Pittsburgh’s Hill District Revitalization Project Hits Financial Hurdle In TIF

A plan to revitalize the Hill District and Uptown with tax money from a redeveloped Civic Arena site is more complicated than envisioned, say officials who hope to make public a proposal in January.

“There are a lot of moving parts,” said Robert Rubinstein, acting executive director of Pittsburgh’s Urban Redevelopment Authority, which is crafting a plan to pay for improvements.

An agreement reached this fall by city, neighborhood and Pittsburgh Penguins officials established conditions for the proposed $440 million project. The hockey team won the development rights to the site in a 2007 deal to build Consol Energy Center.

Among conditions in September’s agreement, the parties will borrow as much as $50 million, then use 65 percent of the anticipated increase in property tax money from the 28-acre site to pay for improvements and programs in the Hill and Uptown.

Read more: http://triblive.com/news/allegheny/7391701-74/development-money-tax#ixzz3MeT4WOtz
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Developer Negotiating To Build Apartments, Parking Garage Near Dormont Light Rail Stop

Map of Allegheny County, Pennsylvania, United ...

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

A developer is expected to begin negotiations with Port Authority next month for a $39.8 million, five-story apartment building and parking garage at the park-n-ride lot adjacent to the Dormont Junction Light Rail Transit station.

An authority committee today approved a one-year exclusive negotiating period with Fore Property Co., a national real estate developer based in Washington, D.C., and Las Vegas, Nev., on a lease agreement for the site, part of which is owned by Dormont Borough. The project would include an estimated $10 million in public funding, to be used toward construction of a 500-space garage.

Read more: http://www.post-gazette.com/local/2013/11/20/Developer-negotiating-to-build-apartments-parking-garage-near-Dormont-light-rail-stop/stories/201311200133#ixzz2lFThxkzt

50-Story Hotel Proposal For Center City Gains In Council

English: This is my own work, Public Domain Ph...

English: This is my own work, Public Domain Photograph, not copyrighted Ed Yakovich http://www.flickr.com/photos/10396190@N04 (Photo credit: Wikipedia)

City Council moved closer Thursday to approving millions in tax breaks for a contentious 50-story hotel development in the heart of Center City.

The $280 million tower would include two hotel brands – W and Elements – built on a parking lot at 15th and Chestnut Streets, a half-acre plot adjacent to the disastrous 1991 fire that consumed One Meridian Plaza and resulted in the deaths of three firefighters.

The developers, Brook Lenfest and Jeffrey Cohen, say they can’t build there without tax increment financing (TIF), a deal in which they would borrow $33 million and repay the loan through tax breaks authorized by the city.

The project – and TIFs in general – has its critics, and the Council chamber was packed Thursday with lobbyists, supporters, and opponents, who waited out a hearing that lasted more than five hours.

Read more at http://www.philly.com/philly/news/politics/20131108_50-story_hotel_proposal_for_Center_City_gains_in_Council.html#q0H4BjrGoLvkrcT5.99

Developer: Whole Foods Would Join Costco In Lower Macungie

Map of Pennsylvania highlighting Lehigh County

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

Whole Foods Market has agreed to join Costco and Target as an anchor at the proposed $140 million Hamilton Crossings shopping center in Lower Macungie.

Jeremy Fogel of the Goldenberg Group of Montgomery County, one of two developers planning the project on the Route 222 bypass, confirmed Tuesday that the grocery store chain is the “high end” food store that he and Tim Harrison of Staten Island, N.Y., plan to bring to the shopping center.

“We have been working with Whole Foods for some time, but only yesterday have been authorized to announce that we have an approved deal with Whole Foods,” Fogel said.  “We are currently negotiating a lease for them to become part of the Hamilton Crossings Shopping Center.

Fogel said the addition of Whole Foods enhances the appeal of the proposed development.

Read more:  http://www.mcall.com/news/local/eastpenn/mc-lower-macungie-wholefoods-hamilton-crossings-20130604,0,1882822.story