Of Interest Rates and the Casino Hotel

Thursday’s announcement that the Federal Reserve voted 9-1 to leave interest rates untouched at their September meeting means that a) confidence in the global economy isn’t strong, and b) financing for construction and development will continue to be done in an environment of historically low cost of capital. Whether or not the extended rates have anything to do with the activity, developer-driven construction continues to lead the projects in metro Pittsburgh.

One of those projects is the new 140,000 sq. ft. spec lab/research building being developed by Ferchill Group at the Pittsburgh Technology Center on Second Ave. Turner Construction is on the $70 million project and working through design development with an eye towards Spring 2016 bidding.

Proposals are due next Friday, Sept. 25, for the new 214-room, $30 million hotel at the Rivers Casino. Asked to submit proposals for construction mgt. were: Massaro, Turner, Mascaro, Skanska and Norwood.

Bids are being taken today for the 12,344 sq. ft. buildout of the Jackson Lewis space on the 10th floor of Liberty Center. Facility Support Services, A. Martini & Co. and Rycon Construction are bidding. Faros Properties is taking bids on Tuesday, Sept 22, on the Innovation Works space at its Nova Place buildings. Innovation Works is one of the first of the high tech tenants Faros is hoping to attract to the former Allegheny Center Mall property.

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