Alco Proposing Two Office Towers, Parking Garage On North Shore

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)

Three years ago, Alco Parking president Merrill Stabile was rebuffed when he offered the city’s Stadium Authority $10 million to buy land on North Shore Drive for a “signature office tower.”

Now Mr. Stabile is back — this time with plans for a new office development and parking garage on the land he owns behind PNC Park on the North Shore.

As conceived, the project would feature two, 11-story glass office towers erected on top of a new five-story, 1,227-space parking garage. In all, as much as 600,000 square feet of Class A office space would be built.

“We think it’s a game-changer,” said Kim Clackson, senior vice president of CBRE, which is marketing the “very dramatic” development that would rise above the ballpark and offer views of the Downtown skyline.

Read more: http://www.post-gazette.com/business/2014/10/09/Alco-proposing-2-office-towers-parking-garage-on-North-Shore/stories/201410090197

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PMC Property Group Acquiring Fifth Downtown Pittsburgh Site

A Philadelphia developer is poised to grab yet another property Downtown, its fifth in the last two years.

PMC Property Group has signed a sales agreement with Alco Parking president Merrill Stabile to buy the Jackman Building at 526 Penn Ave. next to the Penn and Sixth Street parking garage in the Cultural District.

The 10-story building has been largely vacant since the Art Institute of Pittsburgh moved out a decade ago.  The first floor houses a Subway sandwich shop and Quest Diagnostics.  Floors 2 through 10 are empty.

Mr. Stabile said PMC plans to convert the upper floors into apartments, just as it has done or plans to do with several of the other buildings it has acquired.

Read more: http://www.post-gazette.com/stories/business/news/pmc-property-group-acquiring-fifth-downtown-pittsburgh-site-650827/#ixzz24sRq3tyQ