Disappointed but also a little relieved on this one. Hopefully somebody can do something cool with the STLCC building now instead of tearing it down.
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The sight lines into the stadium probably are what drew them to this location to begin with, so I'm not holding out hope that they'd try to move it to an open lot nearby.dbInSouthCity wrote: ↑Sep 13, 2018this project is dead. developer pulled out of buying the property
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On the positive side, maybe the current building will be spared. I was thinking how nice it looked a few weeks ago when I was at the stadium at night.
On the other hand, 300 S. Broadway was going to be an awesome project. It was going to be a statement project, an awesome modern building right on the doorstep of the City. An eye-catcher as your crossing the Poplar.
The ideal scenario would be a developer that can spare the building and build something modern on the site. I think this site will sell and likely be redeveloped. I just hope the next developer goes big or even bigger than this plan. This is too great a location, for some subpar development.
Let's go ahead and add this one to the list of recent disappointments: Bottle District, Skyhouse, McGowan Tower and now 300 S. Broadway.
Anyone have a gauge on the market for this property? Will it grab the attention of other developers right away or will it sit for sale for a long time?
What factors turned off the lenders on this one? 20 year tax abatement, prime location overlooking the stadium, momentum from BPV across the street, good economy, etc. etc. I guess their could have been internal issues with the development group.
On the other hand, 300 S. Broadway was going to be an awesome project. It was going to be a statement project, an awesome modern building right on the doorstep of the City. An eye-catcher as your crossing the Poplar.
The ideal scenario would be a developer that can spare the building and build something modern on the site. I think this site will sell and likely be redeveloped. I just hope the next developer goes big or even bigger than this plan. This is too great a location, for some subpar development.
Let's go ahead and add this one to the list of recent disappointments: Bottle District, Skyhouse, McGowan Tower and now 300 S. Broadway.
Anyone have a gauge on the market for this property? Will it grab the attention of other developers right away or will it sit for sale for a long time?
What factors turned off the lenders on this one? 20 year tax abatement, prime location overlooking the stadium, momentum from BPV across the street, good economy, etc. etc. I guess their could have been internal issues with the development group.
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"Developer behind the project, HDA, says project is not dead. But did not share any additional info." From Post Dispatch
this has LouFest 2.0 written all over it
If its not dead, why did the SLCC email say they're putting it on the market? couldnt they have just adjusted the closing date if HDA needed more time to shore up $?
this has LouFest 2.0 written all over it
If its not dead, why did the SLCC email say they're putting it on the market? couldnt they have just adjusted the closing date if HDA needed more time to shore up $?
This project isn’t dead yet according to HDA. They say to me that they are “regrouping” with their other partners but they said that it “certainly isn’t dead”. Now, this is pure speculation but maybe the lenders didn’t want to lend money to a project that they knew would destroy a building that influenced Busch Stadium’s design or maybe they have a “bear market” feeling. One Cardinal Way is doing well on Leasing but maybe we are reaching our overbuilt stage in terms of residential and this would throw the marker into limbo. I don’t know but it is a shame to see it die if so.
If they come back with a proposal, like HDA is saying, I hope they buy Mike Shannon’s and put the building there. It’s the perfect location and deserves something new there instead of a bar turned parking lot. Whatever is in store, I would expect to hear something soon considering this announcement has been closely watched from the beginning by everyone interested. This potential cancellation would cause more media coverage but until then, I’m not sure.
If the current building stays in place, I hope they spruce up the first floor and add retail space so it doesn’t look deserted.
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If they come back with a proposal, like HDA is saying, I hope they buy Mike Shannon’s and put the building there. It’s the perfect location and deserves something new there instead of a bar turned parking lot. Whatever is in store, I would expect to hear something soon considering this announcement has been closely watched from the beginning by everyone interested. This potential cancellation would cause more media coverage but until then, I’m not sure.
If the current building stays in place, I hope they spruce up the first floor and add retail space so it doesn’t look deserted.
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If the project isn't dead, then great. They could find any other spot for this too on any other surface lot across Downtown. I think it would honestly make more sense elsewhere too where there is less direct competition across the street.
They want high profile front door step to the city? Demo the southern half of the Millennium. That's front door. And lastly, the facade on the eastern side seemed like it was going to look like crap. It might spur them to cover that in glass.
They want high profile front door step to the city? Demo the southern half of the Millennium. That's front door. And lastly, the facade on the eastern side seemed like it was going to look like crap. It might spur them to cover that in glass.
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you're so adorable sometimes.I gave a half thought excuse but it is what it is.
From the Business Journal...
I'm confused fully. Maybe they will look for another place to build in the end.The partners behind a plan to transform the St. Louis Community College headquarters building into a $100 million apartment tower have walked away from the deal, prompting the community college to put the downtown St. Louis building back on the market for $7.5 million.
