Construction was highlighted in a recent Biz Journal (sub only) and is going well.... on target for a December completion. I assume apartment leasing will begin summer or fall and move-ins would begin upon completion; hopefully Webster will start with classes with the January term.
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^ Looks great! I hope those market rate units go like hotcakes. I'm pretty sure the subsidized ones will.
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nice! i just hope those floors aren't linoleum.
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Nice Fox2 look at the Arcade-Wright featuring the completin of the first apartment...
http://fox2now.com/2015/06/04/first-apa ... -building/
http://fox2now.com/2015/06/04/first-apa ... -building/
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Not sure if anyone saw early sunday morning that the top far right of the Arcade building was illuminated. This building is going to be stunning once completely. Certainly a hidden gem within downtown. Hopefully this same company will show interest in the Chemical building.
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The floors will not be linoleum.urban_dilettante wrote:nice! i just hope those floors aren't linoleum.
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John Coctostan wrote:The floors will not be linoleum.urban_dilettante wrote:nice! i just hope those floors aren't linoleum.
awesome! thanks, John.- 64
Having worked with Dominium on several deals, they would 100% consider it if someone brought it to them. Having said that, I was under the impression the Chemical had been recently sold by Landwhite. To whom, I have no idea. The whole Chemical Building situation has been an odd one.St.Louis1764 wrote:Not sure if anyone saw early sunday morning that the top far right of the Arcade building was illuminated. This building is going to be stunning once completely. Certainly a hidden gem within downtown. Hopefully this same company will show interest in the Chemical building.
Regarding Jefferson Arms, I think every STL developer (and a handful of out of town developers) has done their due diligence on the J.A. I have zero hope for that building.
At least last time I checked they weren't supposed to be. Hopefully that is still the caseurban_dilettante wrote:The floors will not be linoleum.urban_dilettante wrote:nice! i just hope those floors aren't linoleum.
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what's the main hurdle? size? extent of disrepair? in your opinion, is it more or less doable than the Railway Exchange?John Coctostan wrote:Regarding Jefferson Arms, I think every STL developer (and a handful of out of town developers) have done their due diligence on the J.A. I have zero hope for that building.
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From my experience, the problem with Jefferson Arms has been that any developer that tackles it will undoubtedly want/need multiple sources of financing on it. The twinning of credits (HTC plus state and/or federal LIHTC or HTC plus NMTC) is a crucial component yet no one has found any luck accomplishing this as of yet. Not on this building anyway.urban_dilettante wrote:what's the main hurdle? size? extent of disrepair? in your opinion, is it more or less doable than the Railway Exchange?John Coctostan wrote:Regarding Jefferson Arms, I think every STL developer (and a handful of out of town developers) have done their due diligence on the J.A. I have zero hope for that building.
I'm not sure how it stacks up to the Railway. Some projects are more "doable" just because a certain developer falls in love with the building.
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^ Thanks, John, but I still am not clear on why you think it has little chance if it isn't a structural issue.... Arcade-Wright needed the same help with just about every conceivable tax credit and I hope we can replicate that again. As the number of large "ghost buildings" dwindle, it would seem to me that putting multiple credits and other sources of funding to target the remaining ones will be even easier.
Also, for Chemical, do you think there is any truth to the theory that parking challenges have been a tough one to overcome?
Also, for Chemical, do you think there is any truth to the theory that parking challenges have been a tough one to overcome?
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I have heard positive developments on the JA front recently. I will follow up with my sources.John Coctostan wrote:Having worked with Dominium on several deals, they would 100% consider it if someone brought it to them. Having said that, I was under the impression the Chemical had been recently sold by Landwhite. To whom, I have no idea. The whole Chemical Building situation has been an odd one.St.Louis1764 wrote:Not sure if anyone saw early sunday morning that the top far right of the Arcade building was illuminated. This building is going to be stunning once completely. Certainly a hidden gem within downtown. Hopefully this same company will show interest in the Chemical building.
Regarding Jefferson Arms, I think every STL developer (and a handful of out of town developers) has done their due diligence on the J.A. I have zero hope for that building.
