Since no one else mentioned it, the St. Louis BJ says this building is back up for auction.
SLBJ-BiggestOfficeTower...
SLBJ-BiggestOfficeTower...
Maybe Clayco will end up with it this time and something actually happens. Just let the thing change hands already.
Not to sound too sensitive but talk about an ready made opportunity for JP Morgan to relocate some of its NY back office work force. Still think it is a great opportunity for large bank or financial institution to locate a workforce at a fraction of a cost away from the coastline and into fly over country.urbanitas wrote: ↑Apr 11, 2020Since no one else mentioned it, the St. Louis BJ says this building is back up for auction.
SLBJ-BiggestOfficeTower...
Also agree with bwcrow1s, maybe third time is a charm for Clayco's development arm.
^
"Clayco's Clark, who has tried to acquire the structure for several years, said his firm would not be bidding on the latest auction."
"Clayco's Clark, who has tried to acquire the structure for several years, said his firm would not be bidding on the latest auction."
Do you have a link? Is this type of thing open to all?newstl2020 wrote:Starting bid of $7 mil. Online auction.
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Usually you have to be prequalified first this sort of thing.addxb2 wrote:Do you have a link? Is this type of thing open to all?newstl2020 wrote:Starting bid of $7 mil. Online auction.
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^Thanks! That's what I was referring to.Black02AltimaSE wrote: ↑Apr 15, 2020I found this that indicates the auction started Monday and ended today.
www.loopnet.com
It’s been removed from loopnet. Is that a good sign?Black02AltimaSE wrote:I found this that indicates the auction started Monday and ended today.
www.loopnet.com
Another chance for downtown tower? Former AT&T building to be up for grabs — again
https://www.bizjournals.com/stlouis/new ... -2021.html
https://www.bizjournals.com/stlouis/new ... -2021.html
I imagine like the other times...this goes nowhere. I wonder if the bondholders regret not selling to Clark and Chapman a few years ago.The vacant former AT&T tower in downtown St. Louis will be “remarketed” sometime in the first quarter of this year, according to new financial filings made to the bond investors who own the building.
No further details about those plans were provided in the filings, including whether the building will be for sale or lease or how it will be marketed. A spokesman for the bondholders did not respond to a request for comment. Tony Kennedy, senior vice president of Colliers St. Louis, which manages and leases the building, declined to comment.
St. Louis Development Corp. Executive Director Otis Williams, whose agency oversees economic development in St. Louis city, said he was not aware of bondholders' plans but said the city is interested in helping them find a solution for the property, at 909 Chestnut in downtown's central business district.
^ Time for some good ol speculation on this. I have same thought as Sc4mayor and assume that some executive for one of the bondholders came up with we have to try something again comment and so the definition of insanity comes into play, keep doing the same thing to get the same result. However, Does anyone think that their might some legit interest out there considering some semblance of the region trying to act as one in economic development? or even the fact that coastal cities are starting to lose some of their grip on large financial and tech companies?
I'm not very hopeful with broker offering no comment and the city economic development says they want to help. The state, region and city should have a pre emptive economic package together & ready to go for one of the tallest, emptiest class A tower in the state a while ago. Maybe more to it but seems like a lot more should be happening in terms of economic development plans beyond a few renderings to spruce up the entrance floated originally.. Maybe a lot more happening behind the scenes then people willing to say but from what is reported it is doesn't seem like a whole lot
I'm not very hopeful with broker offering no comment and the city economic development says they want to help. The state, region and city should have a pre emptive economic package together & ready to go for one of the tallest, emptiest class A tower in the state a while ago. Maybe more to it but seems like a lot more should be happening in terms of economic development plans beyond a few renderings to spruce up the entrance floated originally.. Maybe a lot more happening behind the scenes then people willing to say but from what is reported it is doesn't seem like a whole lot
There is some precedent. Stifel purchased their HQ building in 2011. That is also a reddish-beige stone clad 1980's office tower. Although it's less than half the size of 909 Chestnut and came with a giant attached parking garage. It's hard to imagining anything happening at 909, but perhaps not out of the realm of possibility.dredger wrote: ↑Jan 29, 2021^ Time for some good ol speculation on this. I have same thought as Sc4mayor and assume that some executive for one of the bondholders came up with we have to try something again comment and so the definition of insanity comes into play, keep doing the same thing to get the same result. However, Does anyone think that their might some legit interest out there considering some semblance of the region trying to act as one in economic development? or even the fact that coastal cities are starting to lose some of their grip on large financial and tech companies?
I'm not very hopeful with broker offering no comment and the city economic development says they want to help. The state, region and city should have a pre emptive economic package together & ready to go for one of the tallest, emptiest class A tower in the state a while ago. Maybe more to it but seems like a lot more should be happening in terms of economic development plans beyond a few renderings to spruce up the entrance floated originally.. Maybe a lot more happening behind the scenes then people willing to say but from what is reported it is doesn't seem like a whole lot
^ Interesting thought. I noticed this Stifel headline in PD but didn't think in terms of their future needs. They are putting up great numbers and revenues up 12% to 3.75 billion. I still think it is a great back office opportunity for any other major bank as well.
https://www.stltoday.com/business/local ... 4806f.html
https://www.stltoday.com/business/local ... 4806f.html
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I don't think this building is as hopeless as some posters on this message board seem to believe it is, but I still think we're at least a year or two away from hearing something real about it.
