OT: Pitt expanding
- Thread starter mike 301
- Start date
If there ever will be an on campus stadium again it requires many long term land acquisitions as they come available
he University of Pittsburgh is spending more than $25 million in Oakland to acquire a 285,000-square-foot lab and research project site on Fifth Avenue and a block of dilapidated rowhouses on Bates Street.
Pitt is buying both from Shadyside developer Walnut Capital, which already has started construction on the Innovation Research Tower on Fifth and is in the process of securing the rowhouses, 11 on Bates and one on Coltart Avenue.
The university board of trustees’ property and facilities committee unanimously approved both acquisitions at its meeting Thursday. They will add to Pitt’s considerable holdings in Oakland. The committee’s vote represents the final step in the transactions.
Pitt is paying $19.5 million for the Fifth Avenue development, a price that includes land acquisition; site improvements; demolition; permits; traffic, architectural, and engineering plans and studies; excavation; shoring; caissons; and structural steel.
Mark Belko
Developer Walnut Capital eyes run-down rowhouses in latest Oakland property acquisition
In a resolution accompanying the purchase, the property and facilities committee stated that Pitt would review programmatic needs and design and “seek separate approval for construction of a suitable building” sometime in the future.
Walnut Capital’s involvement in the project will end with the transaction, president Todd Reidbord said.
In its resolution, the committee tied the acquisition to a need by Pitt “for near-term expansion in multiple health science programs ideally suited to this location due to its adjacency with the university’s research enterprises and UPMC.”
It added that the proposed location and potential use “align with the university’s real estate strategy.”
Mr. Reidbord said Pitt had approached Walnut Capital about taking over the project, noting that he saw the acquisition as a “good opportunity for us and the university.
While Walnut Capital had viewed Pitt as a potential tenant for the lab and research tower, the plan was not for it to become the owner of the property, which borders Halket Street.
“This is just something that came about apparently from their need,” Mr. Reidbord said. “We never marketed it that way.”
Mark Belko
Just in time for Apple? Walnut Capital completes $25M Pittsburgh Athletic Association rehab in Oakland
Pitt intends to pay $5.6 million and about $399,125 in reimbursable expenses, including demolition costs, in acquiring the block of properties on Bates, once part of a controversial hotel and apartment development proposed by Oakland Gateway Ventures.
After that plan fizzled out because of community opposition, Walnut Capital recently made a play for the properties after mortgage holder Disam Holdings LLC sought to foreclose on them.
According to the property and facilities committee resolution, Walnut Capital plans to acquire the rowhouses by purchasing the mortgage loan and deed in lieu of foreclosure.
Mr. Reidbord said Walnut Capital will demolish the dilapidated properties, which have been condemned by the city, before turning the site over to Pitt.
As with the Fifth Avenue acquisition, the university approached the developer about buying them after getting wind of the proposed transaction, Mr. Reidbord said.
“In my opinion, it makes more sense for the university to control that. It’s such a gateway site,” he said.
The Bates transaction “demonstrates the University of Pittsburgh’s commitment to supporting and strengthening our neighboring communities,” spokesman Kevin Zwick said in a statement.
“The land will provide an additional open greenspace for the Oakland neighborhood. There are no immediate plans for development,” he added.
In explaining the purchase, the committee’s resolution stated that the “property sits at an important and highly visible juncture for the university and acquisition will enhance a key campus gateway.”
Mr. Reidbord said Walnut Capital and Pitt have been “excellent partners” in the past and that the latest transactions are indicative of that.
“We try to work hand in hand,” he said.
Among its Oakland holdings, Walnut Capital recently completed a $25 million rehab of the Pittsburgh Athletic Association clubhouse across from Pitt’s Cathedral of Learning.
Mark Belko: mbelko@post-gazette.com or 412-263-1262.
