909 Chestnut - Former Southwestern Bell/SBC/AT&T Tower

dredger · PostDec 12, 2023#9512023-12-12T22:01+00:00

dbInSouthCity wrote: ↑
Dec 12, 2023
^ city cannot do that when it has 20,000 vacant buildings on its rolls that need the same thing. It would be political suicide for any elected official to propose it. Now Greater StL Inc for profit real estate arm would make much for sense

You can make the case that any undertaking by the city has serious political undertakings but you can say the same for Greater Stl. Inc. in mind. What I would argue is that a vibrant downtown is the underpinning of a successful city so a target investment in the largest building around and maybe, just maybe you start getting growth to the point where some of those 20,000 zombie properties and lots start gaining value.

In same breath, I like your idea of Greater Stl Inc. as it would better for a few reasons starting with less cumbersome red tape/political agendas on any decision after the city were to purchase it but also trying to understand the mechanics. I believe Greater Stl Inc is buy in or incorporates more politic entities then just city itself so therefore you have different political pushback and consequences. Heck, a few of us thought the County approach to Convention Expansion was definitely hurtful to the city and region as a whole. However, understand that Greater Stl Inc has a private investment arm so see where they could buy 909 free of some of the politics aside, which is a huge plus. .

GoHarvOrGoHome · PostDec 13, 2023#9522023-12-13T02:22+00:00

If GSLINC was to rehab a property, I would argue that Railway Exchange would be a better move when it comes to restoring Downtown. Both take up a full block, but RX and it's associated abandoned garage is an absolute black hole in the center of the CBD. Plus, as a reactivated building it would have a fantastic street presence on all four sides.

dredger · PostDec 13, 2023#9532023-12-13T18:22+00:00

^ think you would be good either way but a valid point of not only location but Railway Exchange would be subject to demo a lot sooner if something doesn't happen soon... and believe some big empty lots in downtown is the last thing the city should let happen But at this point I think both properties will eventually will require some type of public private partnership beyond incentives to fill them again

robertn42 · PostDec 13, 2023#9542023-12-13T20:15+00:00

I know there are arguments for a lot of other uses, but I would love to see the Rams money used as a catalyst to facilitate rehab and activation of these remaining significant properties downtown.

STLEnginerd · PostDec 13, 2023#9552023-12-13T22:50+00:00

robertn42 wrote: ↑
Dec 13, 2023
I know there are arguments for a lot of other uses, but I would love to see the Rams money used as a catalyst to facilitate rehab and activation of these remaining significant properties downtown.

The one advantage to this approach is by and large you should get most of the money back at the end and may actually make a profit. Similar to how the feds back stopped the insurance and auto industries in 2008.

There is a case for it but the city seems to often get out maneuvered and taken advantage of by developers who make money with minimal risk. The way we hand out tax abatements comes to mind. That said if the city had a judicious way to ensure they were getting the best possible deal for the tax payer, there would be worse ways to use the money.

NHampton · PostJan 13, 2024#9562024-01-13T12:24+00:00

https://www.bizjournals.com/stlouis/new ... ce=twitter

"The 1.46 million-square-foot skyscraper received at least one bid in the auction, but it is not known if that bid was accepted or met the reserve price, said two people familiar with the matter, including a spokeswoman speaking for city officials at the agencies that would typically be involved in major redevelopment projects, the St. Louis Development Corp. and the Land Clearance for Redevelopment Authority. The agencies had no other details, the spokeswoman said. ... The listing was taken down immediately after the auction time frame ended. Past Ten-X auctions of St. Louis buildings have kept the auction listing online after it ends, displaying whether the reserve on the property was met."

Sent from my Pixel 6a using Tapatalk

EssTeeEll · PostJan 16, 2024#9572024-01-16T16:42+00:00

So...good for now? Again? Until it's not? Lol.

moorlander · PostFeb 12, 2024#9582024-02-12T15:01+00:00

It could be worse. Check out these high rises in Los Angeles

https://x.com/marionawfal/status/175657 ... KjVjNb_Kng

DogtownBnR · PostFeb 13, 2024#9592024-02-13T12:39+00:00

^Probably a matter of time.... They always find a way to get in.

framer · PostFeb 13, 2024#9602024-02-13T13:38+00:00

Yeah, now that it's gone viral, the copycats are sure to follow.

stlnative · PostFeb 13, 2024#9612024-02-13T18:25+00:00

At least there aren't many balconies for them to climb out on

dredger · PostFeb 13, 2024#9622024-02-13T18:51+00:00

moorlander wrote: ↑
Feb 12, 2024
It could be worse. Check out these high rises in Los Angeles

https://x.com/marionawfal/status/175657 ... KjVjNb_Kng

Wow, I was nearby at LA Live for an annual contractor's event in early January and noticed some of the graffiti on those high rises but it wasn't nearly as bad as that.

As Stlnative noted, all those balconies probably make it a lot easier. Tough to see it happening to 909 Chestnut. By the way, anyone have a clue or any info from the last auction. I assume who ever did submit a bid pretty much low balled it.

airforceguy1 · PostApr 08, 2024#9632024-04-08T16:32+00:00

Long-vacant AT&T Tower in downtown St. Louis sells

A Boston company has purchased AT&T Tower, according to people familiar with the matter.
New York-based development firm SomeraRoad last week sold the vacant 44-story tower, at 909 Chestnut St., to an entity tied to Goldman Group of Boston, they said. Charles Goldman is its managing partner.