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I hear ya. To be honest, I'm not entirely sure why it remains vacant. I think it's just because I've seen so many developer take a stab at it only to walk away in the end. I shouldn't have said I believed there was zero chance it would be redeveloped. That was hyperbole.roger wyoming II wrote:^ Thanks, John, but I still am not clear on why you think it has little chance if it isn't a structural issue.... Arcade-Wright needed the same help with just about every conceivable tax credit and I hope we can replicate that again. As the number of large "ghost buildings" dwindle, it would seem to me that putting multiple credits and other sources of funding to target the remaining ones will be even easier.
Also, for Chemical, do you think there is any truth to the theory that parking challenges have been a tough one to overcome?
However, state LIHTCs are a very political process and the DED has been slow-playing the HTC program for 2 years now. The timing at DED has now doubled from placed in service to issuance of the state HTCs. This has been a complete turn off to most developers and has hindered some development lately.
The Arcade closing (technically two closings: an HTC/LIHTC closing and an HTC/NMTC closing) was incredible. So many moving parts and definitely a lawyer's dream!
Regarding parking for Chemical: I heard that was an issue but wasn't a deal breaker and that they had resolved some, if not all, of the parking issues.
If I were a betting man, I'd guess Chemical would get rehabbed before Jefferson Arms.
Yes, please do! I'd love for the J.A. to come back to life!downtown2007 wrote:I have heard positive developments on the JA front recently. I will follow up with my sources.John Coctostan wrote:Having worked with Dominium on several deals, they would 100% consider it if someone brought it to them. Having said that, I was under the impression the Chemical had been recently sold by Landwhite. To whom, I have no idea. The whole Chemical Building situation has been an odd one.St.Louis1764 wrote:Not sure if anyone saw early sunday morning that the top far right of the Arcade building was illuminated. This building is going to be stunning once completely. Certainly a hidden gem within downtown. Hopefully this same company will show interest in the Chemical building.
Regarding Jefferson Arms, I think every STL developer (and a handful of out of town developers) has done their due diligence on the J.A. I have zero hope for that building.
John Coctostan wrote:I hear ya. To be honest, I'm not entirely sure why it remains vacant. I think it's just because I've seen so many developer take a stab at it only to walk away in the end. I shouldn't have said I believed there was zero chance it would be redeveloped. That was hyperbole.roger wyoming II wrote:^ Thanks, John, but I still am not clear on why you think it has little chance if it isn't a structural issue.... Arcade-Wright needed the same help with just about every conceivable tax credit and I hope we can replicate that again. As the number of large "ghost buildings" dwindle, it would seem to me that putting multiple credits and other sources of funding to target the remaining ones will be even easier.
Also, for Chemical, do you think there is any truth to the theory that parking challenges have been a tough one to overcome?
However, state LIHTCs are a very political process and the DED has been slow-playing the HTC program for 2 years now. The timing at DED has now doubled from placed in service to issuance of the state HTCs. This has been a complete turn off to most developers and has hindered some development lately.
The Arcade closing (technically two closings: an HTC/LIHTC closing and an HTC/NMTC closing) was incredible. So many moving parts and definitely a lawyer's dream!
Regarding parking for Chemical: I heard that was an issue but wasn't a deal breaker and that they had resolved some, if not all, of the parking issues.
If I were a betting man, I'd guess Chemical would get rehabbed before Jefferson Arms. EDIT: And the post above re: movement on the J.A. is the reason I don't bet
By the way, Dominium's model of affordable housing/artist lofts has been HUGELY successful. Check out the Schmidt project in St. Paul. Over 240 units and a current waiting list of 400+:
http://www.schmidtartistlofts.com/
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^ Thanks for the insight.... too bad the New Markets pitch for the Teach for America @ the Arms didn't make it. Also, interesting to hear about the slow roll of HTCs. I have no doubt Arcade will be successful, and hopefully the market rate units go fast, too,
Speaking of the Arcade Building, it was featured on public radio
http://news.stlpublicradio.org/post/lon ... apartments
http://news.stlpublicradio.org/post/lon ... apartments
Can you give an idea of how the timing has now doubled? For instance, is "placed in service to issuance" now a one year process when previously it was a six month process?John Coctostan wrote: However, state LIHTCs are a very political process and the DED has been slow-playing the HTC program for 2 years now. The timing at DED has now doubled from placed in service to issuance of the state HTCs. This has been a complete turn off to most developers and has hindered some development lately.
And how does this affect development?