Strangely developing resuscitation of a story:
Merrill Stabile, general partner in 501 Martindale Associates and president of Alco Parking, is offering the city Stadium Authority $13 million for two parcels on North Shore Drive now used for parking, in part to develop a “signature office tower.”
The land is reserved for Continental Real Estate Cos. to develop under an option agreement reached with the Pirates and the Steelers nearly a decade ago. (P-G, Mark Belko)
Yesterday’s quick version has Mr. Stabile promising not to seek public subsidy for his project.
Mr. Kass of Continental sounds indignant. Ms. Conturo of the Stadium Authority sounds queasy.
BACKGROUND: [Hmm… let’s stick with] P-G Mark Belko, 9/05/08
UPDATE: On the flip side:
It appears from the offer letter that Stabile might not be committed to building an office tower, Zober said.
“If, after 10 years, these projects have not materialized, the authority will have the right to repurchase the parcels under a pre-determined formula taking into account the purchase price and the elapsed time from the purchase date,” Stabile’s offer states.
“That paragraph creates that uncertainty,” Zober said. (Trib, introducing Alex Nixon)
Notwithstanding the fog, Trib editorialists are dancing in the street.
The offer was “delivered” to the Authority on Monday, but somehow we all found out about it on Tuesday. Stabile seems to be end-running his proposal around city leaders through the press, as though he’s Rob Pfaffman or something. The parking baron should by now be much better equipped at doing business in these parts than having to rely on hail marys.