real estate in the area has picked up a bit this year (although it is still low by recent standards). And the Pittsburgh commercial real estate market easily has some of the best numbers around these days. So it will be interesting to see if all these properties attract some money from new players outside the region (which wouldn't be a bad thing in my view).

Personally, I'm most excited by the Macy's Building--that is really underutilized right now, and could be a gem with unblocked windows and such.

[user_id]

Originally Posted by pman

Read more: Several Downtown Pittsburgh landmarks up for sale
interesting article



Read more: Several Downtown Pittsburgh landmarks up for sale

I found this amusing:

"Experts appear to be divided on just what is fueling the sales binge. Some, like Mr. Zober, believe it is a sign of a robust real estate market. One contrarian sees owners cashing in before the bottom falls out because of fears of a prolonged recession."

The more likely explanation is totally marginalized in the article. Not too hard to believe that commercial real estate in Pittsburgh is currently over-valued, after all this is the case in many areas across the country.

I wonder which planet this guy leaves on:

"I think nationally there's a shortage of quality buildings on the market. There's a tremendous amount of cash sitting on the sidelines waiting for quality."

[BrianTH]

I assume "quality" includes things like leased percentages and/or local leasing prospects. There certainly are no shortage of mostly empty buildings in generally high-vacancy areas available nationwide.