First Published June 17, 2021, 1:38pm
Pitt is buying both from Shadyside developer Walnut Capital, which already has started construction on the Innovation Research Tower on Fifth and is in the process of securing the rowhouses, 11 on Bates and one on Coltart Avenue.
The university board of trustees’ property and facilities committee unanimously approved both acquisitions at its meeting Thursday. They will add to Pitt’s considerable holdings in Oakland. The committee’s vote represents the final step in the transactions.
Pitt is paying $19.5 million for the Fifth Avenue development, a price that includes land acquisition; site improvements; demolition; permits; traffic, architectural, and engineering plans and studies; excavation; shoring; caissons; and structural steel.
Mark Belko
Developer Walnut Capital eyes run-down rowhouses in latest Oakland property acquisition
In a resolution accompanying the purchase, the property and facilities committee stated that Pitt would review programmatic needs and design and “seek separate approval for construction of a suitable building” sometime in the future.
Walnut Capital’s involvement in the project will end with the transaction, president Todd Reidbord said.
In its resolution, the committee tied the acquisition to a need by Pitt “for near-term expansion in multiple health science programs ideally suited to this location due to its adjacency with the university’s research enterprises and UPMC.”
It added that the proposed location and potential use “align with the university’s real estate strategy.”
Mr. Reidbord said Pitt had approached Walnut Capital about taking over the project, noting that he saw the acquisition as a “good opportunity for us and the university.
While Walnut Capital had viewed Pitt as a potential tenant for the lab and research tower, the plan was not for it to become the owner of the property, which borders Halket Street.
“This is just something that came about apparently from their need,” Mr. Reidbord said. “We never marketed it that way.”
Mark Belko
Just in time for Apple? Walnut Capital completes $25M Pittsburgh Athletic Association rehab in Oakland
Pitt intends to pay $5.6 million and about $399,125 in reimbursable expenses, including demolition costs, in acquiring the block of properties on Bates, once part of a controversial hotel and apartment development proposed by Oakland Gateway Ventures.
After that plan fizzled out because of community opposition, Walnut Capital recently made a play for the properties after mortgage holder Disam Holdings LLC sought to foreclose on them.
According to the property and facilities committee resolution, Walnut Capital plans to acquire the rowhouses by purchasing the mortgage loan and deed in lieu of foreclosure.
Mr. Reidbord said Walnut Capital will demolish the dilapidated properties, which have been condemned by the city, before turning the site over to Pitt.
As with the Fifth Avenue acquisition, the university approached the developer about buying them after getting wind of the proposed transaction, Mr. Reidbord said.
“In my opinion, it makes more sense for the university to control that. It’s such a gateway site,” he said.
The Bates transaction “demonstrates the University of Pittsburgh’s commitment to supporting and strengthening our neighboring communities,” spokesman Kevin Zwick said in a statement.
“The land will provide an additional open greenspace for the Oakland neighborhood. There are no immediate plans for development,” he added.
In explaining the purchase, the committee’s resolution stated that the “property sits at an important and highly visible juncture for the university and acquisition will enhance a key campus gateway.”
Mr. Reidbord said Walnut Capital and Pitt have been “excellent partners” in the past and that the latest transactions are indicative of that.
“We try to work hand in hand,” he said.
Among its Oakland holdings, Walnut Capital recently completed a $25 million rehab of the Pittsburgh Athletic Association clubhouse across from Pitt’s Cathedral of Learning.
Mark Belko: mbelko@post-gazette.com or 412-263-1262.
First Published June 17, 2021, 1:38pm
Great! They should be buying up everything they can within a few miles of campus. It is the University of Pittsburgh, not the University of Oakland, PA.
They should focus on buying up as much as they can between Bates, Halket, Forbes, and Bouquet. It would take a long time and vast quantities of money but it is the most realistic path to expansion. And it can be done little by little as properties come on the market. And screw the NIMBY Oakland planning commission.
This is a good start as it is a rather dumpy entrance to the university when coming off the Parkway.
This is a good start as it is a rather dumpy entrance to the university when coming off the Parkway.
