Monday, November 07, 2011

More Proof the Real Estate Market is F@(&ed Up

Just when I thought I wasn't going to have anything to write about tonight that didn't have to do with "improprieties" at Penn State* there's this:

The city Urban Redevelopment Authority board will vote Thursday on a recommendation to enter into exclusive negotiations with PMC Property Group for the acquisition and redevelopment of the John P. Robin Civic Building at 200 Ross St.

PMC is proposing to convert the building, which houses City of Pittsburgh, URA, and city housing authority offices, into 100 residential units plus possible first-floor commercial space. It is offering $1 million for the building.
I've been in that building once or twice in my local government career and I can say without fear of contradiction that it is the third or fourth worst government building in the City. I can only assume that PMC is shorting asbestos in an attempt to corner the Mesothelioma market.

*There was no way I was going to be able to make that funny.

No comments: