Lol, are you serious? The lack of growth is because we have abandoned half the city. Investing in outside the central corridor will only spur not only city growth but regional growth.chris fuller wrote: ↑Sep 18, 2021And the new focus of the mayor's office on development outside the central corridor adds to the risk.
https://www.ksdk.com/article/news/local/business-journal/att-tower-why-buyers-walking-away/63-beb9d7d1-3337-4d03-bb2c-ae3eb8457ae2
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But not south STL, correct?dbInSouthCity wrote: ↑Sep 18, 2021Lol, are you serious? The lack of growth is because we have abandoned half the city. Investing in outside the central corridor will only spur not only city growth but regional growth.chris fuller wrote: ↑Sep 18, 2021And the new focus of the mayor's office on development outside the central corridor adds to the risk.
https://www.ksdk.com/article/news/local/business-journal/att-tower-why-buyers-walking-away/63-beb9d7d1-3337-4d03-bb2c-ae3eb8457ae2
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Correct, outside of DutchtownwhitherSTL wrote: ↑Sep 18, 2021But not south STL, correct?dbInSouthCity wrote: ↑Sep 18, 2021Lol, are you serious? The lack of growth is because we have abandoned half the city. Investing in outside the central corridor will only spur not only city growth but regional growth.chris fuller wrote: ↑Sep 18, 2021And the new focus of the mayor's office on development outside the central corridor adds to the risk.
https://www.ksdk.com/article/news/local/business-journal/att-tower-why-buyers-walking-away/63-beb9d7d1-3337-4d03-bb2c-ae3eb8457ae2
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Correct. Investment has been disproportionately spread thorughout the wealthiest neighborhoods in STL city for years. Would that be a problem for you?whitherSTL wrote: ↑Sep 18, 2021So African-American neighborhoods only, correct
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I haven’t looked at the demographics of any of the neighborhoods, just data on investment, income, household mobility and poverty
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Cities with empty offices see new room to expand housing
After Covid, New York and other cities are weighing whether to convert empty office buildings into affordable housing.
https://www.politico.com/news/2021/11/11/new-york-shrinking-offices-housing-520318
After Covid, New York and other cities are weighing whether to convert empty office buildings into affordable housing.
https://www.politico.com/news/2021/11/11/new-york-shrinking-offices-housing-520318
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It would be interesting to see this used as institutional housing for the universities and hospitals along the metro line.
Can be used as a mega dorm, temp housing for prospective students or parents, even event and meeting space on top floors. If SLU, WashU, and UMSL can find a way to use 5-7 floors each we are most of the way there. Give another few floors to BJC, College of Pharmacy, Webster, and whatever downtown or Clayton company that can use workforce housing for temp contractors and boom we have a full tower.
Can be used as a mega dorm, temp housing for prospective students or parents, even event and meeting space on top floors. If SLU, WashU, and UMSL can find a way to use 5-7 floors each we are most of the way there. Give another few floors to BJC, College of Pharmacy, Webster, and whatever downtown or Clayton company that can use workforce housing for temp contractors and boom we have a full tower.
I forgot who said but I read an interview online in which the first floors could be parking space the rest hotel, apartments and an observatory like the Sears Tower in Chicago.
Also Its been weeks but also read that if the city was able to find a way to help sell the building for $1.2M instead of the $5M it would sell quick.
Who knows! But it needs to get develop asap.
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Also Its been weeks but also read that if the city was able to find a way to help sell the building for $1.2M instead of the $5M it would sell quick.
Who knows! But it needs to get develop asap.
Sent from my iPhone using Tapatalk
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Maybe I missed it somewhere, but what are the "basic amenities" the tower is missing? I assume they don't mean hot and cold running water, electricity, networking, etc.
