The Central Scrutinizer wrote:Gary Kreie wrote:What would it take to make it possible for the Boomers to live downtown without a car?
About 50 years.
Debbie Downer - Wah Wahhhh
Debbie Downer - Wah Wahhhh
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SoulardD wrote:The Central Scrutinizer wrote:Gary Kreie wrote:What would it take to make it possible for the Boomers to live downtown without a car?
About 50 years.
Debbie Downer - Wah Wahhhh
Or perhaps Ricky Realistic?
Grover wrote:There are car-sharing companies in Europe as well. You pay a monthly fee and then reserve a car or call to request one when you need it. Unfortunately I don't think there's enough desity (residential or retail) for bike or car-sharing here. The problem is that the places people want to travel (home or the store) aren't located in dense areas. For this to work you need a large number of people sharing areas first, then they may choose to share transportation. Of course for people who would like to live without a car I'd advocate renting. Even an older, high mpg car is expensive to own. You could rent a car often for the same cost. And don't forget to use St. Louis' own Enterprise. (I understand that they may pick you up and make you look good at your high school reunion!)
There are car sharing companies in the US as well, though it was started by the Swiss in the mid 80's
. In fact I am a member of I-go in Chicago and think it is one of the greatest ideas to come to the urban environment. I do think that St. Louis is dense enough for such a program. Zip car (I believe) started with 2 cars here in Chicago and grew from there with demand. There are about 12 Cities that are served by the 2 companies that I know of. If you go to their websites you could possibly suggest new cities for them to go to next as they are continually expanding. Check out the links below.http://www.flexcarnetwork.com/
http://www.zipcar.com/
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The Central Scrutinizer wrote:SoulardD wrote:The Central Scrutinizer wrote:
About 50 years.
Debbie Downer - Wah Wahhhh
Or perhaps Ricky Realistic?
Another inciteful input from the The Central Noimaginationizer. I'm always amazed how people with no new ideas feel it is their duty to come out of the woodwork to kill yours. :-#
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bpe235 wrote:http://www.stlcommercemagazine.com/arch ... inner.html
By Bill Beggs Jr.
Adding fireworks to the positive Oct. 27th announcement about the $400 million-plus Phase I of Ballpark Village, that very Friday night the St. Louis Cardinals won their first World Series title in 24 years.
Go crazy folks!
Over the past 10 months, the RCGA has been working with The Cordish Co. (the nation’s largest developer of entertainment districts and concepts) and the City of St. Louis to bring Ballpark Village to fruition. Pending approval of a formal development agreement and the concurrence of additional local and state authorities, Phase I construction could begin next spring, with anticipated completion in spring 2009.
Officials project Ballpark Village to not only bring millions more destination visitors to the region, but also generate tens of millions of dollars of new annual tax revenues in expanded private investment and new jobs. According to the economic impact analysis by Bryan Bezold, the RCGA’s chief economist, Phase I will provide $273 million in annual economic benefit. Meanwhile, Phase I construction will generate a further economic impact of $724 million.
From an employment standpoint, the first phase will have a total impact of 3,040 permanent jobs, with another 3,000 construction jobs throughout the course of development. Projected net benefit to the City alone is $291 million, with $142 million to the St. Louis Public Schools.
When Phase I is complete, Bezold projects that:
- Ballpark Village businesses will employ 1,969 people
- Those jobs will support another 1,070 jobs regionally
- Annual economic impact will be approximately $273 million
Cordish estimates that direct benefits to the City of Phase I will include:
- Additional $291 million in new tax revenue over the next 40 years
- Additional $142 million in new tax revenue for St. Louis Public Schools
After construction, ongoing commercial operations will also have significant impact: Phase I construction will support approximately 1,600 jobs; those will support 1,400 jobs elsewhere, for a total employment impact of some 3,000 jobs.
More info on downtown office market per winter 2007 BOMA downtown leasing guide.
City in the Spotlight by Rick Messey CTMT
DT had great exposure during September and October thanks to the every popular and now World Champion St. Louis Cardinals. DT SL also shined in the national spotlight with recent revitalization of several new developments of residential condos. apartments and entertainment venues and restaurants.
This development and positive momentum should continue for many years due to the recent BPV deal with the city of SL. BPV co-developer, Cordish company, and the city recently finalized negotiations that will provide financing for 100mill of public funds to assist with the development of the 60 mill dollar project.
Since 2000 the city has slowly been experiencing a transformation and as of today 3.5billion dollars has been invested DT. Several major developments have been completed, such as the OPO, Wash Ave lofts, Syndicate Trust, PB and more than 180,000 square ft of new restaurants, retailers and more than 2300 new residential apartments and condos.
Class B buildings have a 24.1 percent vacantcy rate but should continue to decrease as older class B inventory is converted into apartments and condos.
Downtown's overall perception is improving and so is the class A office market. Class A Buildings recently recorded 204,000 square feet of positive absorption, lowering the vacantcy rates from 18.3 percent to 16.3 percent. If you are in one of the five nicest Class A buildings DT, then the vacancy rate is less than 5 percent. DT tenants seeking quality class A space are having a more difficult time finding options or expasion space. Large expanding tenants like Lewis Rice and Armstrong Teasdale, who are seeking in excess of 100,000 square feet, will need to consider new office developments or rehabbing existing buildings due to lack of quality alternatives.
Major transactions that have closed or that are currently under construction include Pyramid's conversion of SLCenter/Dillard's building. MW's cupples project and Pinnacle casino on the landing.
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Absorption is going to take a major hit as A-B vacates its space in One City Center.
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DeBaliviere wrote:Absorption is going to take a major hit as A-B vacates its space in One City Center.
Is 1CC class A?
