Outside Investors Purchasing More Downtown Pittsburgh Sites

English: The U.S. Steel Tower, located in Pitt...

English: The U.S. Steel Tower, located in Pittsburgh, Pennsylvania, USA, with the new corporate logo of the University of Pittsburgh Medical Center. (Photo credit: Wikipedia)

In one sense, Pittsburgh’s resurgence can be measured by its Downtown skyline — not so much by the names atop its skyscrapers but by those on the property deeds to them.

More and more, out-of-town investors are gobbling up prominent real estate Downtown, drawn by a host of factors, from high occupancy rates to the diversity of the local economy.

In fact, a Pittsburgh Post-Gazette review of high-profile building sales Downtown and on the North Shore since 2011 found that 10 of 13 have gone to out-of-town buyers, including such landmarks as the U.S. Steel Tower and the PPG Place complex.

Another three properties currently under agreement to be sold, including Liberty Center and the accompanying Westin Convention Center Hotel, also are being purchased by outside investors.

Read more: http://www.post-gazette.com/stories/business/news/outside-investors-purchasing-more-downtown-pittsburgh-sites-692796/#ixzz2X4r4GKrA

Pennsylvania Turnpike Is Billions Of Dollars In Debt

Map of the Pennsylvania Turnpike

Map of the Pennsylvania Turnpike (Photo credit: Wikipedia)

Editor’s note:  Stop the madness!

PHILADELPHIA – The Pennsylvania Turnpike may be on the road to the poorhouse.

Required by a 2007 state law to provide billions of dollars for statewide road and bridge repairs and transit operations, the turnpike is spending more money each year than it makes, despite toll increases that have doubled the cost to travel the turnpike over the last 10 years.

To meet the financial demands created by the law, Act 44, turnpike officials have borrowed aggressively, leaving the agency deeper in debt each year.

The Turnpike Commission is now more than $7 billion in debt, up from $2 billion in 2002 and $4 billion in 2009. The burden continues to grow, with the turnpike required to make payments until 2057.

Read more: http://readingeagle.com/article.aspx?id=411605