OT: Pitt bidding on Athletic Association property
- Thread starter TIGER-PAUL
- Start date
If Pitt loses in the bidding process to one of those developers, it's an epic fail.
I agree. The location of the property makes it much more valuable to Pitt than any of the developers. Pitt should pay above market value if necessary because this is a unique situation.
P * I * T * T
Let's Go PITT
Any guesses on price? The last time I was in this building there was a lot of work to do.
Let's Go PITT
Any guesses on price? The last time I was in this building there was a lot of work to do.
Perfect. Build a new smaller 10,000 seat basketball arena on the Syria Mosque/PAA site. Tear down the Pete and build the new football stadium. $600 million should do the trick. Get Tepper on the horn.
I would like to see Pitt acquire this property simply due to location and logistics.
However....if Pitt does get this building, does it not become tax exempt? I dont know the answer but I would think that becomes an issue?
And finally....im curious what you would do with this building? If there is a fitness center, pool, bowling alley....I would think high end condos in the heart of Oakland makes sense.
Anybody??
However....if Pitt does get this building, does it not become tax exempt? I dont know the answer but I would think that becomes an issue?
And finally....im curious what you would do with this building? If there is a fitness center, pool, bowling alley....I would think high end condos in the heart of Oakland makes sense.
Anybody??
The article says that part of the agreement would be that the PAA would still maintain space in the building, and I'm guessing probably keep those items.
I really hope Pitt gets this. They may have to pay more to get it, but like others have said, this is a nice piece of land in the heart of campus.
Epic fail is a little strong IMO because we don't know the details and these are some big time developers bidding, and Pitt has a fiduciary duty, but it would be disappointing if they don't get it. I'm assuming for Pitt purposes, they'd use it as office space.
Who knows though.
They have not had it for over a hundred years so if they do not have a specific and urgent purpose for it why would not acquiring it be a fail? Looks like a great place for a giant eagle.
Pitt should pay significantly over market price for every single piece of property on or near campus. I cant believe they didn't bid on Schenley HS or that parking lot of First Baptist Church which is now a private office building
No they shouldn't. In some cases they may, others they may not. But they have a fidicuary duty.
I'd hate for you to take care of my finances.
Yeah, so is the corner outside t-shirt shop and a gyro stand. Once again, space for what? Hey, if they get a good deal great, but to buy something without a specific purpose in mind just to keep it away from someone seems odd. ...love how the young folks use that hip new "fail" word sans explanation.....
It would probably take Pitt about 2.7 seconds to find a specific purpose for that building.
Once they miss out, the opportunity isn't coming back again.
Honestly, I hope this gets done. It fits so well in the footprint of the University it would be a shame to let this opportunity pass. As far as the price, this is a one time opportunity that should not be allowed to get away.
The bids are for re-development or re-purposing the existing structure. It is on the National Register of Historic Places and isn't planned for demolition. The other competing bidders specialize in such renovations.
I would think the use of facilities owned by the PAA could be made available to condo owners as part of the homeowners association dues.
I can't help but think condos is the best use of this site .... but my wife talked me out of way overpaying for a house........so what do I know.
Kind of seems pitt is slowly being phased out of Oakland. Like a low income home owner not willing to sell their home to developers. Surround them and make it as awkward as possible til they finally get the hint.
That is what the university must feel like in Oakland.
That is what the university must feel like in Oakland.
Well if the situation is that Pitt must permit the PAA to exist in the space, owning the property may not be as attractive to Pitt as you suggest. A lot will likely depend on what the PAA gets by way of future assurances, in addition to zoning restrictions which would allow Pitt to develop the parking lot and other non-club space. Hail to Pitt!
Is it taxable now?? Not sure a "club" pays taxes....they should, but do they?
One of the problems, and why they have to sell the property, is because they didn't pay taxes, or for utilities or anything else. They're massively in debt. Pitt not paying taxes would not be a change from the current owner.
So you get rid of it. people do it all the time, companies and even people doing it themselves.
Expansion of the campus has nowhere to go except into the Hill District. I wish Pitt would purchase vacant properties in the Hill and re-develop that area. Minus historical sites, I'd go all the way to Ebenezer Baptist Church on Wylie Street.
Sometimes there are heavy financial burdens and possible lawsuits waiting. I know our company got hit with a hefty one even after the previous company cleaned out the asbestos. They went out of business people got sick and we were held liable. Situations are different.
What you said in your post is why, to me, there is no "overpaying" for the PAA. It's wwaaaaaaayyyy more valuable to Pitt than some outside developer from Chicago or Philly looking to make a buck because it's right smack dab in the middle of campus. We likely won't ever get another bite at this apple so to speak. I will say that the restrictions and conditions might make the property less attractive, but at first glance this is an opportunity we have to do our utmost to take advantage of.
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If I were Pitt, I'd be focused on this area (including University Prep). There's more houses on Atwood Street then there are in this radius.
Winning sports (as in, like the Steelers or Pens) would have made that the opposite.
There would have been no "bidding process" for this. If Pitt wanted it, it would have been assured. Yeah, Pitt would have had to pay something for it ... but no "overpay" like is being bandied about here. Pitt would have written a semi-fair amount on a piece of paper (maybe not in a smoke filled room in this day and age, but may as well be), and that would have been it.
But no.
When nobody takes care of a building and it starts to fall apart, you shouldn't be able to put it up for sale and mandate that they not destroy it and build new. F that, Pitt should get it, level it and build whatever the hell they want. If they cared about keeping a "beautiful historic" building, they should have taken better care of it.
I agree. Sheriff sale means you screwed up. Zero say in what becomes of it. Lose your house in a sheriff sale and then demand the new owner doesn't change the paint color, see how that works out for you.
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