Considering that Bill Dewitt runs an organization that is notoriously guarded about its business, I’m not surprised he closed with thatLaife Fulk wrote: ↑Sep 19, 2022DeWitt also ended the BPV part of his interview by directly stating that there are no concrete plans at the moment, and no announcements to be made. So he was just talking in general with vague updates. Don't hold your breath for any major BPV news anytime soon.
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Right - just trying to pump the breaks on expectations here before people misinterpret what was said.
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The height of the next building to rise should be the same as the number of home runs Albert Pujols winds up hitting in his career... so approximately 700'. Call it The Albert. The other two should be The Waino and The Yadi. And nothing but the best design.RockChalkSTL wrote: ↑Sep 19, 2022I'm hoping that they will go bigger and better with the remaining lots, though I'll take towers of comparable size to One Cardinal Way if that's what it will take to get it done.
STLrainbow wrote: ↑Sep 20, 2022The height of the next building to rise should be the same as the number of home runs Albert Pujols winds up hitting in his career... so approximately 700'. Call it The Albert. The other two should be The Waino and The Yadi. And nothing but the best design.RockChalkSTL wrote: ↑Sep 19, 2022I'm hoping that they will go bigger and better with the remaining lots, though I'll take towers of comparable size to One Cardinal Way if that's what it will take to get it done.
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We'd all love the tower filled by the blue chip tenant but I think office demand will be at best on a par capable of filling another PWC. I think their best shot will likely be current Cardinals sponsors/partners with a base somewhere outside the typical office clusters (DT, Clayton, 270) to try and sell them on a move to an urban up and coming setting. Suspect any further development will be in phases I.e. 3a, 3b and so on as opposed to the full whack that phase 2 was. If the remainder of BPV constitutes another residential tower plus a couple of mid rises filled with smaller/medium sized tenants I could live with that. Fear would be that we end up settling for crap like parking garages.
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JPowell is about to raise the price of money again by 75-100 basis points today with no end in sight, not the best time to be announcing new towers.
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^I think its supposedly still a good time to build multi-family. Kai Ryssdal just said the same thing yesterday on Marketplace as well. So, as long as there is a housing supply crisis, multifamily will still be a solid investment... as long as rent continues to outpace inflation/rates.
https://www.globest.com/2022/06/29/mult ... 0821104910
Multifamily Rent Growth Continues to Outpace Inflation
https://www.globest.com/2022/06/29/mult ... 0821104910
Multifamily Rent Growth Continues to Outpace Inflation
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Yadi has caught 381 people stealing in his career. Whatever number he finishes with would be a good height for the Yadi building
The two year treasury now pays 4%. It was less than 1% at the beginning of the year. If I had to guess, institutional money will wait out speculative / risky real estate development projects and park their money in short term bonds that are paying the same return they hoped to achieve building project like 1CW. Much less risk.
Yeah, I really think Cordish missed their window. I just hope the Albion has their financing locked in.
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You guys are acting like interest rates are high. Higher than 2021 YES. Historically above average NO.
Heck; my broker actually tried to sell me a Certificate of Deposit the other day. And I actually thought about it.
There is a lagging effect. Interest rates have spiked while costs still remain elevated. New deal flow has slowed significantly. It takes time for interest rate increases to have their intended effect of slowing down and controlling prices. We are looking at deals that would require 50% plus cash into the project. It is why we have building cycles.moorlander wrote: ↑Sep 24, 2022You guys are acting like interest rates are high. Higher than 2021 YES. Historically above average NO.
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^lumber futures look good though right? lowest since 2020 as of late... how long does that take to get to our wholesale bulk lumber warehouses here?
Look at steel, labor, etcpattimagee wrote:^lumber futures look good though right? lowest since 2020 as of late... how long does that take to get to our wholesale bulk lumber warehouses here?
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Steel is also coming back down as well... and I'm not debating that costs don't impact construction projects... I was mostly just curious how long it takes for these big reductions in commodities to make their way locally?
Updated retail map...
- Guy Fieri's Dive & Taco Joint will go into the space next to where the Fudgery used to be.
- Kobito Poke will occupy the space formerly occupied by the One Cardinal Way leasing office and part of the Fudgery space,
- Condado tacos, tequila, and margaritas will occupy the former Drunken Fish space.
Uh oh, two taco places opening around the same time. They were each probably thinking, "Hey, you know what's missing, some sort of tex-mex taco concept." Now there will be two, LOL.
That being said, two tacos (and margaritas) is better that one!
That being said, two tacos (and margaritas) is better that one!
Agreed, I'll take all the tacos I can get. Lol. It will be nice when someone occupies that corner retail space at Cardinal Way & Broadway to help fill in some of that long blank wall along Broadway.
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I can tell you all that Guy Fieri's restaurant is pretty underwhelming.
Hopefully we'll see something with that soon now that Ballpark Heights is wrapping up across the street.EssTeeEll wrote: ↑Oct 03, 2022Agreed, I'll take all the tacos I can get. Lol. I will be nice when someone occupies that corner retail space at Cardinal Way & Broadway to help fill in some of that long blank wall along Broadway.
Are these new openings just more Cordish chains? Or independent/local restaurants?