nextstl.com states that the residential tower is 29 stories, 320 feet. Not 230 feet. I'll assume it's a typo on the Cards' site since 230 ft doesn't fit with the renderings they released.
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Improvstl wrote:
It is awesome to see how much development is going to be occurring over the next 5 or so years, from BPV, all the way to Clayton. Can you imagine all of the tower cranes! It is going to be amazing! Let's not forget future phases of the BJC campus project. The BPV project could get a developer moving on the Millennium as well. Exciting times in STL! We are on the cusp of an epic construction boom!Between this, The Foundry, Cortex Phase 3, SSM Hospital and Cupples X, MLS expansion, this area is ripe to explode. I really hope that the fabric between it all is not compromised. Need that Metrolink expansion to happen sooner than later now.
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I agree, i thought that spot was perfect for upscale condos looking into the stadium. It is pretty embarrassing that there is not a single condo in a new glass building in downtown STL. With the current high occupancy rate and that location i would think they would have no problem selling. Hoping that phase 3 is a hotel, condo tower, and more office on the 3 remaining parcels.moorlander wrote:I'm surprised this tower is all rental. I'd think leaving 20% or so as condos would be a better offering.
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As a point of comparison, the (closed) Millennium Hotel two blocks to the east is 289 feet tall. The apartment tower should help fill in the eastern view of the skyline a little.
Dewitt said in an interview today that they already have had talks with companies to fill the office space (probably a given before you build it). I I will be interested to see who they are going to be.
I wanna get excited, but the Cards have burned us before. I'll respectfully wait until the financing is closed.
The parking garages don't seem to be a part of the initial development. Some of the renderings show the completed office and residential without the garages. They may see how quickly the market responds to the first developments before building the garages. If the apartments go quickly, we could see a phase 3 almost immediately after phase 2 wraps up.
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Personally, I am opting to forego caution and I am completely buying into this to potentially set myself up for massive disappointment. Screw it. Between all the aforementioned projects (Foundary, Cortex, SSM, etc.) and this I finally feel like we're turning the corner. For the past 10 years that I've been a part of this board it's always felt like we were building towards this moment where the momentum finally breaks through and the city takes off. I think we're at that point and, goddammit, I'm choosing boundless optimism for a change.
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The overall district TIF has already been approved so all local sales taxes will fall within that (I believe half go to pay the TIF bonds and half to local govt.); this will be an extra 1% sales tax through a special district sales tax on top of that. The property tax will help pay as well but not sure about earnings taxes.joelo wrote:So this is being funded by an additional sales tax at the property or all of the sales tax?
STLrainbow wrote:The overall district TIF has already been approved so all local sales taxes will fall within that (I believe half go to pay the TIF bonds and half to local govt.); this will be an extra 1% sales tax through a special district sales tax on top of that. The property tax will help pay as well but not sure about earnings taxes.joelo wrote:So this is being funded by an additional sales tax at the property or all of the sales tax?
Thanks, property taxes should be substantial. This development needs to happen. Would greatly change southern portion of downtown
addxb2 wrote:The parking garages don't seem to be a part of the initial development. Some of the renderings show the completed office and residential without the garages. They may see how quickly the market responds to the first developments before building the garages. If the apartments go quickly, we could see a phase 3 almost immediately after phase 2 wraps up.
Per Dewitt, There are 900 spaces in two garages. They replace surfaces spaces that are being eliminated and are mostly to be used by office employees and residents. They will be inside the buildings not seperate structures.
He did an interview, I think it was 550, this morning. He also said he didn't think financing would be much of a problem and should go smoother than for phase one.
Free beer to the first person who can provide a classic skyline view (from the Eastside) with the new tower in place.
I realized that this $220 million with the $100 million first phase only makes up $320 million of the $650-$750 Million Price Tag. Because there is more than half of the original prove tag remaining, Phase 3 will be a large scale build out. I wouldn't be surprised if the Cardinals pull a Power and Light District thing and announce Phase 3 when Phase 2 is wrapping up
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I would love to know if they have a tenant lined up... I know that FOX Sports MW was extremely interested in moving their offices to BPV back when I worked there. No idea if that's still the case. Also, BPV is using space in Busch Stadium as their main office. So it makes sense that at least some of the corner building will be taken up by Cordish, even if it's just a few thousand square feet or so. I'm still betting that we'll see a Live! branded hotel as part of a future phase as well.
I could see a decent tenant wanting to move there. It would give a certain appeal. I'm sure it'll have a higher sq ft price for it.
Yeah, I think by 2020, much of this work will be complete, and this city will be officially around the bend.shimmy wrote:Personally, I am opting to forego caution and I am completely buying into this to potentially set myself up for massive disappointment. Screw it. Between all the aforementioned projects (Foundary, Cortex, SSM, etc.) and this I finally feel like we're turning the corner. For the past 10 years that I've been a part of this board it's always felt like we were building towards this moment where the momentum finally breaks through and the city takes off. I think we're at that point and, goddammit, I'm choosing boundless optimism for a change.
Still lots of work to do to shore up the north and south sides, but I think by 2020, there will be enough momentum that a full revival of STL will practically be manifest destiny.
I am usually optimistic, but the Cardinals have taken St. Louis City on a ride for over 10 years.
Hopefully, they don't drag this out for another decade.
However, I like the renderings, but we'll see.
I especially like the design of the tower - very sleek.
And I do believe the 29-story building would be a much needed gift and "lift" for the downtown skyline - not singularly transformative, but offering the skyline some new gleam.
Hopefully, they don't drag this out for another decade.
However, I like the renderings, but we'll see.
I especially like the design of the tower - very sleek.
And I do believe the 29-story building would be a much needed gift and "lift" for the downtown skyline - not singularly transformative, but offering the skyline some new gleam.
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Key is how quickly and smoothly this gets started. If they're able to check off approvals within the next few months I'll feel MUCH better about it actually getting built. My concern is that something will get delayed and then we'll see a scale back. The faster they can submit building permits, the better.
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It's a sub article, but the Biz Journal is reporting that the change in the development agreement would bump up the public subsidy from $50M to $66M... again I assume by the institution of the additional 1% sales tax.