Anybody with a Post subscription care to encapsulate this story on the Arcane for me...stltoday link
^ Biz journals has a nice write up and slide show accessible on their website. 25% pre leased
http://www.bizjournals.com/stlouis/blog ... llion.html
http://www.bizjournals.com/stlouis/blog ... llion.html
Damn. Those are some good looking shots of the project. Sounds like pre-leasing is going pretty well.
Developer are not bulliah enough on Downtown in my opinion. When these new projects come online, they are leased up right away. Hard to imagine that downtown is anywhere near its peak in demand. I also think more new construction midrises would open downtown up to an even larger demographic.
There are two markets in the Arcade.... Market Rate Apartments and Income Restricted Apartments. My understanding is that virtually all of the Income Restricted Apartments have been taken. I don't know that a high proportion of the Market Rate Apartments have been grabbed up.
Seem like out of the area developers are more interested in the city then a lot of local developers.goat314 wrote:Developer are not bulliah enough on Downtown in my opinion. When these new projects come online, they are leased up right away. Hard to imagine that downtown is anywhere near its peak in demand. I also think more new construction midrises would open downtown up to an even larger demographic.
I think downtown could really support modern buildings even some in the 20 to 30 floor range
- 8,155
^ Although local Brian Hayden is the only guy doing large-scale market rate development downtown. We need a few more locals like him that are sold on downtown and able to secure financing.
With the exception of the one-off of the half-completed Roberts Tower, the out-of-towners are doing either affordable housing projects or smaller market-rate projects. (The Arcade's 80 market rate units would not have been feasible w/o the 200 subsidized ones.) Potential larger market-rate projects for out-of-towners are the Chemical Building and the Crowne Plaza conversion; either one would be the first of major significance in some time.
With the exception of the one-off of the half-completed Roberts Tower, the out-of-towners are doing either affordable housing projects or smaller market-rate projects. (The Arcade's 80 market rate units would not have been feasible w/o the 200 subsidized ones.) Potential larger market-rate projects for out-of-towners are the Chemical Building and the Crowne Plaza conversion; either one would be the first of major significance in some time.
- 3,235
We need studios and one bedrooms for students in the 400-700 range.
I haven't heard this before. Is this suggestion based on gut feeling or experience?downtown2007 wrote:We need studios and one bedrooms for students in the 400-700 range.
- 3,235
I talk to new employees at work that just graduated from college that want to live downtown but can't because the lowest price for a studio or 1 bedroom is 850. It's impossible to find an apt for someone downtown when their limit is 600/mo
They end up living in the CWE.
They end up living in the CWE.
^Problem is, no new project - either redevelopment or new construction - would have such units unless they're subsidised artist lofts or another income limitation requirement
The subsidized apartment income limits seem a little odd. They're set up to basically eliminate working couples from eligibility. (Max income for one occupant - $30,000. For two it's $34,320).
- 8,155
CityView provides units in that range, although rents likely will go up as Mills gets a handle on the property.... I really am curious to know how things are going there. Also, anyone know what rents and availability are at Mansion House and Gentry's Landing these days?downtown2007 wrote:I talk to new employees at work that just graduated from college that want to live downtown but can't because the lowest price for a studio or 1 bedroom is 850. It's impossible to find an apt for someone downtown when their limit is 600/mo
They end up living in the CWE.
- 1,792
Is it really cheaper to live in CWE than downtown? Seems counter intuitive.downtown2007 wrote:I talk to new employees at work that just graduated from college that want to live downtown but can't because the lowest price for a studio or 1 bedroom is 850. It's impossible to find an apt for someone downtown when their limit is 600/mo
They end up living in the CWE.
- 1
I lived in gentrys 2 years ago 1200/mo for a 2 bedroom... I believe mansion is slightly higher
- 3,235
Yes. There are more diverse housing options at all price levels. Downtown is all "luxury".STLEnginerd wrote:Is it really cheaper to live in CWE than downtown? Seems counter intuitive.downtown2007 wrote:I talk to new employees at work that just graduated from college that want to live downtown but can't because the lowest price for a studio or 1 bedroom is 850. It's impossible to find an apt for someone downtown when their limit is 600/mo
They end up living in the CWE.
Instead of saying downtown is all "luxury", I think "newer" is more appropriate. You're right regarding diverse housing options. CWE has properties that are old (much older than downtown) and new, small and large, nice and not nice. And that diversity would be welcome downtown, but it would take time to get there - units need to get older and also more units need to be built.downtown2007 wrote:Yes. There are more diverse housing options at all price levels. Downtown is all "luxury".STLEnginerd wrote:Is it really cheaper to live in CWE than downtown? Seems counter intuitive.downtown2007 wrote:I talk to new employees at work that just graduated from college that want to live downtown but can't because the lowest price for a studio or 1 bedroom is 850. It's impossible to find an apt for someone downtown when their limit is 600/mo
They end up living in the CWE.
- 8,155
thanks. I think those might be good choices to explore for young workers as well as CityView for the time-being.steven.matthew.14 wrote:I lived in gentrys 2 years ago 1200/mo for a 2 bedroom... I believe mansion is slightly higher
Also, is anyone aware if there is any kind of downtown living initiative among larger employers like WashU does for FPSE? I know some of the larger employers in Detroit participate in a subsidy program for both buyers and renters in the Greater Downtown area and it would be nice if some ours did here as well.
- 1,864
Gentrys is fairly decent. I had a 1 bedroom with a sliding wall for $875 last year. Parking is about $100 a month though.
- 8,155
^ I just slipped and fell looking at that! Anyone know Paul's address for me to send the medical bills to?
btw, that joint already has an approved permit in hand for the cafe/coffee shop spot. But I don't know who may be operating it.
btw, that joint already has an approved permit in hand for the cafe/coffee shop spot. But I don't know who may be operating it.