The problem we have as pro-urban citizens is that we are constantly relying upon others to save buildings such as these. For example:
downtown2007 wrote:They can make anything happen with that building if they really want to.
Who’s “they”? Are “we” a part of “they”?
Recent postings have made note that market forces are the predominant factor in real estate development, because real estate development is a business. While we pretty much all are in favor of buildings such as these being preserved, redeveloped, and constructively reused, it comes down to finding someone with the money to do so.
A prospective developer must be convinced that there is an economic benefit to rehabbing these properties strong enough to convince them that such a rehab is worth the risks of their capital, and that the values in such preservation-based rehab outweighs the opportunity costs from demolishment in favor of a less-urban design. This would have to tap into civic altruism as part of the convincing, as well as presenting a convincing argument into why such an expensive rehab should be the preferred economic argument for their long-term business plans. And if we don’t have the money to do so ourselves, then we should be presenting these potential developers with the counter-case in favor of preservation and constructive redevelopment.
Present case: It remains possible that all three buildings could be combined into a single development, such as for an hotelier. 917 can act as the main hotel, with rooms all the way up to the top; if demand is strong enough, the top floor of the 917 could be a great penthouse suite. The lobby is based in 917 but extends into 921, with curbside pickup in front of both doors. The upper floors of 921 serve other hotel-related functions, which can include the hotelier’s offices, meeting space, guest gym, computer rooms, a proper dining room, even a swimming pool and deck on the roof. 923 would become the hotel’s bar and restaurant. It already has been gutted to serve as one, and hopefully it still can. Combined, these three buildings could feasibly work together.
What we don’t know is how much such a development would cost.
Related is that we also don’t know the levels of decay in these buildings, and whether or not a rehab like this is cost-feasible.
For years, these properties sat waiting for something to happen while nothing did. During this time, the old developers did nothing because they lost their asses in failed ventures. Same time, no one came up to buy these properties off their hands, not inspired enough to want to buy these buildings out from them to complete some iteration of their plans for a hotel here. Now there’s a new owner who bought these at fire sale prices… but what would make them want to recognize a great design when they’ll likely settle for just a profitable one?
Politicians are of little good here. They’re too weak, indifferent, or ineffective. They speak out of both sides of their mouths, one side wanting to see new business and development however they can, and the other towards cultural values of historic preservation and urban rebirth. They have to be on both sides of the plate here, or else they’ll fear they’re siding too strongly with one over the other. And when they do talk, it’s usually full of bureaucratic nonsense. To save these buildings, we mustn’t rely on the public sector.
What about us? Our main, collective intention is to see these buildings constructively rehabilitated into new, productive use that minimizes demolition while maximizing both a return of business to the investor and the growth of new businesses in Downtown STL…
Therefore: Can someone create a pitch for how these buildings should be viably & reasonably rehabbed into a profitable new business? Can this be done with some understanding of the costs of rehab and a little knowledge of how much restoration must take place? And, can this be done in a way that can convince all parties involved, directly and indirectly, that this approach is the best one for the developer, the City as a government, and the citizenry of STL?
Otherwise, we’re gonna need one of us to step up with a few million dollars to save these buildings.
The Big Or: That a new development comes along that replaces 921 and 923 with buildings better than what are there now. Everyone wins here. And we have no idea if this is an active possibility for the NE corner of 10th and Locust.
