rganization, is "just astounded" by the approaching sheriff's sale precipitated by decisions of the some of the region's leading (and best-funded) civic groups to abandon the building in favor of for-profit landlords. In particular, Mr. O'Neill can't understand why those civic leaders promptly placed a $13 million mortgage on the building: "They got a building in perfectly fine operating condition. Why they would have to spend $13 million is beyond me."Mr. O'Neill also can't understand how the financial condition of the structure deteriorated to the point of foreclosure in 13 years:
"If somebody gave you a building free, wouldn't you think you could figure out how to charge rents that cover maintenance?"It seems odd to be offering this particular advice to a guy whose
signature is on dollar bills (right), but if Mr. O'Neill wants to understand the $13 million mortgage and the decisions of the Allegheny Conference and VisitPittsburgh to abandon the former Alcoa Building and regional cooperation, the path is simple:Follow the money.
Infytune: Crumblin' Down, John Mellencamp
11 comments:
It really doesn't make sense that the owners of the building could have let this happen especially since they had hired the President of Summa Devlopment to offer them advice.
you've always reminded me of Deep Throat, Infy....so quit acting like the early guy in the dark parking garage and get to the part where he just comes right out and tells Woodward what is going on
why did the supposed leaders of the nonprofits ditch the Enterprise Tower?
I think the bigger issue is how you get a building for free and get $13 million in debt when you're getting $5 million a year in rent and nothing was broken in the building.
Just . . . follow the money.
I tried, but the guy wouldn't let me behind the counter at Arby's.
Yablonsky needs class A space. He decided the Allegheny Conference would break the lease and end the dream the day he got there. With the help of JV, Luke and Dan, they got the SPC to give up the space. Watch for Burns and Scalo to move in now and get another "sweetheart deal" from the Network.
You forgot to mention how VisitPittsburgh got space in the building where one of its bigwigs also has a lease?
All you have to do is put the pieces together but no one does.
By the way why does Dennis "need" first class space? Better word would be "want", right?
you & peduto seem to be on same riff today
coincidence?
I don't really see how anybody could be on the other side on this, regardless of how they feel about Peduto.
This blog is in Peduto's pocket, always has been, wake up and smell the liberal crap
look at the roster of other tenants in the building. explains why denny needed class a space. didnt want to be sharing elevator space with the unemployed. paul didnt think of that one. i still cant believe he would even comment on this. must have been a slow day. he conveniently forgot to mention the subsidized move of alcoa across the river. and the subsequent relocation of the corporate HQ to NYC.
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