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I would think when it comes to projects the size of this, the difference between 5m and 1.2m is pretty negligible
Thats what the guy said. Let me see if I can could find it on youtube.GoHarvOrGoHome wrote:I would think when it comes to projects the size of this, the difference between 5m and 1.2m is pretty negligible
Sent from my iPhone using Tapatalk
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So far we’ve come….
“In 2006 Inland American Real Estate Trust, a subsidiary of the Inland Real Estate Group in Chicago bought the building for $205 million. AT&T then signed a 10-year lease to be the sole tenant.”
https://en.m.wikipedia.org/wiki/909_Chestnut_Street
“In 2006 Inland American Real Estate Trust, a subsidiary of the Inland Real Estate Group in Chicago bought the building for $205 million. AT&T then signed a 10-year lease to be the sole tenant.”
https://en.m.wikipedia.org/wiki/909_Chestnut_Street
^Yep. Amazing. I always think about that ~$200m number from 2006 any time in recent years when I hear the current numbers getting kicked around that are pennies on the dollar.
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ATT was probably paying about $25m a year for it’s 2007-2017 lease or $250m
Stl Mag - 5 creative alternatives for the AT&T building
https://www.stlmag.com/news/5-creative- ... -building/
https://www.stlmag.com/news/5-creative- ... -building/
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I understand the article is tongue in cheek, but high square footage entertainment should certainly be considered in combination with hotel/office/residential as a way to gobble up a few floors.
Maybe figure out a way to lease out floors to as a museum incubator of sorts. Imagine a ten story museum in the heart of downtown, great views in all directions, and a variety of ideas represented on each floor. One floor could be classical art, another could be natural history, another could be something niche like urban renewal. Even random cool things like craft beer or coffee. A ticket gets you entry into all of the museums and is split between all of them equally. Then if a museum grows enough or attracts enough donors they could eventually move into their own space somewhere else in the city, the next year a new museum is born and takes its place.
Maybe figure out a way to lease out floors to as a museum incubator of sorts. Imagine a ten story museum in the heart of downtown, great views in all directions, and a variety of ideas represented on each floor. One floor could be classical art, another could be natural history, another could be something niche like urban renewal. Even random cool things like craft beer or coffee. A ticket gets you entry into all of the museums and is split between all of them equally. Then if a museum grows enough or attracts enough donors they could eventually move into their own space somewhere else in the city, the next year a new museum is born and takes its place.
^ Interesting idea.
I am at the believe at this point that the city will need to put together a targeted incentive package around affordable housing and some kind of parking (money to convert lower floors, buy space & reconnect bridge or even underground parking under gateway mall) that a developer will be comfortable enough to get to a purchase on the tower. At this time it is clear in the post covid world that 909 Chestnut will need to be multiuse and a big part of it will be housing & hotel rooms. it might be controversial for the city and probable not get past the aldermen but second round of restore funds coming is the bucket that city could dip into. I just don't see anyone or banks willing to take a risk on that much space.
I am at the believe at this point that the city will need to put together a targeted incentive package around affordable housing and some kind of parking (money to convert lower floors, buy space & reconnect bridge or even underground parking under gateway mall) that a developer will be comfortable enough to get to a purchase on the tower. At this time it is clear in the post covid world that 909 Chestnut will need to be multiuse and a big part of it will be housing & hotel rooms. it might be controversial for the city and probable not get past the aldermen but second round of restore funds coming is the bucket that city could dip into. I just don't see anyone or banks willing to take a risk on that much space.
Build parking below ground in the gateway mall. Serra sculpture easy to move. Finish the City Garden concept on top all the way to Civil Courts Bldg. Parking for 909 and other needs within blocks (Busch, Enterprise, Opera House, Courts & City Hall). City could then sell lot at 14th and Clark and Enterprise garage could be demo'd for Enterprise Center facilities expansion.
