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RECENT NEWS

Monday
Oct202014

41-unit Standard Life building downtown to be auctioned off

Pittsburgh Business Times - October 20, 2014
By Tim Schooley

In a downtown real estate market in which there's been relatively little sales activity, the Standard Life building is set to be auctioned off early next month.

Designed by Alden & Harlow and built in 1902, the building was bought out of sheriff's sale by a group called Penn Hills Associates last year, which has now contracted with Auction.com and Beynon & Co. to auction the property off.

The auction is scheduled to start on Tuesday, Nov. 4, with bidding to be completed on Nov. 6. Rich Beynon, president of downtown-based Beynon & Co., said that early expressed interest in the property has been so great that he believes the starting bid price of $1.25 million, a modest value of $36,585 per unit, will be far surpassed.

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Monday
Oct132014

Auction.com and Beynon & Co. to Auction Pittsburgh's Historic Standard Life Building

Press Release
October 13, 2014

Auction.com, LLC, the nation's leading online real estate marketplace, is partnering with Beynon & Co. to auction Pittsburgh's historic Standard Life Building, located in the heart of the city's revitalized former financial district.

Located at 345 4th Ave. near the city's cultural district and several universities, the 13-story former office building was converted into residential units in 2007. The 42,525-square-foot building offers tenants river views, ground-floor retail and 41 newly renovated apartments. The property is currently 93 percent leased.

The three-day online auction begins Nov. 4 and the asset has a starting bid of $1.25 million.

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Monday
Oct062014

Old ARC House property on North Side to get major facelift

Pittsburgh Post-Gazette - October 6
By Diana Nelson Jones

A $3 million state grant announced Monday will spur a $20 million redevelopment of about 20 parcels on two acres along East Ohio Street on the North Side.

Site work is expected to begin in a week or two.

Under the plan, the site — from the corner of Madison Avenue east — would accommodate a 120-room hotel, a 65-unit apartment building, parking to accommodate both, and renovation of the historic Workingman’s Savings Bank, known more recently as the ARC House.

Built in 1902 in the Beaux Arts style, the historic structure has been vacant for more than 20 years after serving as an alcohol recovery center. It was granted historic status by city council in 2008.

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Monday
Oct062014

Corbett announces $3M grant to kick off $20M ARC House redevelopment on North Side

Pittsburgh Business Times - October 6, 2014
By Tim Schooley

After doling out multi-million dollar grants to projects downtown and in the Mon Valley in recent weeks, Gov. Tom Corbett turned his attention Monday to the city’s North Side, where he announced a new $3 million Economic Growth Initiative grant to help spur a new $20 million mixed-use project on East Ohio Street.

The project is centered around the restoration of what was most recently known as the former ARC House building, a halfway house for recovering alcoholics that closed years ago, leaving empty a 20,000-square-foot historic former bank in which it operated.

With the new funding from the state, a team lead by North Side-based October Development and assisted by the North Side Leadership Conference expects to push forward with a project to build a new 120-room hotel, a 300-space parking garage and a 36-unit apartment building on a stretch of East Ohio Street that is an active junction for nearby Interstate 279 and Route 28, a collection of roadways that generates 100,000 passing cars each day.

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Friday
Sep262014

Mayor's aide hails 'very positive' discussions on Strip District produce terminal

Pittsburgh Post-Gazette - September 26, 2014
By Mark Belko

A top aide to Mayor Bill Peduto has completed “very positive” first discussions with the two developers tapped to redevelop the Strip District produce terminal but acknowledged that much work remains before any arranged marriage can be consummated.

Kevin Acklin, Mr. Peduto’s chief of staff and Urban Redevelopment Authority board chairman, said Thursday he was encouraged by the initial meetings he had this week with representatives of McCaffery Interests and Rubino Partners.

“Very positive initial discussions with both developers. [They’re] very eager to get started and also identified a willingness to work together to develop this building in a manner that achieves [URA goals],” he said.

The URA board voted earlier this month to negotiate with McCaffery and Rubino over the next three months in hopes of combining their competing visions for the terminal into one master development.

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