Two years from now, they will still have the same problem:KansasCitian wrote: ↑Jan 29, 2021I don't think this building is as hopeless as some posters on this message board seem to believe it is, but I still think we're at least a year or two away from hearing something real about it.
It's cheaper to erect a brand new, build-to-suit 150 to 300,000sf office building, with all the trendy bells and whistles, than it is to renovate this building just to make it competitive amongst the available space downtown for tenants of that size.
In other words, the current owner would need a very large tenant who isn't very demanding to commit to justify the cost of even a basic renovation. And a new owner will have the same problem, on top of the acquisition cost. Short of some federal government agency, I don't know who that tenant would be.
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So what do you think is going to become of this building? If it's functionally obsolete and the numbers don't justify renovation, what happens?
Will it be an eyesore for downtown St. Louis for decades, until the city has to demo it for safety reasons?
It's the same fate a solid number of other St. Louis buildings have faced.
Millennium Hotel is in the same boat.
Will it be an eyesore for downtown St. Louis for decades, until the city has to demo it for safety reasons?
It's the same fate a solid number of other St. Louis buildings have faced.
Millennium Hotel is in the same boat.
It sits. And you hope that surrounding development and investment eventually makes it an attractive bet for someone to try and execute a vision on. And you hope that that happens before it becomes too much of an eyesore and/or requires (or justifies) government demo intervention.KansasCitian wrote: ↑Jan 30, 2021So what do you think is going to become of this building? If it's functionally obsolete and the numbers don't justify renovation, what happens?
Will it be an eyesore for downtown St. Louis for decades, until the city has to demo it for safety reasons?
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The city and state should try to get spectrum to consolidate all st louis region offices / staff in this building.
Millennium should be bulldozed. This should be converted to other uses. There is alot of space that could be used for apartments, hotels, micro affordable units, small office spaces for start ups, etc.KansasCitian wrote:So what do you think is going to become of this building? If it's functionally obsolete and the numbers don't justify renovation, what happens?
Will it be an eyesore for downtown St. Louis for decades, until the city has to demo it for safety reasons?
It's the same fate a solid number of other St. Louis buildings have faced.
Millennium Hotel is in the same boat.
It would be a terrible shame to lose either One Bell Center or the Millennium. Both are defining features of the skyline and the cityscape would be diminished without them. The CBD has so many so many surface parking lots, and it’s not like there’s a pent-up demand for new towers to replace them. In my opinion, there should be no urgency to remove these two skyscrapers. I happen to love One Bell Center. I think it looks cool. I also love the Millennium- the last surviving round tower in the city (R.I.P. Rodeway Inn and Round Building on West Pine).
I find 909/AT&T to be an eyesore on the skyline more than anything else Downtown. It's ugly no matter which way I view it. But I would love to see it renovated and put back into use than just sitting there. Several avenues can be taken to get this redeveloped in some form, but I would think we're looking at least a decade on this.
As for Millennium, which is not on topic here, I could see that coming down 90%.
As for Millennium, which is not on topic here, I could see that coming down 90%.
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Agreed. I know 909 needs significant interior work, but it sounds like Millennium needs significant work all around, perhaps structurally too.chriss752 wrote:I find 909/AT&T to be an eyesore on the skyline more than anything else Downtown. It's ugly no matter which way I view it. But I would love to see it renovated and put back into use than just sitting there. Several avenues can be taken to get this redeveloped in some form, but I would think we're looking at least a decade on this.
As for Millennium, which is not on topic here, I could see that coming down 90%.
I would love to see a luxury hotel concept work here. Many large metros have a tall Ritz, Mandarin Oriental, or something of the sort atop the skyline. Maybe half residential and have luxury hotel component, and I'm talking like top of the luxury hotel scale.
We literally have a national park downtown, it's about time we cater to travelers in every style to capitalize on it.
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STL feels over weighted on the high end luxury side of things. I can’t see a third hotel doing well in STL. Friends and connections who have stayed at the Ritz were not impressed in past visits. However, aren’t they doing renovations? I just don’t see them looking for a different location.brianadler6545 wrote:Agreed. I know 909 needs significant interior work, but it sounds like Millennium needs significant work all around, perhaps structurally too.chriss752 wrote:I find 909/AT&T to be an eyesore on the skyline more than anything else Downtown. It's ugly no matter which way I view it. But I would love to see it renovated and put back into use than just sitting there. Several avenues can be taken to get this redeveloped in some form, but I would think we're looking at least a decade on this.
As for Millennium, which is not on topic here, I could see that coming down 90%.
I would love to see a luxury hotel concept work here. Many large metros have a tall Ritz, Mandarin Oriental, or something of the sort atop the skyline. Maybe half residential and have luxury hotel component, and I'm talking like top of the luxury hotel scale.
We literally have a national park downtown, it's about time we cater to travelers in every style to capitalize on it.
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