Boscov: Mall At Steamtown Changes Must Get My Approval

Repurposing the troubled Mall at Steamtown as a Reading Terminal-style market, a casino or a skating rink will remain a dream.

That is because the mall’s lease agreement with Boscov’s Department Store allows the anchor tenant to veto significant changes like that, said department store chairman Al Boscov in an interview at The Times-Tribune, a Times-Shamrock newspaper, on Monday.

Boscov’s Department Store will likely be among bidders in the June 1 – 3 auction of the Mall at Steamtown and the goal will be to buy the mall and keep the mall all — or predominantly — retail, he said.

Boscov wants to keep people with ideas of re-purposing the mall, some of whom he called “cranks,” away from the auction scheduled by LNR Partners, the mall’s caretaker since it was taken over by lenders following foreclosure.

Read more:

http://citizensvoice.com/news/boscov-mall-at-steamtown-changes-must-get-my-approval-1.1883885

(Greater) Center City Philadelphia’s Population Now Second Only To Midtown Manhattan’s

An expanded Center City Philadelphia has grown so much that it now ranks second only to Midtown Manhattan when it comes to people who live in the heart of the city.

That’s according to the Center City District, which released its annual report Monday – and which is defining the area as extending from Girard Avenue to Tasker Street.

Over the past 15 years, population grew 16 percent in the district that is also bounded by the Schuylkill and Delaware Rivers, bringing the population to 183,240, according to latest State of Center City report.

Brisk redevelopment also continued last year in that area, the CCD reported, with 1,983 new residential units completed by developers in that area.

Read more at http://www.philly.com/philly/news/20150421__Greater__Center_City_s_population_now_second_only_to_Midtown_Manhattan_s.html#8uGCG8AyUkPxSytk.99

Boston’s Policy On Affordable Housing Inspires Pittsburgh Task Force

The ultra-chic Residences at Mandarin Oriental in Boston’s Back Bay — a development with its own concierge and marble foyers, as well as rents that range from $4,700 to $17,000 a month — has been the province of the rich and powerful since opening in 2008.

But not exclusively.

Thanks to a 15-year-old city policy, teachers, police officers and other modest wage earners live next door to the wealthy at the Mandarin and other luxurious residential developments in Boston.

Because of the city’s inclusionary development policy, the Mandarin houses 10 affordable apartments — comparable in size and quality to the others — with rents ranging from $1,365 to $2,340 a month. The lucky recipients were chosen by lottery.

Read more:

http://www.post-gazette.com/business/development/2015/02/22/Boston-s-policies-on-affordable-housing-inspires-Pittsburgh-leaders/stories/201502220077

Changing Skyline: Subsidized Housing Deal May Benefit Developers More

Map of Pennsylvania highlighting Philadelphia County (Photo credit: Wikipedia)

You could probably fit every unit of affordable housing being built in Philadelphia today inside one of the fancy glass skyscrapers going up in University City, and still have a couple of floors left over. That’s not because the new towers are so immense, but because the city produces so little subsidized housing for the poor and working class.

It wasn’t always that way. From the 1950s through the Clinton years, the federal government financed thousands of units of affordable housing. Though the results weren’t always well-designed, the programs did at least ensure the poor had places to live. But in the last decade, federal money dried up and cities were left to their own devices. It’s no accident that wage stagnation has become a hot issue as low-cost housing has become harder to find.

So, as with many urban improvements these days, cities have begun to look to the private sector to pick up the slack. The strategy is called “inclusionary housing,” and it involves trading zoning bonuses for apartments.

Developers get to put up taller, denser towers. Cities get a bunch of units in the new buildings that can be rented at below-market rates. Low-wage workers get fabulous apartments with skyline views.

Read more at http://www.philly.com/philly/living/20141017_Changing_Skyline__Subsidized_housing_deal_may_benefit_developers_more.html#TCCsm4dMWl0uHb5b.99

Changing Skyline: Is ‘Over-Success’ In Development Hurting Philadelphia?

