175’ tall “luxury” observation wheel on Landing?

urbanpioneer · PostFeb 03, 2009#1262009-02-03T15:26+00:00

^:lol:^

How big of a trophy? Are we talking a little participation trophy like kids get for playing soccer, or we talking a huge gaudy bowling trophy that's four feet tall? Either way, I say give them trophies, medals, ribbons, plaques, whatever. All of them. But wait until the thing is built. When are they planning to start construction anyway?

Alex Ihnen · PostFeb 03, 2009#1272009-02-03T15:33+00:00

I was thinking of something like this:

This did get me thinking . . . Urban StL should hand out virtual trophies for various urban accomplishments/abominations each year. Perhaps the RFT would pick it up!

urbanpioneer · PostFeb 03, 2009#1282009-02-03T16:00+00:00

Grover wrote:
This did get me thinking . . . Urban StL should hand out virtual trophies for various urban accomplishments/abominations each year. Perhaps the RFT would pick it up!

Good idea. Have a list of projects completed in a given year with a couple different categories and have a vote on the best/worst. I like it.

rbb · PostFeb 03, 2009#1292009-02-03T17:54+00:00

Grover wrote:I was thinking of something like this:

Oh, come on now. You and I both know that the powers that be will never let any project come to fruition that would be worthy of a trophy of that magnitude. This isn't Chicago or New York, you know.

-RBB

moorlander · PostFeb 16, 2009#1302009-02-16T14:51+00:00

Next to the wheel, the Rodgers Group is planning on building an office building, where it will relocate its headquarters, and restaurant space.

What do we know about this building that will be part of the ferris wheel development. What do we know about the Rodgers Group? How many employees will they be bringing to the Landing?

citysoul · PostMar 02, 2009#1312009-03-02T03:57+00:00

Found an update on downtownstlbiz:

The city has granted $3.4 million in tax increment financing for the $11.7 million project.

Adjacent to the Ferris wheel, the Rodgers Group plans on building an office building and restaurant space.

The office building will house the Rodgers Group’s headquarters, relocated from Clayton.

The Rodgers Group is projecting that 460,000 people would ride the wheel each year, bringing in $4.25 million in revenue annually.

Hey, the very mention of a Clayton company's intention to move to downtown St Louis makes me sit up and take notice!

Alex Ihnen · PostMar 03, 2009#1322009-03-03T01:33+00:00

I don't get why, with a projected income and development cost like this that TIF money is needed. Seems ridiculous. Am I missing something?

MattnSTL · PostMar 03, 2009#1332009-03-03T01:54+00:00

^Ask and you shall receive.

wabash · PostMar 03, 2009#1342009-03-03T03:42+00:00

That comes out to an average of $9.24 per rider. Which seems a bit steep. Especially considering that adults are probably more than children and seniors. Do these things work like movie theaters? I have no idea.

The office and restaurant space sounds great. This all sounds like a great mix for the landing.

moorlander · PostMar 03, 2009#1352009-03-03T03:47+00:00

so where exactly is the giant wheel going to go?

citysoul · PostMar 03, 2009#1362009-03-03T04:09+00:00

^Here's an artist's rendering of the wheel and it's intended site:

http://skywheelstl.com/pdf/STLtoday_Bel ... _wheel.pdf

Alex Ihnen · PostMar 03, 2009#1372009-03-03T05:57+00:00

^ What's really fascinating here is that the financing came from overseas and no St. Louis area bank would touch it (according to the P-D story). So either STL area banks know the local market and are being smartly conservative or they're too blind to see a positive opportunity on their front lawn. Sound like a familar argument anyone?

the central scrutinizer · PostMar 03, 2009#1382009-03-03T14:22+00:00

Or, more likely, financing for things like ferris wheels is very specialized, and no local (or American, perhaps) bank has the expertise to evaluate the risk.

threeonefour · PostMar 03, 2009#1392009-03-03T15:23+00:00

Grover wrote:^ What's really fascinating here is that the financing came from overseas and no St. Louis area bank would touch it (according to the P-D story). So either STL area banks know the local market and are being smartly conservative or they're too blind to see a positive opportunity on their front lawn. Sound like a familar argument anyone?

