Fifth-Forbes developer put on hold by O'Connor 'I'm not going to take letters of intent from anybody until I see all the proposals,' he said. 'I want to have ongoing discussions with them and other potential investors in our city. We want to evaluate who has the best scenario for the people of Pittsburgh.'Keep the options open. Keep an open mind. Haste makes waste.
Monday, February 13, 2006
Fifth-Forbes developer put on hold by O'Connor
Mayor O'Connor says, "We'll think again." Way to go Bob!
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By Mark Belko, Pittsburgh Post-Gazette
Pittsburgh Mayor Bob O'Connor has rebuffed an attempt by a Washington, D.C., developer to take the next step toward building a $50 million to $60 million residential and retail complex Downtown.
Developer Madison Marquette wanted a letter stating it could have the exclusive rights to redevelop the old G.C. Murphy's store and other properties owned by the city in the Fifth and Forbes corridor.
But in a written reply to Madison Marquette Managing Director James Bennett, Mr. O'Connor said he wanted to hear proposals from other developers before deciding a course of action.
In an interview, he said he sees no reason to join forces with any one developer yet.
"I'm not going to take letters of intent from anybody until I see all the proposals," he said. "I want to have ongoing discussions with them and other potential investors in our city. We want to evaluate who has the best scenario for the people of Pittsburgh."
Madison Marquette has been working with the private Pittsburgh Task Force and Montgomery County residential builder Toll Brothers on the proposed Fifth and Forbes project, which would utilize public-owned structures in the corridor.
The project would include about 150 to 200 for-rent apartments, plus upscale retail. Madison Marquette is hoping to attract trendy retailers like Crate & Barrel and Tiffany & Co. The plan could involve as much as $24 million in public subsidies.
Since becoming mayor, Mr. O'Connor has said he would like to entertain other proposals for the corridor before making a commitment. Less than two weeks ago, local developer Ralph Falbo said he planned to talk to Mr. O'Connor about his plan for the corridor, which included several hundred new condominiums and apartments, a market in the Murphy's building, and some retail shops.
A spokesman for Madison Marquette had no comment on Mr. O'Connor's decision involving the proposed letter of intent.
Madison Marquette was recruited by the Pittsburgh Task Force, a group put together by the Pittsburgh Downtown Partnership and local foundations to try to bring life to the rundown corridor after several attempts by former Mayor Tom Murphy failed.
In his letter to Mr. Bennett, Mr. O'Connor said he was "very interested" in continuing discussions with Madison Marquette and in "reviewing further information and specific opportunities."
Asked about Madison Marquette's interest in pursuing the project without a letter of intent, Pittsburgh Task Force Chairman Herb Burger said he hadn't discussed the issue with the firm and did not know what the response would be.
However, he added it was Mr. O'Connor's "prerogative to make any decision on the [public-owned] properties he thinks is appropriate.
"I understand his desire to hear all options before making a decision," he said. "Our position has been to bring a competent developer to Pittsburgh to invest in and develop the Fifth and Forbes area. I certainly would welcome any additional investors and developers that Mr. O'Connor would come up with. Our interest to date was simply to get investment and development started as soon as possible."
(Mark Belko can be reached at mbelko@post-gazette.com or 412-263-1262.)
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