3 Pittsburgh Construction Projects Hang In The Balance in 2014

Mellon Arena in downtown Pittsburgh, Pennsylvania.

Mellon Arena in downtown Pittsburgh, Pennsylvania. (Photo credit: Wikipedia)

This year could be a pivotal one in the development of the former Civic Arena site in the lower Hill District, the LTV Coke Works in Hazelwood and the Strip District produce terminal.

Both the arena redevelopment and the Buncher Co.’s plans for the produce terminal not only have the potential to generate drama but could pose the first development-related challenges for Mayor-elect Bill Peduto, who takes office Monday.

Nearly two years after the Civic Arena came down, 2014 could bring the first wave of new development to the site, which is considered among the most valuable pieces of real estate in the region.

But there’s a potential fight brewing.

Read more: http://www.post-gazette.com/local/city/2014/01/03/3-city-construction-projects-hang-in-the-balance-in-2014/stories/201401030104#ixzz2pMlbpeNL

Enhanced by Zemanta

U.S. Steel New CEO Expected To Slash More Costs

U.S. Steel

U.S. Steel (Photo credit: Wikipedia)

The $1.8 billion charge U.S. Steel announced Friday is the first of several moves that industry analysts expect new CEO Mario Longhi will make to revitalize a company that has not had a profitable year since 2008.

Mr. Longhi, who took over Sept. 1 for John P. Surma, has been given a mandate to drastically slash costs and increase efficiency. So far, the former Alcoa executive has been largely silent about how he intends to do that. But analysts expect Mr. Longhi to rip a page from the playbook that most new CEOs rely on by getting the bad news out of the way early in his tenure.

Among the measures analysts expect is shutting at least one of the company’s plants. They cite the glut of current capacity as well as new mills being built that are targeting one of U.S. Steel’s most profitable markets: tubular products used in the oil and gas industry.

“We remain in a structurally over-supplied market,” said analyst Gordon Johnson of Axiom Capital Management in New York City. “Supply is going to continue to grow at an unhealthy clip.”

Read more: http://www.post-gazette.com/business/2013/10/22/U-S-Steel-new-CEO-expected-to-slash-more-costs/stories/201310220091

Developers Plan $30 Million Makeover Along Second Avenue In Hazelwood

A map of Pittsburgh, Pennsylvania with its nei...

A map of Pittsburgh, Pennsylvania with its neighborhoods labeled. For use primarily in the list of Pittsburgh neighborhoods. (Photo credit: Wikipedia)

A largely vacant stretch of Second Avenue in Hazelwood would be filled with music, youth programming, and commercial and residential space as part of a proposed makeover designed to complement the $1 billion former LTV coke works redevelopment.

Under the plan, the vacant Spahr Building, which was a former G. C. Murphy’s store, would be transformed into programming and performance space for Hazelwood’s faith-based Center of Life organization.

ACTION-Housing Inc. and Washington, D.C.-based Telesis Corp. are partnering on the proposed redevelopment, which also would include an additional 1.5 acres of vacant land or structures besides the Spahr Building, all in the 4800 block of Second Avenue.

City Urban Redevelopment Authority board members are expected to vote Thursday on whether to begin up to 18 months of exclusive negotiations with ACTION-Housing and Telesis for the sale of the properties needed for the projects.

Read more: http://www.post-gazette.com/stories/business/news/developers-plan-30m-hazelwood-makeover-706824/#ixzz2hHZveyXq

Pittsburgh Urban Redevelopment Authority Approves Hazelwood Tax Increment Financing Plans

A map of Pittsburgh, Pennsylvania with its nei...

A map of Pittsburgh, Pennsylvania with its neighborhoods labeled. For use primarily in the list of Pittsburgh neighborhoods. (Photo credit: Wikipedia)

The Pittsburgh Urban Redevelopment Authority board got the ball rolling Thursday for the largest piece of tax increment financing in the city’s history — an $80 million to $90 million package that would fund roads, utilities, parks and other public improvements for a proposed $900 million office and residential development in Hazelwood.

While URA board members unanimously approved preliminary plans for the funding in Hazelwood, some members criticized city council for holding up a $50 million TIF for a proposed $400 million to $500 million Buncher Co. development in the Strip District and wondered whether the Hazelwood package would suffer a similar fate.

The TIF must be approved by the city, the Pittsburgh Public Schools and Allegheny County.

“This is the beginning of a very long process,” said URA board member Jim Ferlo, a Democratic state senator from Highland Park.  “There are going to be a lot of hurdles, if not some significant roadblocks.”

Read more: http://www.post-gazette.com/stories/business/news/ura-approves-hazelwood-tif-plans-669989/#ixzz2Hgyhruih