There's nothing express about this hotel.
The Pittsburgh-Allegheny County Sports & Exhibition Authority board granted another extension Thursday to a developer seeking to build a Holiday Inn Express and Suites hotel on Federal Street near PNC Park.
It marks the fourth extension Federal Street Hospitality Associates LP, affiliated with Kratsa Properties, has received since a development agreement was reached with the SEA in 2009.
Under the latest extension, the developer won't have to start construction of the proposed 10-story, 135-room hotel until April 23, 2014. Without the extension, the work would have had to start on Aug. 23. Before that, construction was to have started by May 1.
Mary Conturo, SEA executive director, said the latest extension was granted because the developer needed more time to get its financing in order. Rather than start the project in the winter, it asked that the deadline be extended to the spring, she said.
In exchange for the extension, the developer will contribute a total of $10,500 over the next three years to a maintenance fund for the North Shore riverfront park. That's in addition to the $10,500 it already has committed, according to the SEA.
Ms. Conturo said the SEA, which sold the land to Federal Street Hospitality for the project, will receive an estimated $16,380 in parking revenue during the period of the extension. The property is now used for parking.
Also on Thursday, the SEA board awarded a three-year extension to Dec. 31, 2016, with an option for two more years, to Levy Premium Food Service L.P. to serve as the food and beverage operator at the David L. Lawrence Convention Center.
There will be no change in fees under the extension. As part of the deal, Levy will provide the SEA $250,000 upfront for its own use. However, if the SEA decides against exercising the option, it must return $100,000 of that.neigh_city - businessnews
Mark Belko: email@example.com or 412-263-1262.