The buyers' representative, James Fredericks of Armstrong Teasdale, notified St. Louis Community College in a July 7 email that the team — Chesterfield-based HDA Architects and Chicago-based White Oak Realty Partners and CA Ventures — had elected to terminate the agreement to acquire the 300 S. Broadway property, Chancellor Jeff Pittman told the Business Journal.
HDA Architects Vice President Patrick Holleran said the deal is not dead but declined to comment further.
STLCC has now tapped Cushman & Wakefield broker John Warren to market the 93,000-square-foot building, which he said is ideal for creative office, hotel or residential.
HDA Architects and the Chicago firms had planned to turn the downtown building into a 33-story apartment high rise that was estimated to cost $100 million and was to compete with Ballpark Village's $120 million luxury apartment complex that sits adjacent. The project faced opposition with the St. Louis city Preservation Board, which initially refused to allow a full demolition. The property isn't listed on the National Register of Historic Places but is located in a preservation review district.
"We're disappointed, of course, that the original sale didn’t work out. But we’re moving forward and believe there will be a lot of interest in the building," said Pittman, adding that the community college had been working with the buyers for 14 months before the deal fell through.
STLCC has already moved out of 300 S. Broadway, which Pittman said saves the college $700,000 a year. That money will be used to improve facilities at several campuses, including Meramec and Florissant Valley, he said. Most of STLCC's leadership team is now based at its Corporate College campus in Bridgeton, while others are at the Meramec and Florissant Valley campuses. The move began in March and wrapped up before summer.
"Us moving out is a big win for taxpayers and the college because we're saving money," Pittman said. "We hope the building becomes valuable for downtown and generates tax revenue for the city."
Patrick Holleran sent me this.
Definitely a financing issue.The magnitude of a $100 million dollar transaction takes considerable time with a multitude of shareholders. We are continuing to work on the deal structure with the goal to start construction in the fourth quarter of 2019
From the comments in the article by STLCC is sounds like contract to buy had a date that has come and gone which believe would be typical of any real estate transaction & as per the developers response they are still trying to secure finance for which a $100 million tower is not an easy thing. I'm sure a recent report from a commercial broker noting that St. Louis might be overbuilt doesn't help either.
So my two cent take - STLCC has a couple interested parties or at least one whispering in their other ear and they are going to leverage that fact. As a public entity, making that known public is a smart thing to do with the business journal article. Why leverage? One, either get some more dollars on the purchase price from current developers and or see if anyone else will come back with a higher offer which is another smart move by a public entity selling excess assets. My very very speculative thought, both Cordish/Dewitt and or Koman would be interested in offering a price and try to secure the property(ies) along the east side of Busch Stadium. How much, more than the others? who knows.
So my two cent take - STLCC has a couple interested parties or at least one whispering in their other ear and they are going to leverage that fact. As a public entity, making that known public is a smart thing to do with the business journal article. Why leverage? One, either get some more dollars on the purchase price from current developers and or see if anyone else will come back with a higher offer which is another smart move by a public entity selling excess assets. My very very speculative thought, both Cordish/Dewitt and or Koman would be interested in offering a price and try to secure the property(ies) along the east side of Busch Stadium. How much, more than the others? who knows.
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With the building for sale, how can this group plan for anything? Now that it will back on the market, there could be several interested parties looking to purchase it.
It would seem smart on their part, to drop $7.5 million on the building and secure the property. I have no idea how much money they have at this point, but it would seem smart, if they think they can get this deal done, that they secure the property. They could always sell if the deal falls through. I guess the hope is that they can secure financing before the building is sold to another developer.
It would seem smart on their part, to drop $7.5 million on the building and secure the property. I have no idea how much money they have at this point, but it would seem smart, if they think they can get this deal done, that they secure the property. They could always sell if the deal falls through. I guess the hope is that they can secure financing before the building is sold to another developer.
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I wouldn't be surprised if the Cardinals sneak in and grab it to protect their investments.
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How ironic! I was looking at HDA'S website last night before bedtime & something told me while looking at their other conceptual projects that this would fall through. So the question is is this officially dead? Stalled? or anything could happen? How does this fair for Phase 3 of BPV happening?
In a morbid way it's kind of refreshing to have it announced/reported that the deal is unequivocally dead, as opposed to having it slowly slide into the oblivion with no one really knowing what's going on (i.e. Trianon condos, SkyHouse, Montgomery Tower, Port St. Louis, Apogee office buidling, Clayton Westin, etc....)
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Is it truly dead? Do we really know?
HDA doesn’t seem to think so.....
HDA doesn’t seem to think so.....
It all depends on how determined the developer is. I read in The Queen of Lace that it took 3 1/2 years to put together the financing before construction could start on the redevelopment of the Continental Building in Grand Center.
Of course, someone else can now buy the option on the existing building, and HDA would be pretty much out of luck.
