Stabile and Kass in Bidding War for Land Near Heinz Field
- Oct 03, 2011
Merrill Stabile, general partner in 501 Martindale Associates and president of Alco parking, recently bid for the right to develop land between PNC Park and Heinz Field. The land was reserved for Continental Real Estate Cos. under an agreement established by Continental with the Pirates and the Steelers about 10 years ago, the Pittsburgh Post-Gazette reports.
Stabile offered to the city Stadium Authority $10 million to buy a 3.3 acres parcel on North Shore Drive and $3 million for a 1.1 acres riverfront parcel next to the former Equitable office building. The new bids have sparked a conflict between Stabile and Frank Kass, Continental’s chairman. Under the agreement with the Pirates and the Steelers, Continental could acquire the North Shore Drive parcel for $1 million and the riverfront property for $500,000.
Stabile plans to work with CB Richard Ellis, proposing to build office projects, including a 10-story office tower on the North Shore Drive parcel. Continental’s projects entail developments for entertainment that should complement Stage AE and the various restaurants in the area. Kass questioned the potential of developing office towers without any committed tenants.
In related news, Hill District’s Addison Terrace public housing complex will be soon demolished. The Pittsburgh Housing Authority (HACP) will spend $33.4 million on the first phase of the project. HACP is planning to develop a mixed-income neighborhood. The approved budget for the first phase will be used to demolish existing buildings, to fund the development of roads and water infrastructure and to build the first 80 residential units.
According to the Pittsburgh Post-Gazette, the demolition will begin in November, and the reconstruction will commence between Elmore Square and Devilliers Street.