Roundup: Walnut Capital to spend $14M on to build East Liberty apartments; US services firms grow at faster pace in February;…
Walnut Capital to spend $14M on apartments
A six-story luxury apartment building planned in East Liberty will use the facades of historic buildings slated for demolition, a Shadyside developer said Wednesday.
Walnut Capital Partners is spending $14 million — $3.5 million more than initial estimates — to build 78 high-end apartments and retail space near the corner of Penn and Highland avenues. The Penn at Walnut on Highland will feature one- and two-bedroom apartments, one-room “micro” apartments and a host of amenities, company CEO Gregg Perelman said. Walnut Capital will tear down four buildings to make way for construction, including the former home of Bolan's Candies.
In December, preservationists criticized the company for not incorporating enough of the old facades into construction. Perelman said it reached a compromise with the city's Urban Redevelopment Authority and East Liberty Development Inc. to “maintain as much of the original facade as possible.” Contractors began removing the facades by hand on Wednesday.
The Penn at Walnut on Highland is expected to open in the summer of 2016.
Services firms grew at faster pace in February
American services firms' activity rose at a slightly faster rate in February, powered by hotels, restaurants and wholesalers.
The Institute for Supply Management said Wednesday that its services index rose to 56.9 in February, up from January's reading of 56.7. Any reading over 50 indicates expansion.
The survey suggests further growth in employment and imports, as a strong hiring streak over the past year has bolstered consumer spending. The ISM is a trade group of purchasing managers. Its survey of services firms covers businesses that employ 90 percent of the American workforce, including retail, construction, health care and financial services companies.
$415M settlement OK'd in tech workers' lawsuit
A federal judge has tentatively approved a $415 million settlement in a major class-action lawsuit by Silicon Valley workers who accused Apple Inc., Google Inc. and other tech companies of making an illegal agreement not to hire each other's employees.
Judge Lucy Koh had rejected an earlier settlement offer, saying it didn't offer enough compensation to about 64,000 workers affected by the case. She cited evidence of a corporate conspiracy to make it difficult for tech workers to negotiate better jobs at rival companies. Koh said she was satisfied this week after the companies increased their earlier offer of $324.5 million. She invited final comments on the deal before she grants final approval at a hearing on June 9. If Koh approves the latest settlement, it would avoid a potentially embarrassing trial for the companies.
The lawsuit also included Intel Corp. and Adobe Systems Inc.
Uber to acquire mapping service
Uber Technologies is buying digital mapping specialist deCarta in a deal that may help the rapidly growing ride-hailing service lessen its dependence on navigation services from Google and Apple, an imposing pair of potential rivals.
Although deCarta isn't as well-known as Google Maps, its technology is extensively used by consumers. The OnStar system built into cars made by General Motors Co. relies on deCarta, as do smartphone makers Samsung Electronics and BlackBerry Inc.
In its early years, Google Maps even tapped into deCarta's technology, according to deCarta. The acquisition, confirmed Wednesday, will provide Uber's drivers with another way to find passengers summoning rides on the company's mobile app and deliver them to their destinations more quickly.
ADP: Businesses added 212K jobs last month
America's businesses added more than 200,000 jobs in February for the 13th straight month, a private survey found. It was the latest sign that strong hiring should boost the economy this year.
Payroll processor ADP said companies added 212,000 jobs last month, a solid gain, though down from 250,000 the previous month. January's figure was revised up from 213,000.
The figures will be followed Friday by the federal government's report, which economists forecast will show an increase of 240,000 jobs. The ADP numbers cover only private businesses and sometimes diverge from the government's more comprehensive report, which includes government agencies.
A burst of hiring in the past year has lifted the number of Americans earning paychecks, and a sharp drop in gas prices means those paychecks can buy more goods and services.
Other business news
Alcoa Inc. has hired José Aurélio Drummond to be president of its Latin America operations, based in Sao Paulo, Brazil. Drummond, 50, has been in global leadership positions at Whirlpool Corp.
— Staff and wire reports
