urbanSTL

The Central Scrutinizer wrote:

jlblues wrote:

Doug wrote:Once the recession ends someone else will continue these projects. They are still in demand. The problem is people can't get loans to buy a unit, thus banks aren't going to issue loans for redevelopment. Once the money market enters a better position that will all change.

Yes, but whose fault is it? It must be somebody's fault?!?

Suburban white people.

It's my fault.

So, I guess this project is on hold?

^Ahem, well...that's one way to put it.

How would you feel about the Roberts brothers purchasing the Arcade???

At least one other downtown developer said he had been approached about former Pyramid projects.



"We'd be interested in all of them, especially anything near one of the projects we are developing," said Steve Roberts, a principal in St. Louis-based Roberts Cos. "But we haven't seen any paperwork yet. It's all about the numbers."

SOURCE

I'd like somebody to continue the renovation, but only if the Roberts Brothers can afford to do it. I don't want them going belly up also.



And in the current market it may be best to let the building sit until the market's back up, otherwise all the homes on the market will help drive down the price, especially with the downturn in the economy.



I like someone to renovate it, but only if it makes sense right now. Otherwise they'd might as well wait for the market to go back up before renovating it.

STLCardsBlues1989 wrote:I'd like somebody to continue the renovation, but only if the Roberts Brothers can afford to do it. I don't want them going belly up also.

Yeah, that's a good one...



I would bet a good amount of money that either the Roberts Brothers or Loftworks/Sherman will buy this building, if it isn't all tied up in litigation. It makes too much sense for them not to, given their level of investment in the surrounding blocks. And I would imagine they will be able to get it for a pretty good price. Even if they do though, I don't expect much to happen with the Arcade for the next year or so.

I didn't figure the Roberts brothers would go belly up.



But I don't want them buying up this property if it doesn't make good sense. I want to see it renovated into something, just as long as it doesn't hurt the market too much to have so many homes on the market.



Although if they do decide to buy and renovate it, it sounds like the condos/lofts wouldn't be ready until the market (hopefully) goes back up.



And is this going to be a hotel? Because that doesn't make sense to me since (what I've read a while back) apparently The Renaissance is having a hard time as it is. It seems like another hotel would stretch the market further.

global warming

STL63101 wrote:As I walked by the Arcade building today, I noticed they were taking down thw buckhoist off the side of the building. Never a good sign.

The buck hoist belongs to Environmental Operations, not Pyramid. Without Pyramid, they don't have a contract, so it's not surprising that they'd pull expensive equipment from the site.

Based on what I have read in the media the past couple of weeks, it sounds like the Roberts Brothers may be interested in the Arcade if the financial numbers look right. Does anyone know any more about this?

Terms I've learned from UrbanStl:



1. Caissons

2. Buck Hoist



Keep 'em coming.

are they still actively working on this building? looked around last night its looking pretty scarce.

Lets see the Roberts finish what they have already started before anything new goes on their plate (Tower, JS building, 900 block of Locust development). I would hate to see another Pyramid type collapse happen.

JMedwick wrote:While I would be happy to see the Roberts take this project on to see that it gets done, given the lack of leasing for their ground floor space in the Board of Ed Building, I am hesitant to have them take over what should be the premier downtown shopping building.

And what would they call it? The "Roberts Arcade" is already under development on Washington.

^Good question! That's a stumper.

^I'd much rather have a shortage of development names than a surplus. I don't care who the developer is.

According to the Arcade web site, over 30 units had been reserved - I would think that would provide a nice head start to whichever developer decides to take over the project. Hope we hear something soon...

Yeah, but I bet a lot of those reservations will back out now.

I don't take it as a good sign that the Paul Brown leasing office is now located in what was previously the Arcade's sales office.

Correct. The sales staff for the Arcade has been displaced for several weeks. Appears that only the Paul Brown leasing staff is left in the space. They too, are nervous about the future.