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RECENT NEWS

Sunday
Jul272014

Young renters seeking comfort, efficiency of Downtown living

Pittsburgh Tribune-Review - July 26, 2014
By Bob Karlovits

Todd Palcic is aiming his new apartment development at the “smart renter.”

The developer, who has put together several condo and apartment projects Downtown, says the person he is hunting is more concerned with the sensibility of life down the road than simply finding a comfortable place to live.

It sums up his strategy for the Lando Lofts, 27 apartments at 907-909 Penn Ave., which he hopes to make available by mid-August.

Photo Credit: Steph Chambers

The Downtown population is 4,405, up from 3,629 in 2010 and 2,576 in 2000, said Leigh White, vice president of marketing and communications for the Pittsburgh Downtown Partnership. That figure does not include what is called the “Greater Downtown” area, which adds the Strip District, the north and south shores and the Bluff.

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Wednesday
Jul232014

Pittsburgh from Above - Video from Brian Aiken

Spectacular view of Pittsburgh from above.

Pittsburgh from brian aiken on Vimeo.

Wednesday
Jul232014

Developer pursues application for Strip District apartments

Pittsburgh Tribune-Review - July 23, 2014
By Sam Spatter

More rental apartments may be coming to the Strip District.

Zamagias Properties and JMAC Architects asked for zoning approval from the Pittsburgh Zoning Board of Adjustment to convert the upper nine floors of the Penn-Rose Building at 1627 Penn Ave. into 72 residential units.

A hearing on the request is scheduled for Aug. 7.

The companies' application includes plans for a new three-story, 77-car garage and an interior courtyard. First-floor retail would remain, as would the Vietnam's Pho restaurant occupying the floor.

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Tuesday
Jul222014

Strong demand drives East End apartment developers to expedite next project

Pittsburgh Tribune-Review - July 22, 2014
By Tom Fontaine

Brisk demand for upscale apartments at the newly opened Bakery Living complex in the East End prompted developers to push up construction on a second apartment building by about a year.

“Demand has been better than expected,” said Todd Reidbord, president of Shadyside-based developer Walnut Capital.

Reidbord, who briefed the Pittsburgh Planning Commission on Tuesday, said about 75 percent of the 175 apartments in Bakery Living's first building along Penn Avenue are leased. It opened in June.

The second building would be U-shaped, five stories tall and have 175 apartments ranging from so-called micros to two-bedroom units, mirroring the first building. It would be accented with different colors than the first, notably slate blue, gray, white and black.

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Monday
Jul212014

Report: Pittsburgh real estate market continues momentum

Pittsburgh Business Times - July 21, 2014
By Tim Schooley

Integra Realty Resources reports Pittsburgh’s real estate market is either expanding or in recovery in four major sectors of office, retail, multifamily and lodging in its 2014 midyear Viewpoint.

While the region’s retail market is still recovering from the last recession with only modest new development underway, Pittsburgh’s office market is seeing strong evidence of expansion in both its central business district and in the suburbs while new apartment and hotel development have continued to be strong.

Integra, a commercial real estate valuation firm with offices throughout North America, including in Wexford, described the Pittsburgh Metropolitan Statistical Area as “one of the strongest heartland lodging markets” and described the region’s multifamily market as “extremely strong.”

In the city, Integra notes that more than 800 apartments are under construction with another 3,800 units in the planning stages. There are more than 2,000 apartments under construction and another 2,000 in the planning stages in the suburbs.

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