Pittsburgh stadium authority gives developer more time to close on deal for North Shore building
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Pittsburgh's stadium authority board has given a Columbus developer more time to complete a deal to build a three-story building on the North Shore.
Board members voted unanimously this morning to grant the extension of up to 90 days to Continental Real Estate Cos. to close on the sale of the land needed for the $26 million development.
Continental had been under a year-end deadline to close on the property.
But Barry Ford, president of development for Continental in Pittsburgh, asked for more time to reach a deal with a prospective tenant to take a third floor of space in the building.
Continental originally had planned a two-story building at the site on North Shore Drive and Chuck Noll Way.
Last fall, however, the developer proposed adding a third floor based on the potential of landing a tenant to take the space. The stadium authority also prefers a three-story building.
Mr. Ford said today that Continental was "very close" to reaching a deal with a tenant the name of which he would not disclose and needed a little more time to complete the negotiations.
He stressed that Continental is committed to breaking ground on a building at the site in 2013, whether it's two or three stories.
The new building, the first since Del Monte Center was completed about six years ago, would be ready in 2014.
Continental already has reached deals with Toby Keith I Love This Bar and Grill and North Park Lounge to lease street level retail space in the new building.
It also is finalizing a deal with Burgatory, another restaurant.
First Published December 28, 2012 12:17 am