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Live shot of ZZZ working on his new plans
He hasn't posted in a while
The best spot for a stadium would be at the corner of Bates and Blvd of the Allies. With this addition, Pitt (or UPMC) owns most of that land and if they could get that Duquesne Light substation relocated and perhaps the Blvd of the Allies to be re-routed slightly, they actually have enough land for the stadium. And enough money. They could technically shift the volleyball/weight room/study hall money over to a stadium project and almost have enough. But the volleyball kids need a new arena so they wont.
Do you guys always have blinders on like this? There's more in life than football.
This is what I've been saying. There is volleyball. This university desperately lacks a volleyball arena. The FH is holding back our volleyball. Its foolish to spend money on a stadium for a sport fans would attend in the tens of thousands when you can spend that money for a sport that draws a few hundred per game.
Live shot of ZZZ working on his new plans
I think we should all thank him for cutting into the planning and development time/costs by using three crayons at a time like that.
my buddies lived close to those houses on bates, on the boulevard. i remember walking by them - that was many years ago and they were all complete dumps back in the day. i can't imagine the condition they're in now.
One of them had a fire a few months ago. Didn’t burn down but you can clearly see the scorch marks coming out of the windows. They’re more of “ongoing safety hazards” now versus merely being “complete dumps.”
i just don't know where anyone is going to park if they put something at that location. perhaps the coltart property will have a garage?
if you come up bates to the boulevard, my buddies lived on the end unit right there. 3509 (had to look it up). that place should've been condemned decades ago. ALL of those places connected to it were barely habitable.
The University is not developing the Bates properties. As a gateway to the campus, it will be turned into green space.
I just commented on these today while I was waiting 20+ minutes trying to get on the Parkway. I had no clue if anyone was living in these or if they were abandoned. Regardless, this area needs some rehab...and the traffic pattern here is a complete disaster.
I used to live at 3509 BLVD. It was a dump. So cold we would get ice in our kitchen sink.
Community opposition!? The same community that never once raised an eyebrow at those fire traps? Gimme a damn break.he University of Pittsburgh is spending more than $25 million in Oakland to acquire a 285,000-square-foot lab and research project site on Fifth Avenue and a block of dilapidated rowhouses on Bates Street.
Pitt is buying both from Shadyside developer Walnut Capital, which already has started construction on the Innovation Research Tower on Fifth and is in the process of securing the rowhouses, 11 on Bates and one on Coltart Avenue.
The university board of trustees’ property and facilities committee unanimously approved both acquisitions at its meeting Thursday. They will add to Pitt’s considerable holdings in Oakland. The committee’s vote represents the final step in the transactions.
Pitt is paying $19.5 million for the Fifth Avenue development, a price that includes land acquisition; site improvements; demolition; permits; traffic, architectural, and engineering plans and studies; excavation; shoring; caissons; and structural steel.
Mark Belko
Developer Walnut Capital eyes run-down rowhouses in latest Oakland property acquisition
In a resolution accompanying the purchase, the property and facilities committee stated that Pitt would review programmatic needs and design and “seek separate approval for construction of a suitable building” sometime in the future.
Walnut Capital’s involvement in the project will end with the transaction, president Todd Reidbord said.
In its resolution, the committee tied the acquisition to a need by Pitt “for near-term expansion in multiple health science programs ideally suited to this location due to its adjacency with the university’s research enterprises and UPMC.”
It added that the proposed location and potential use “align with the university’s real estate strategy.”
Mr. Reidbord said Pitt had approached Walnut Capital about taking over the project, noting that he saw the acquisition as a “good opportunity for us and the university.
While Walnut Capital had viewed Pitt as a potential tenant for the lab and research tower, the plan was not for it to become the owner of the property, which borders Halket Street.
“This is just something that came about apparently from their need,” Mr. Reidbord said. “We never marketed it that way.”