The city of St. Louis didn't yet have record of the sale. Goldman Group didn't immediately respond to a request for comment. Nor did a spokeswoman for the city's development agency, St. Louis Development Corp.
A broker representing SomeraRoad, Matt Bukhshtaber of CBRE, said it's "exciting for the city to have a redeveloper come in with a new plan."
SomeraRoad held an auction for the property in December, but it wasn't clear early this year if it had sold.
The skyscraper, built in 1986 as Southwestern Bell’s world headquarters, has been vacant since 2017, when its sole longtime tenant AT&T consolidated its employees to a downtown building next door. The property, which was sold by AT&T for $204.5 million in 2006, went into a system for distressed loans after AT&T exited its lease. The property had been offered for auction several times in the years since, but none of those auctions were completed.
SomeraRoad bought the building in 2022 for $4 million, and later that year, successfully placed it on the National Register of Historic Places, which would make it eligible for historic tax credits for any redevelopment project.
St. Louis-based developer Advantes Group had been under contract to purchase the building with a plan to buy it by January 2024 for a $350 million “vertical city” redevelopment that would create condos, apartments, a 300-room hotel, modern office space and retail in a project called The Beacon on Chestnut. Advantes in August said it was still pursuing the project, even as reports surfaced that it no longer had the project under contract.

The building's new owner, Goldman Group, describes itself as a developer with more than 80 years of experience. Its website features projects in the Northeast, including the redevelopment of the Olde Federal Building in Augusta, Maine.
The tower represents just one of several massive vacant properties downtown.
Others include the Railway Exchange, the old Municipal Courts Building, the Chemical Building, Jefferson Arms and Millennium Hotel. A redevelopment plan exists for Chemical, and a redo of Jefferson Arms has made progress. City officials are eyeing eminent domain for the Millennium.

https://www.bizjournals.com/stlouis/news/2024/04/08/long-vacant-at-t-tower-sells.html

NHampton · PostApr 08, 2024#9642024-04-08T17:21+00:00

I hope it's something, but the purchaser's website is not encouraging. The portfolio shows nothing approaching this scale, and nothing outside of the Northeast.
https://www.thegoldmangroup.com/portfolio

RockChalkSTL · PostApr 08, 2024#9652024-04-08T19:17+00:00

It will sell again in 18 months.

DogtownBnR · PostApr 08, 2024#9662024-04-08T20:06+00:00

Could it be possible that they would team up with some of the local developers that had interest in the property in the past?

dbInSouthCity · PostApr 08, 2024#9672024-04-08T23:02+00:00

https://x.com/beganovic2024/status/1777 ... 33205?s=46

Chris Stritzel · PostApr 10, 2024#9682024-04-10T13:47+00:00

I’ve been informed that the developer has some strange ideas for this. I’m guessing there will be some housing along with “vertical farming”’and an entertainment component. We’ll see soon enough.

addxb2 · PostApr 10, 2024#9692024-04-10T14:02+00:00

Specifically, cannabis farming and entertainment.

TheWayoftheArch_V2.0 · PostApr 10, 2024#9702024-04-10T14:42+00:00

Wild. But I won’t scoff just yet.

Debaliviere91 · PostApr 10, 2024#9712024-04-10T14:55+00:00

I’m scoffing because this seems less realistic than any of the other failed proposals on this building. How does vertical farming help the vibrancy of our Downtown?

dbInSouthCity · PostApr 10, 2024#9722024-04-10T15:39+00:00

I got a call with the managing partner of the firm either tomorrow or Friday.

dredger · PostApr 10, 2024#9732024-04-10T17:16+00:00

Would love to see the concept residential with vertical farming. The high intensity vertical farming suggests that everything is still enclosed (maximize all factors including climate control to maximize output) but picturing the idea of say a couple ground floor stories of commercial/entertain/fitness center with 5 floors residential with 5 floors of greenery, open to environment, stacked on top of each other as you go upwards. Mix in a 20th floor public pocket park/city garden extension and top it off with rooftop bar/residential amenities.

In other words, something you might pictured and or should say rendered in American Society Civil Engineering, ASCE, city of the future series.

addxb2 · PostApr 10, 2024#9742024-04-10T17:30+00:00

addxb2 wrote:Specifically, cannabis farming and entertainment.

I know nothing. A morning commute joke.

GoHarvOrGoHome · PostApr 10, 2024#9752024-04-10T23:11+00:00

Is there any precedent for skyscrapers being adapted into vertical farms in the US or even the world? I know the idea has been kicked around a bit but after a quick Google I couldn't find anything. This could be truly innovative if it happens. Would definitely get national buzz for STL.

Vertical farming is a tough business because it's hard to get the unit costs low enough to justify building vertically, but this building already exists and can be had for a penny on the dollar. Not sure if it would be great for downtown overall, but interested in hearing more.

909 Chestnut - Former Southwestern Bell/SBC/AT&T Tower

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