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That was easy to type out but it’s impossible to make work. Below ground parking runs at about $40,000-50,000 per spot. Why would anyone spend $112,500,000 on 2500 spots (less than half the buildings capacity) + another $100,000,000 to renovate the building when they can build a new tower in its place for $150m with 7 floors of parkingSTLinCHI wrote: ↑Dec 29, 2021Build parking below ground in the gateway mall. Serra sculpture easy to move. Finish the City Garden concept on top all the way to Civil Courts Bldg. Parking for 909 and other needs within blocks (Busch, Enterprise, Opera House, Courts & City Hall). City could then sell lot at 14th and Clark and Enterprise garage could be demo'd for Enterprise Center facilities expansion.
If cost is this high, obviously not happening. Makes one wonder how such a garage was ever spec'd as part of the soccer stadium development south of Market street...dbInSouthCity wrote: ↑Dec 29, 2021That was easy to type out but it’s impossible to make work. Below ground parking runs at about $40,000-50,000 per spot. Why would anyone spend $112,500,000 on 2500 spots (less than half the buildings capacity) + another $100,000,000 to renovate the building when they can build a new tower in its place for $150m with 7 floors of parkingSTLinCHI wrote: ↑Dec 29, 2021Build parking below ground in the gateway mall. Serra sculpture easy to move. Finish the City Garden concept on top all the way to Civil Courts Bldg. Parking for 909 and other needs within blocks (Busch, Enterprise, Opera House, Courts & City Hall). City could then sell lot at 14th and Clark and Enterprise garage could be demo'd for Enterprise Center facilities expansion.
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Apples and oranges - the soccer development parking would have been able to take advantage of a site that already was sunk below the street level on either side thanks to the prior ghost interstate ramps. It would have been less "below ground" and more just "ground level" with the practice fields built on top. Less digging down and more just moving earth around a much larger site.
Underground parking costs roughly $60 per square foot for the first level and 80 per square foot for all additional levels.
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@STLinCHI has the right idea here. The biggest problem for 909 Chestnut is parking. It used to be serviced by the AT&T garage 2 blocks west. However, since AT&T moved out, and since those skybridges were torn down, there's no parking at 909 except for a few underground. I wish they could have built parking under what's now the City Garden, and definitely under the Serra Sculpture block. If that's not an option, then here's one that works.
1. Buy the Mark Twain Hotel, on the other side of Pine from 909 Chestnut.
2. Shutter it. Mostly a dilapidated long-term stay for transients these days anyways (FYI A search for registered sex offenders at this address is ridiculous). The damn thing's a liability to rehabbing 909 Chestnut as it is.
3. Tear it down. Again, not that big a historic loss in its current condition. Half that block is already cleared for parking as it is.
4. Build a parking garage on it with ground level retail, including restaurant spaces. Yeah, I know, people are against any and all parking garages. I don't like them, either. Still, they're necessary - broadly speaking for this city/metro area, and directly for the immediate and outstanding needs of 909 Chestnut.
Solve parking, and the rest of this redevelopment will follow. I say keep it an office building, just renovate it so it can be multi-tenant. With all the excess fiber optic connectivity under that site, it could be quite attractive to all the new technology companies in the area.
1. Buy the Mark Twain Hotel, on the other side of Pine from 909 Chestnut.
2. Shutter it. Mostly a dilapidated long-term stay for transients these days anyways (FYI A search for registered sex offenders at this address is ridiculous). The damn thing's a liability to rehabbing 909 Chestnut as it is.
3. Tear it down. Again, not that big a historic loss in its current condition. Half that block is already cleared for parking as it is.
4. Build a parking garage on it with ground level retail, including restaurant spaces. Yeah, I know, people are against any and all parking garages. I don't like them, either. Still, they're necessary - broadly speaking for this city/metro area, and directly for the immediate and outstanding needs of 909 Chestnut.
Solve parking, and the rest of this redevelopment will follow. I say keep it an office building, just renovate it so it can be multi-tenant. With all the excess fiber optic connectivity under that site, it could be quite attractive to all the new technology companies in the area.