Construction to Begin on Pittsburgh International Business Park
Developers have broken ground on two buildings that will anchor the Pittsburgh International Business Park on Cherrington Extension Parkway in Moon Township. The single story brick and glass facilities will each offer 53,000 square feet of high end Class A office space.
The Pittsburgh Tribune-Review reports that Columbus, Ohio-based Continental Real Estate Cos. and Cranberry-based Chaska Property Advisors Inc. will spend between $12 million and $15 million on the construction of the two facilities. Upon completion in the summer of 2013, mortgage services company ServiceLink will move into the buildings with approximately 700 employees.
The Pittsburgh International Business Park will be developed on a 40-acre site owned by Allegheny County and leased to the Airport Authority. It will eventually include five to eight office buildings. In September 2008, the Cherrington Extension was completed—this $14 million project opened 60 acres for the development of shovel-ready sites.
“Through our focus on creating shovel-ready land, we have watched the airport corridor flourish,” said Allegheny County Executive Rich Fitzgerald. “We are jumpstarting business development, stimulating job growth and attracting new business here. This project would not have been possible were it not for the development of the extension of Cherrington Parkway. This was truly a cooperative effort by the state, county, Airport Authority and local government.”
In regional news, Heartland Homes Inc. is planning 32 townhouses on a 2.6-acre plot next to a cemetery in the ninth ward of Lawrenceville. According to the Pittsburgh Business Times, the developer is seeking variances from the zoning code for the minimum rear and exterior setback requirements.
If approved, the project would rank among the region’s largest new developments in terms of number of homes for sale. According to RealSTATS, a South Side residential research firm, central Lawrenceville has experienced one of the greatest home value appreciations in the region since 2000. The average annual home price has been increasing by 16.5 percent annually, the newspaper reports.
Photo credits: property.jll.comTags: Development, economy, leasing, property management, single-family