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RECENT NEWS

Wednesday
Nov192014

Simakas’s new road to redeveloping a major property in Lawrenceville

Pittsburgh Business Times - November 19, 2014
By Tim Schooley

Alex Simakas is closing in on a redevelopment plan for his five-acre industrial property near the riverfront in Lawrenceville. His proposal would tear down much of the established structure for a new apartment complex and restaurant built around a restored public corridor.

So far, the plan is still early phase for Simakas and his Fort Willow Developers. Simakas held a meeting with neighboring residents this week to get their feel for a project roughly scheduled to open in 2017 that still needs to go through a full city approval process.

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Friday
Nov142014

Pittsburgh area ranks high for affordable housing

Pittsburgh Post-Gazette - November 14, 2014
By Tim Grant

Although real estate prices are on the rise and wage growth is weak, the Pittsburgh region remains one of the most affordable places to own a home.

Pittsburgh is the fifth most affordable U.S. metro area for housing, according to Chicago-based Interest.com, a national real estate information website that recently analyzed the median household incomes of residents in metropolitan areas across the country compared to the cost of buying a median-priced, single-family home in those areas.

Atlanta is the most affordable metro area for housing, followed by Minneapolis, St. Louis and Detroit, according to the Top 5 list.

The reason Pittsburgh fares so well, said Interest.com managing editor Mike Sante, is that while the region's median household income of $50,489 is only slightly below the national median income of $51,371, the median home price of $137,000 is significantly lower than the national median of $203,500.

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Friday
Nov072014

Developer looking to expand Heinz Lofts

Pittsburgh Post-Gazette - November 7, 2014
By Mark Belko

For nearly a decade, Heinz Lofts, the conversion of the old Heinz food processing plant on the North Side into a 287-unit upscale apartment complex, has served as perhaps the signature project for the Ferchill Group in Pittsburgh.

Now the Cleveland developer is back with plans to expand the development by more than 50 percent.

Ferchill is looking to add another 158 units in an adjacent building it purchased from the Buncher Co. for about $1.3 million last year. It would be the first expansion of the complex since it opened in 2005.

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Thursday
Nov062014

Luxury apartment complex plan still alive in Dormont

Pittsburgh Post-Gazette - November 6, 2014
By Harry Funk

Dormont has extended its lease negotiation period for one year with the potential developer of borough-owned property at the Dormont Junction light-rail transit stop.

Borough council on Monday voted to continue to negotiate exclusively with Fore Property Co. of Washington, D.C., which proposes building a 240-unit luxury apartment complex as a transit-oriented development. Councilman John Maggio voted against the measure.

The borough property is next to the Port Authority’s 165-space park-n-ride lot near the intersection of Biltmore and West Liberty avenues. The Port Authority also has approved extending the lease negotiation period.

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Wednesday
Oct222014

Pittsburgh school board puts building's sale proposal on hold

Pittsburgh Post-Gazette - October 22, 2014
By Eleanor Chute

The proposal to sell the Rogers School building in Garfield to Impakt Development for $275,000 was removed from the agenda of tonight's meeting of the Pittsburgh school board.

District spokeswoman Ebony Pugh said board members want to review the proposed sale at a committee meeting.

The developer plans to turn the building into 30 to 40 market-rate apartments.

Built in 1915, the building is 60,600 square feet on 2.817 acres. The proposed sale price is the asking price.

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