Dose any one know if work started today like I herd it would?Redbrickcity wrote:I talk to one of the engineers and some construction workers just outside the arcade buildings today and they are planning to start construction in about two weeks around July 1.
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Don't worry, it will get off the ground. These things take awhile. This is a giant building taking up half a block. It's no easy task.
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It has nothing to do with the size when it comes to the $. It's about the complexity of the tax creditsGateway City wrote:Don't worry, it will get off the ground. These things take awhile. This is a giant building taking up half a block. It's no easy task.
Side note. Heard from a friend that is an architect that his firm was offered to do the design and they did not want any part of it, said the building is a total mess
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Wasn't every single downtown building that has been rehabbed a complete mess? Heck some were barely standing. I don't understand the comment.
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I'll ask him to clarify when I see him this weekenddowntown2007 wrote:Wasn't every single downtown building that has been rehabbed a complete mess? Heck some were barely standing. I don't understand the comment.
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That's what I mean, though. The building is so huge and it's gonna be a pain in the ass to fix this thing up, and it's gonna cost a ton of money to do so! Getting all the tax credits they need has taken a long time. They need quite a bit.dbInSouthCity wrote:It has nothing to do with the size when it comes to the $. It's about the complexity of the tax creditsGateway City wrote:Don't worry, it will get off the ground. These things take awhile. This is a giant building taking up half a block. It's no easy task.
Side note. Heard from a friend that is an architect that his firm was offered to do the design and they did not want any part of it, said the building is a total mess
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and still not closed... but hopefully soon, again the the ownership/lender structure is very complicated and a lot of people involved.
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hmmm.... according to Steve's blog it looks like the issue of parking might be rearing its ugly head again. If Dominium is being required to have a parking space for each artist's unit that is just stupid and escalates costs. I suppose we'll see another parking garage pop up somewhere.
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City isn't requiring parking since the city zoning code has no parking requirements for downtown, must be the bank...which is common, cortex people are always complaining about how it's a pain to deal with getting loans because of needed parking that banks ask for
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Article about the Arcade now unlocked in the Biz Journal.
http://m.bizjournals.com/stlouis/print- ... tml?r=full
http://m.bizjournals.com/stlouis/print- ... tml?r=full
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Something isn't right there. Manage/own more then 21,000 apartments and revenue of only $14,900,000....that equals $709 of revenue per apartment per year!!! Or $60 a month per apartment. Maybe it's suppose to be $149,000,000 which would be $591 month per apartment. That makes more sensePrivate, for-profit company based 15 miles west of Minneapolis in Plymouth, Minnesota
Manages or owns more than 21,000 apartment units, two-thirds of which have an affordable housing component
Managing partners: Paul Sween,
Armand Brachman
Annual revenue of $14.9 million, according to a Dun & Bradstreet Inc. report
Ranked No. 5 in Apartment Finance Today’s top 50 affordable housing owners of 2013
If they manage a significant amount more than they own, then $14.9m is possible. I believe the fees that management companies charge are in the 3-7% range.dbInSouthCity wrote:Something isn't right there. Manage/own more then 21,000 apartments and revenue of only $14,900,000....that equals $709 of revenue per apartment per year!!! Or $60 a month per apartment. Maybe it's suppose to be $149,000,000 which would be $591 month per apartment. That makes more sensePrivate, for-profit company based 15 miles west of Minneapolis in Plymouth, Minnesota
Manages or owns more than 21,000 apartment units, two-thirds of which have an affordable housing component
Managing partners: Paul Sween,
Armand Brachman
Annual revenue of $14.9 million, according to a Dun & Bradstreet Inc. report
Ranked No. 5 in Apartment Finance Today’s top 50 affordable housing owners of 2013
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I agree with those who say we somehow need to get an increased higher ed presence in/near downtown. In Milwaukee, a 9 story hotel project halted construction during the recession and now the Milwaukee School of Engineering is completing it as residential for students and faculty with ground floor retail:
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The building has limited parking which hurt traditional redevelopment.... I love how MSOE is solving this challenge by utilizing its 750 space garage that is double-duties as an athletic deck for Viets Field.
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Anyway, we need more moves like Webster and SLU which not only bring more activity but also adaptive reuse potential.
The building has limited parking which hurt traditional redevelopment.... I love how MSOE is solving this challenge by utilizing its 750 space garage that is double-duties as an athletic deck for Viets Field.
Anyway, we need more moves like Webster and SLU which not only bring more activity but also adaptive reuse potential.
Sweet and finally! Now on to the Chemical... If we can get these 2 going w/ the OPO tower and remove the NLEC within a 3 month window it will be a HUGE play for residential prospects downtown
I was wondering why I heard construction noise coming from the building early this morning as I walked by.
I was excited to see/hear it and was hoping it wasn't just more boarding up of the street level storefronts, but that work had officially begun. Good news
I was excited to see/hear it and was hoping it wasn't just more boarding up of the street level storefronts, but that work had officially begun. Good news
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Hopefully the Chemical Building will get knocked off quickly and the focus of the next wave of redevelopment can march on down Olive.... Lasalle, Mercantile and RRX buildings all need a lot of love.
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Awesome news! I've been waiting for this for 12 years.dbInSouthCity wrote:The deal has finally closed.
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press conference on Monday
http://www.bizjournals.com/stlouis/news ... egins.html
So I wonder what's next major building to begin construction.... the OPUS tower? Missouri Theater Building?
http://www.bizjournals.com/stlouis/news ... egins.html
So I wonder what's next major building to begin construction.... the OPUS tower? Missouri Theater Building?
It'd be great to see Left Bank move into the Arcade. They have a built in clientele with the Webster outpost. Downtown REALLY needs a bookstore. This is some of the most visible retail in around. And OPOP could really use some retail infill.
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^ I believe the plan is for an art museum at Olive & 8th corner and a café at Pine & 8th corner.... those appear to be the only two semi-public spots. Of course there's plenty of other opportunities in the area... Chemical has a lot of space fronting OPO.
^So does that mean that Webster is taking all of the ground floor street facing retail from along Olive, down 8th, and along Pine? I know the museum is there's, I'm guessing the cafe is too (please correct me if I'm wrong).
If so, that's great for Dominion and I'm sure it helped get the deal done. But it'd be good if there were at least a few thousand square feet of available retail space to mix it up with non-Webster offerings. Webster has a 20 year lease. Hopefully in the next 5-10 downtown retail demand picks up to where that space would be profitably leasable to smaller businesses and entrepreneurs.
If so, that's great for Dominion and I'm sure it helped get the deal done. But it'd be good if there were at least a few thousand square feet of available retail space to mix it up with non-Webster offerings. Webster has a 20 year lease. Hopefully in the next 5-10 downtown retail demand picks up to where that space would be profitably leasable to smaller businesses and entrepreneurs.