English: 1616 Walnut Street Building in Philadelphia. On NRHP since October 17, 1983 1616 Walnut Street in Rittenhouse Square East neighborhood of Center City. (Photo credit: Wikipedia)

It wasn’t long ago that Philadelphia’s movers and shakers were lamenting that the city was being ignored by international retailers. Those chains finally discovered the city, and now they’re colonizing the shopping districts around Rittenhouse Square and the West Philadelphia universities at a stunning pace. Sometimes, the only way to be sure you’re not at the King of Prussia Mall is to look up at the sky.

Having gotten what it wished for, the city is starting to feel the first side effects of what New York urbanist Kent Barwick, former head of the Municipal Arts Society, identified as “the over-successful city.”

This may sound like an odd worry in a town that looks over its shoulder and still sees Detroit. It’s certainly great that the chains help draw throngs to Walnut and Chestnut Streets again. They’ve brought their stylish displays and uncovered the dormant charms of many old commercial buildings. Yet, there is a numbing sameness to much of the retail. You’ve seen identical mannequins in identical outfits perched in windows on New York’s Fifth Avenue, Boston’s Newbury Street, and Chicago’s Michigan Avenue.

Read more at http://www.philly.com/philly/columnists/inga_saffron/20140711_Is__over-success__in_development_hurting_Phila__.html#OwFqlzCPsHwibjmA.99

Pittsburgh Renting Rates Rising Quickly

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

If it seems as though rental prices in Pittsburgh have been in a bull market over the past several years, that’s because they have.

While large metro areas like New York and San Francisco have grabbed headlines for their sky-high rental prices, Pittsburgh’s rental market is actually rising at a faster rate than New York’s, according to a study from personal finance website NerdWallet.

“We were looking at growth rates, rather than cities with the highest rents, and Pittsburgh is in a rapid economic growth period now,” said Divya Raghavan, a senior analyst for NerdWallet in San Francisco. “While New York and San Francisco are already well-established top cities in the U.S., Pittsburgh is considered an up and coming city.”

Read more: http://www.post-gazette.com/business/finance/2014/04/18/Pittsburgh-renting-rates-rising-quickly/stories/201404180004#ixzz2zGE35Ub1

5 Great Cities For Gen Y’ers

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

Editor’s note:  Pittsburgh made the short list!

BOSTON (MainStreet) — With mobile phones, mobile computing, Foursquare and GPS, “Generation Y” seems like it’s always on the move — but where should its 20- and 30-something members be moving to?

Move Inc.(MOVE) , parent company of Realtor.com and other relocation-oriented Web sites, recently assessed dozens of U.S. cities for everything from nightlife to average apartment rents to find five great places for Gen Y’ers to live. Also called millennials because they’ve come of age since the year 2000, Gen Y’ers are young adults in their 20s and early to mid-30s.

“We’re finding that millennials look at buying homes differently than baby boomers do,” Move’s Julie Reynolds says. “Where baby boomers look at homes more as investments, millennials see housing as more of a lifestyle option. More millennials are living closer to where they work, closer to the central part of towns and focus on cultural activities and other things to do other than just work.”

So Move assessed cities for such things as parks, museums, professional sports teams and other recreational offerings.

Read more: http://business-news.thestreet.com/the-mercury/story/5-great-cities-for-gen-yers/11615700

Housing’s Dead — Is It Time to Buy?

Image via Wikipedia

BOSTON (The Street Ratings) — No one’s buying homes, never mind homebuilder stocks. Companies such as Pulte(PHM), DR Horton(DHI) and Lennar(LEN) may even be the most contrarian investment today.

The outlook for the housing market, as reported by the mass media, is not good. In case you’ve missed them, here are a few of the headlines from over the past several weeks:

“No recovery in sight for U.S. housing market”

“July real estate market fell short of expectation”

“Housing data shows sector is still weak”

To read the rest of the story, click here:

http://business-news.thestreet.com/berksmont-news/story/housings-dead-is-it-time-to-buy/11224534