Of course, someone else can now buy the option on the existing building, and HDA would be pretty much out of luck.
It makes for a good conspiracy theory but I don't buy the suggestion. The reality is you got two new high rise residential towers going up in the city already, BPV and One Hundred, as well as a multiple multi unit apartments as well so I can easily see the capital market investors/financers/bankers pulling back somewhat on HDA & this development for the simple fact that the city has had a pretty good run of new residential and multi unit construction for a slow growth area.BellaVilla wrote: ↑Sep 14, 2018Someone attempting to compete with BDWJr in downtown mysteriously cancels their project? I'm shocked.
I like Framers comment that the developer might be out of luck if someone comes in and offers the cash on the spot because they took the chance on putting property under contract instead of an out right purchase.. Who might come in with cash to buy first and develop later? Don't know or have any knowledge whatsoever who might be entertaining that idea but Koman has done that with Cupples properties on the other side of Busch as well as their most recent land purchase in CORTEX footprint. Drury family has banked land on Laclede's Landing. Believe Clayco/Bob Clark owns a piece of the Bottleworks site and Yes, DeWitt family absolutely has the money to make that type of long term investment
This project has a chance on location so will see what happens. Especially if BVP tower continues to lease well and the Cards can take the series this weekend and cement a wild card playoff game against the Brewers.
Sorry to bring up this dead thread but I don't know specifics or when it happened but the 300 S. Broadway listing was removed from Cushman and Wakefield's site recently. It was there a few weeks ago because I remember seeing the PDF of the listing and the page for it. Even though there are signs up on the building, could this have sold? City records aren't showing it unless there is something going on behind the scenes and/or the listing was removed for unknown reasons.
I've contacted Mr. Holleran to see if he has an update and I'll share if he does but in a previous conversation I had with him, he practically said that they really want to do this and won't go away so easily. Even if they did throw in the towel and walk away 100%, I expect someone else to come along with some sort of plan to either demolish or save the existing structure.
I've contacted Mr. Holleran to see if he has an update and I'll share if he does but in a previous conversation I had with him, he practically said that they really want to do this and won't go away so easily. Even if they did throw in the towel and walk away 100%, I expect someone else to come along with some sort of plan to either demolish or save the existing structure.
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CityScene STL is reporting on Twitter, an interesting tidbit regarding the possible resurrection of 300 S. Broadway. This could be big for 2019!
CityScene STL @CitySceneSTL ·1 year ago today, I posted this, the Preliminary Preservation Board document that started a debate about new towers and historic buildings. Today, I can say that 300 S. Broadway is slowly moving forward. We will be hearing more soon about it’s resurrection. Stay tuned for more.
I've been in contact with the team. They reorganized and, from my understanding. The person didn't say if the overall design changed but says that we will be presently surprised when it resurfaces. The person also said that the team has been in negotiations to buy the building and is negotiating constantly. They still want to start in Q3 next year and hinted that we could hear more as early as this February or March.DogtownBnR wrote: ↑Dec 07, 2018CityScene STL is reporting on Twitter, an interesting tidbit regarding the possible resurrection of 300 S. Broadway. This could be big for 2019!
CityScene STL @CitySceneSTL ·1 year ago today, I posted this, the Preliminary Preservation Board document that started a debate about new towers and historic buildings. Today, I can say that 300 S. Broadway is slowly moving forward. We will be hearing more soon about it’s resurrection. Stay tuned for more.
What was the original height?chriss752 wrote: ↑Dec 07, 2018I've been in contact with the team. They reorganized and, from my understanding, cut the height of the building, from 32 to 25 floors, to do some tweaking in design. The ceiling heights will be higher as a result with the building topping off a little over 310FT. The person didn't say if the overall designed changed but says that we will be presently surprised when it resurfaces. The person also said that the team has been in negotiations to buy the building and is negotiating constantly. They still want to start in Q3 next year and hinted that we could hear more as early as this February or March.DogtownBnR wrote: ↑Dec 07, 2018CityScene STL is reporting on Twitter, an interesting tidbit regarding the possible resurrection of 300 S. Broadway. This could be big for 2019!
CityScene STL @CitySceneSTL ·1 year ago today, I posted this, the Preliminary Preservation Board document that started a debate about new towers and historic buildings. Today, I can say that 300 S. Broadway is slowly moving forward. We will be hearing more soon about it’s resurrection. Stay tuned for more.
This is all speculation, but the changes in height plus the cryptic "you'll be pleasantly surprised" your source provided have me wondering if they worked the facade of the old warehouse into the design.
Cut the floors to save some money, raise the ceilings to keep some height and then work the facade into the first several floors. Could be wishful thinking...but let's hope not.
Cut the floors to save some money, raise the ceilings to keep some height and then work the facade into the first several floors. Could be wishful thinking...but let's hope not.