HonestBusinesMan wrote:pittstl wrote:Is this the next building they plan to redevelop in the area or do they have others that are already for sale?
They already have way too many they're trying to sell now. These, the Windows Lofts, the Packard Lofts, and Motor Lofts. I think they have a tendency to bring things to market a little too early.
MattnSTL wrote:I think the conclusion we can draw here is that no developer is perfect. McGowan has done more projects than almost all other developers downtown, so I don't think we can jump to the conclusion not to buy from McGowan because they royally screwed up one project.
Mayorslay.com wrote:Ballpark Lofts will convert the remaining Cupples warehouse buildings on Spruce Street to retail, condominiums, and office space. I am particularly excited about the proposed workspaces. New residents are an important part of downtown?s new vitality, but the core of a business district has to be . . . businesses. Developers McGowan and Walsh are already talking with a variety of prospective office tenants who are attracted by the heavy volume of positive activity now taking place in downtown, as well as by the opening of the new ballpark down the street.
Urban Roots thinks it has just the place to plant itself
By Martin Van Der Werf
ST. LOUIS POST-DISPATCH
01/31/2006
It takes Rib America or some similar culinary fest to get most St. Louisans to set foot in downtown park land. Otherwise, the rubble-strewn, weed-choked lawns are just something to be crossed on the way to your car.
A group of business and civic leaders believes that the Gateway Mall, the grassy areas between Market and Chestnut streets from the Arch to Union Station, could be a showplace urban park, operated by a public-private partnership. In other words, they are making plans to do for downtown what Forest Park Forever did for the formerly downtrodden jewel.
The plans include more trees, more benches and more fountains. That's just for starters.
Morton D. May Amphitheater, next to Kiener Plaza, would be filled in and turned into a reflecting pool in summer and ice skating rink in winter. A bicycle parking area and showers would be built below the visitor kiosks at Kiener Plaza. A new paved area for festivals and rallies would be built between 8th and 10th streets. A creek would wind through the park between 15th and 18th streets. And a Ferris wheel would be built across the street from Union Station. The project would cost an estimated $50 million.
"We have about $20 million in what I would call soft commitments," said developer Kevin McGowan, who helped put together the group, Urban Roots.
Last year, Urban Roots planted flowers and other foliage along Market Street and Washington Avenue and in front of City Hall. It will do the same this year. It's window dressing, McGowan insists.
The long-term goal is to change people's perceptions toward downtown.
"We're sitting on a pretty ugly non-performing piece of real estate," said McGowan. "Tens of thousands of people work downtown. I've never seen any one of them picnic there."
Jeff Rainford, chief of staff for Mayor Francis Slay, says City Hall is all for it. Market Street, he said, "can be one of the country's great boulevards."
Here's the catch: For it to work, McGowan says, the city will have to relinquish control of the land. Big corporations won't give if they feel like all the plants will die if the city doesn't water them.
Rainford said an accommodation can probably be reached. "We need to come up with a common vision, and if everyone gets excited about it, we can go forward."
There is a market. On Wash Ave the rate is slightly above 1$ per sq ft. You will likely get more than that at Ballpark Lofts, but I highly doubt you'll be able to cover mortgage, taxes , and association dues entirely with rent. Renting is almost aways much cheaper than owning the same unit.stlbaseball wrote:Is there a market for renting lofts in downtown St. Louis? If so, what do you think the market price will be for renting a ballpark loft? I know it is difficult to speculate without prices, but I was hoping that the rent I charged would cover all expenses (mortgage, association fees, taxes, etc.)
stlbaseball wrote:I was wondering how easy it is to find people to rent lofts in downtown St. Louis. I have reserved a unit at Ballpark Lofts and will be renting most likely a one or two-bedroom loft there.
Is there a market for renting lofts in downtown St. Louis? If so, what do you think the market price will be for renting a ballpark loft? I know it is difficult to speculate without prices, but I was hoping that the rent I charged would cover all expenses (mortgage, association fees, taxes, etc.)
My plan is to rent a unit until I retire at which point I would have the unit for myself when I go to 81 Cardinals games / year.
I need to decide soon as a decision will need to be made on this location in the next month or so.
Thanks for everyone's input.
Go Cardinals!
Depending on your definition of profit, you might be making money even though you're not breaking even. Sounds goofy? Let's say your mortgage is $1000/month, taxes $100/month, dues $100/month, and insurance/management fees/other fees are $100/month. You're paying $1300 month, but then let's say you only receive $1200/month in rent. It would appear you're losing $100/month. If you figure that the property is appreciating at 5%/year though, you're probably already making money. Additionally, when doing taxes you'll notice that the IRS considers your loss larger than what it actually is (after depreciation, write-offs, etc...), so you'll actually get some of that money back at the end of the year. So while you may not be receiving income as cash, you're definately increasing your net worth.
In summary, either seek an accountant or do some math on your own. My wife and I rent a house, and don't quite break even on expenses. However, after running the numbers and considering a modest 4% appreciation, we're in reality increasing our assets by almost $15,000/year, and that's assuming we only rent the house 11 of 12 months each year.
JMedwick wrote:It is refering to this older article writen by VanDerWerf:
...
The plans include more trees, more benches and more fountains. That's just for starters.
Morton D. May Amphitheater, next to Kiener Plaza, would be filled in and turned into a reflecting pool in summer and ice skating rink in winter. A bicycle parking area and showers would be built below the visitor kiosks at Kiener Plaza. A new paved area for festivals and rallies would be built between 8th and 10th streets. A creek would wind through the park between 15th and 18th streets. And a Ferris wheel would be built across the street from Union Station. The project would cost an estimated $50 million.
The long-term goal is to change people's perceptions toward downtown.
"We're sitting on a pretty ugly non-performing piece of real estate," said McGowan. "Tens of thousands of people work downtown. I've never seen any one of them picnic there."