Mark Belko
Just in time for Apple? Walnut Capital completes $25M Pittsburgh Athletic Association rehab in Oakland
Pitt intends to pay $5.6 million and about $399,125 in reimbursable expenses, including demolition costs, in acquiring the block of properties on Bates, once part of a controversial hotel and apartment development proposed by Oakland Gateway Ventures.
After that plan fizzled out because of community opposition, Walnut Capital recently made a play for the properties after mortgage holder Disam Holdings LLC sought to foreclose on them.
According to the property and facilities committee resolution, Walnut Capital plans to acquire the rowhouses by purchasing the mortgage loan and deed in lieu of foreclosure.
Mr. Reidbord said Walnut Capital will demolish the dilapidated properties, which have been condemned by the city, before turning the site over to Pitt.
As with the Fifth Avenue acquisition, the university approached the developer about buying them after getting wind of the proposed transaction, Mr. Reidbord said.
“In my opinion, it makes more sense for the university to control that. It’s such a gateway site,” he said.
The Bates transaction “demonstrates the University of Pittsburgh’s commitment to supporting and strengthening our neighboring communities,” spokesman Kevin Zwick said in a statement.
“The land will provide an additional open greenspace for the Oakland neighborhood. There are no immediate plans for development,” he added.
In explaining the purchase, the committee’s resolution stated that the “property sits at an important and highly visible juncture for the university and acquisition will enhance a key campus gateway.”
Mr. Reidbord said Walnut Capital and Pitt have been “excellent partners” in the past and that the latest transactions are indicative of that.
“We try to work hand in hand,” he said.
Among its Oakland holdings, Walnut Capital recently completed a $25 million rehab of the Pittsburgh Athletic Association clubhouse across from Pitt’s Cathedral of Learning.
Mark Belko: mbelko@post-gazette.com or 412-263-1262.
First Published June 17, 2021, 1:38pm
NIMBYism at it's finest. You can't live in Oakland and complain about traffic, congestion, a lack of trees, noise, etc... That ship sailed about 100 years ago. These people need to accept that big changes will eventually come. It's just a matter of when.
shoot - i got the wrong year. they were there in 96/97.
2 were my buddies in there. i think there were 2 others but i didn't know them. neither of my friends were pharm but we had one other in our posse who was. but he was in sutherland that year.
I was afraid to go into that basement alone. Massive rats around there. A guy I lived with there mixed up peanut butter with ground up warfarin. Put that in the basement. The next few weeks there were dead rats all over the neighborhood, bleeding out of all orifices.
If Pitt allows some new traffic patterns and turning lanes here I will leave them all of my money in my will. Sorry kids.
Pitt needs to expand in any direction they can. Every border looks crappy except the drive up Forbes.
I agree with this 100%. The only thing I'd say is that you are being too diplomatic in calling it 'rather' dumpy. It's an absolute disgrace is what it is.
I guess I'm referring to what it looked back when I first visited in the 90s. It was at least not abandoned back then. But perhaps it didn't stick out as much of downtown Oakland was vacant and rather dumpy back then as well (specifically the stretch where Sennott Square and the block beyond). Oakland has come a long way in 30 years.
No question. Oakland has come a long way in 30 years. It appears headed for an even brighter future with the recent and planned projects on board. I'm excited for the planned project at the old gas station on Forbes down by McKee place. That should make a huge difference. What was once the worst section of Forbes is quickly transforming itself into something that is quite impressive. The area between the parkway exit and bates is a pet peeve for me as it is the first impression of Oakland to many and it's such a poor representation of our city and our campus. Those row houses did look better 30 years ago, but since they have sat empty, those days are long behind.
Yes that's a dumpy area. There is that restaurant down at the bottom that has changed names many times since I came to Pitt. And then all of the remaining rowhomes. My favorite was the one that had the huge sign on the side of the building listing is name (Cole Building or something like it). I was not sure why they felt the need to advertise such a random, dumpy apartment house.
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