An out-of-state real estate developer is in need of more time before moving ahead on the development of a $26 million office complex set to go in on Pittsburgh’s North Shore. The property is set to be nestled between PNC Park and Heinz Field, both of which are professional sports stadiums. Officials for the company said they are simply waiting to finalize a lease with one major tenant before moving forward with the commercial real estate project. In order to rustle up financing for the project, the company needs a large, primary tenant, which is presumably what they are in the process of nailing down.
The Pittsburgh Stadium Authority is apparently working with the developer, granting it a three-month extension on the project, which will be comprised of two buildings, each of which will be three stories tall, if all goes according to plan. The Pittsburgh Stadium Authority controls the property between both sports stadiums.
The developer’s original plan had each building consisting of just two floors. Once demand for such office space seemingly surged, the developer submitted new plans to add another floor. The Pittsburgh Planning Commission approved the new plans in November of 2012.
Officials for the real estate developers said the buildings would be completed by 2014 despite this recent delay. However, if they do not secure an anchor tenant, the buildings might be constructed with two stories, as originally planned.
Two restaurant companies have signed leases for space on the first floor already. No other organizations or businesses have completely committed to the remaining space.
A board member for the Pittsburgh Stadium Authority said that the authority would like to see the office buildings stand at three stories tall, as the most recent plans stated.
A lot goes into developing and leasing commercial real estate property. Understandably, the legal process in which these agreements are struck can be tedious and confusing. Land developers often turn to qualified attorneys to make sure the language in all contracts are precise and accurate.
Source: TribLive.com, “Stadium Authority gives developer more time to sign tenants for North Shore project,” Jeremy Boren, Dec. 28, 2012