Both of those scenarios are certainly possible, but I think TCS may be right about the specialized nature of a loan like this. Also, I know of multiple loft developers that are turning to HUD-backed loans and switching their development plans to rentals from condos as they have had trouble finding financing for the latter just about anywhere, so in this economy it's really hard to say why the developers couldn't find local (or American) financing.

urbanpioneer · PostMar 03, 2009#1402009-03-03T15:31+00:00

Regardless of where the financing is coming from or why, I'm glad they got it.

Does anyone know when they are going to start construction? In my opinion, it seems imperative that they get this thing built in time for the All Star game; and considering this is essentially a kit of parts, that doesn't seem out of the question.

dredger · PostMar 03, 2009#1412009-03-03T16:13+00:00

The kit of parts, a good description of what the ferris wheel actually consists of, is probably part of the financing package. The financer simply demands the kit of parts back if payments can't be maintained. I wouldn't be surprised if the kit builder has an agreement with the financer themselves. However, the owner or ourselves won't be privy to it.

It is not uncommon to have equipment financed differently. Caterpillar will offer financing on its own marine engines when packages are put together for new ships. In other words, the financing is outside of the banks because large companies like Caterpillar want to encourage their equipment instead of an EMD used.

gone corporate · PostMar 03, 2009#1422009-03-03T18:39+00:00

The Central Scrutinizer wrote:Or, more likely, financing for things like ferris wheels is very specialized, and no local (or American, perhaps) bank has the expertise to evaluate the risk.

Spot on. The uniqueness of such a facility required specialized underwriting that is very industry-specific, from initial facility construction to ongoing maintenance & risk assessments. I remember reading how the bank sponsoring the project is an industry specialist with a global clientele & client book of like facilities being sponsored. While everyone would have liked for a StL-based firm to have conducted the underwriting, such a deal was and is feasibly impossible.

Beware StL-specific pessimism in all its forms, including under the auspices of calling it out on others. I read in a book somewhere about not calling out your neighbor for the splinter in his eye while ignoring the plank in one's own. Pretty sure it was Horton Hears A Who.

stlcardsblues1989 · PostMar 03, 2009#1432009-03-03T22:27+00:00

I'm looking forward to this.

gary kreie · PostMar 28, 2009#1442009-03-28T23:36+00:00

I suggested a ferris wheel for the Bottle District a couple of years ago. But I like the Landing location even better.

http://www.urbanstl.com/viewtopic.php?p=78419#78419

PostMay 27, 2009#1452009-05-27T17:59+00:00

Speaking of the Landing, what's going on with the Observation Wheel? Let met guess -- they lost their funding?

markofucity · PostMay 27, 2009#1462009-05-27T19:56+00:00

so is this project a definite go? and I'm a bit confused. Whats the difference between an "observation wheel" and a Ferris wheel? Sounds like the same thing to me. ....

I'm a bit flummoxed at this project. I want it and thinks its cool - but is anyone really going to pay more than 5 bucks to ride a giant Ferris wheel. We'll see I guess.

Just a thought - but I could see this working quite well with the casino. Think about it. You get free Ferris wheel comps from the casino. Casino sends them a steady stream of business and gains a "unique" experience for its customers. It could really make the casino stand out.

Alex Ihnen · PostMay 27, 2009#1472009-05-27T21:21+00:00

markofucity wrote:I'm a bit confused. Whats the difference between an "observation wheel" and a Ferris wheel?

The same difference as a "disc" and a "Frisbee".

urbanpioneer · PostMay 27, 2009#1482009-05-27T21:30+00:00

Grover wrote:
markofucity wrote:I'm a bit confused. Whats the difference between an "observation wheel" and a Ferris wheel?

The same difference as a "disc" and a "Frisbee".

It has always seemed to me (and it's probably doesn't hold too much truth but seems reasonable) that context is what's important to the differentiation. A wheel in a amusement park/carnival is a Ferris wheel, but the same wheel standing alone and without surrounding rides becomes an observation wheel.

But yeah, there really isn't a difference.

framer · PostMay 28, 2009#1492009-05-28T03:20+00:00

"Ferris Wheels" are so 20th Century.

the central scrutinizer · PostMay 28, 2009#1502009-05-28T14:24+00:00

markofucity wrote:so is this project a definite go? and I'm a bit confused. Whats the difference between an "observation wheel" and a Ferris wheel? Sounds like the same thing to me. ....

I just learned this weekend the difference between a cemetary and a burial ground.

175’ tall “luxury” observation wheel on Landing?

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