As Scranton Parking Garage Costs Soar, Demolition An Option

Maintaining Scranton’s five parking garages would cost $26 million over 40 years, while demolishing one or two of the older structures that need significant repairs could drop that figure substantially, according to a new analysis.

A June 3 report by Chicago-based consultant Desman Design Management titled “Parking System Due Diligence Market and Revenue Analysis” is the latest step in Mayor Bill Courtright’s plan to unload the Scranton Parking Authority’s five parking garages — Medallion, Casey, Connell, Electric City and Linden.

The aim is to “monetize” through privatization, either leasing or selling, the authority’s underused, high-debt parking garages that have 2,659 spaces, as well as the 1,479 city-owned parking meters. The goal is to reduce the amount of SPA debt the city guarantees and covers in annual bailouts.

The authority retained Desman to assemble various elements of the parking system for evaluation by potential bidders on a lease or sale.

Read more:  http://thetimes-tribune.com/news/as-scranton-parking-garage-costs-soar-demolition-an-option-1.1896326

Developer Plans To Turn North Side’s Allegheny Center Into Technology Hub

A New York developer unveiled plans today to convert the Allegheny Center mall on the North Side into a technology hub and campus to be known as Nova Place.

The multimillion-dollar project being undertaken by Faros Properties will include an extensive renovation of the 1.2 million-square-foot complex, making it one of the largest redevelopment projects in the country, officials said.

Work will include upgraded offices, collaborative workspaces, new restaurants, a fitness center, a conference center and improved common areas.

In unveiling the changes, Faros announced that Innovation Works has signed a lease to occupy 12,000 square feet in the complex. The company will move from its current space in Pittsburgh to Allegheny Center next month and into permanent space in the fall.

Read more:

http://www.post-gazette.com/local/city/2015/05/21/Developer-to-turn-Allegheny-Center-into-a-technology-hub/stories/201505210194

Could The Mall At Steamtown Reinvent Itself With An Open-Air Market Atmosphere?

SCRANTON, PA — The Mall at Steamtown hasn’t exactly been running at full power lately.

But a couple of brothers have gone to social media to pitch an idea to put more firepower in the ailing mall, and the public is starting to take notice.

Scranton natives Michael Boyd and his brother George think creating a marketplace similar to the long-standing Reading Terminal Market in Philadelphia could be the key to the city’s revitalization.

The downward spiral of the once-vibrant downtown mall has been apparent in recent years. A walk through the two-story structure on Lackawanna Avenue last week showed 47 active store fronts and 23 shuttered ones.

Read more:  http://www.timesleader.com/news/business/151922265/

Florida Investor Buys 7 Office Buildings At Parkway Center, Promises Upgrades

Map of Allegheny County, Pennsylvania, United ...

Map of Allegheny County, Pennsylvania, United States with township and municipal boundaries (Photo credit: Wikipedia)

An investor from Florida who now owns seven of the 11 office buildings at Parkway Center in Green Tree says he wants to bring new life to the “tired buildings” there and work with other owners to upgrade the entire complex.

“We plan to begin upgrades and improvements in July,” said Robbie Oppenheim, Pittsburgh-born president of Market Street Real Estate Partners, who on Wednesday acquired the buildings with partner JDI Realty of Chicago from PWC Pitt LLC, headed by Lee Baierl.

Oppenheim declined to reveal the purchase price for the seven buildings — numbers 1, 2, 4, 6, 7, 9 and 10. The buildings were listed for $49 million.

Read more: http://triblive.com/business/headlines/6196864-74/buildings-building-center#ixzz33DaYcHoG
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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