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Yes. It sounds like the owner (Haywood Jablowme) hasn't done much in terms of maintenance and upkeep, but it is still technically a class A building. With some TLC, it will be on par with St. Louis Place, U.S. Bank Building, Boatmen's Plaza, etc.
A good example of class B space would be the Millenium Center at 6th and Olive (with the Starbucks) - built in the 60's, renovated so that it's decent space, but still lacks the modern aesthetics and amenities that make for class A space.
A good example of class B space would be the Millenium Center at 6th and Olive (with the Starbucks) - built in the 60's, renovated so that it's decent space, but still lacks the modern aesthetics and amenities that make for class A space.
DeBaliviere wrote:Yes. It sounds like the owner (Haywood Jablowme) hasn't done much in terms of maintenance and upkeep, but it is still technically a class A building. With some TLC, it will be on par with St. Louis Place, U.S. Bank Building, Boatmen's Plaza, etc.
A good example of class B space would be the Millenium Center at 6th and Olive (with the Starbucks) - built in the 60's, renovated so that it's decent space, but still lacks the modern aesthetics and amenities that make for class A space.
Its better than the D - in Earth City. I don't see how anyone would actively choose to work in such a depressing environment. With the many other choices, it boggles the mind.
While not the news we might all like, if Pyramid can get their house in order and give 1CC a major renovationa long with the attached mall, then 1CC might be able to step up and provide some high quality Class A office space for those looking for a downtown location. Or maybe Pyramid is going to be really creative and make it all residential...
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JMedwick wrote:While not the news we might all like, if Pyramid can get their house in order and give 1CC a major renovationa long with the attached mall, then 1CC might be able to step up and provide some high quality Class A office space for those looking for a downtown location. Or maybe Pyramid is going to be really creative and make it all residential...
I guess that's not an option to be ruled out. If you think about it, Pyramid is going to have to get to work QUICKLY on acquiring the building and preparing the space for new tenants (including making whatever improvements they're planning) so that they can lease the rather large amount of vacant space before any planned BPV, Cupples Station, M/W projects start pre-leasing or come on-line. If they don't act quickly enough, the office market could end up flooded with space, or all the potential tenants who would be good fits for One City Centre will have already leased space elsewhere.
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Good words from article on the possible sale of the Equitable Building in today's Post-Disatch:
Bittman described as unprecedented the volume of large commercial sales here in the last year. Among the buildings that have sold or been put up for sale recently are the Gateway Bank of America Plaza, Gateway One and One Financial Plaza in downtown St. Louis and National City Center and Pierre Laclede Center in Clayton.
Vacancy rates have declined steadily in the last six to eight quarters and lease rates have been fairly stable, contributing to owners electing to sell, said Carl Conceller, a principal at Coldwell Banker Commercial.
Demand for real estate investment opportunities has outstripped supply in the last couple of years, making it a sellers' market, Conceller said.
The sale of the Plaza in Clayton set a new local record at $290 a square foot, for a total of $93 million, Conceller said. Although a few of the deals failed to go through, the total volume of transactions also set a record.
"Last year's sales in the large-office, income-producing buildings market [were] approximately 70 percent higher than the previous year's," Conceller said. "This year, I expect we will set another record."
Equitable Building might be sold
Bittman described as unprecedented the volume of large commercial sales here in the last year. Among the buildings that have sold or been put up for sale recently are the Gateway Bank of America Plaza, Gateway One and One Financial Plaza in downtown St. Louis and National City Center and Pierre Laclede Center in Clayton.
Vacancy rates have declined steadily in the last six to eight quarters and lease rates have been fairly stable, contributing to owners electing to sell, said Carl Conceller, a principal at Coldwell Banker Commercial.
Demand for real estate investment opportunities has outstripped supply in the last couple of years, making it a sellers' market, Conceller said.
The sale of the Plaza in Clayton set a new local record at $290 a square foot, for a total of $93 million, Conceller said. Although a few of the deals failed to go through, the total volume of transactions also set a record.
"Last year's sales in the large-office, income-producing buildings market [were] approximately 70 percent higher than the previous year's," Conceller said. "This year, I expect we will set another record."
Equitable Building might be sold
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The Business Journal is reporting that the lot across the street from the ballpark (on Broadway) is now listed for sale.
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DeBaliviere wrote:The Business Journal is reporting that the lot across the street from the ballpark (on Broadway) is now listed for sale.
The one between the ballpark and the Pet Tower? Interesting....
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^
That be the one. It's listed as part of a package along with a garage on Tucker and a garage on 9th Street.
That be the one. It's listed as part of a package along with a garage on Tucker and a garage on 9th Street.
I think this project will be a success if built out fully to its grand scale, but if only half-asses, it will be a failure.
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DeBaliviere wrote:^
That be the one. It's listed as part of a package along with a garage on Tucker and a garage on 9th Street.
Then I would say it is likely that it will remain a parking lot. At least for now.
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Its not as a package, all three properties are owned by the same investor, and were put on the market at the same time. They are marketing the surface lot as "prime develpoment opportunity." Reports are that "part of the portfolio" (or some of the mentioned property) is already under contract.
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this will put some pressure on the cardinals to get it built........by 2009.
St. Louis gets 2009 All-Star Game
St. Louis gets 2009 All-Star Game
This would be in an ideal world, but how sweet would All-Star coverage be with the majority of BPV components complete and in use (with Clark St. facing condo residents), plus construction of an MG tower to the west of stadium and a rising structure to the east both peeking up over the stadium.....would be reminiscent of how San Diego looked during the playoffs.
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^ In all seriousness - the national coverage should be good for a number of condo sales. If projections are borderline this may well help inspire some developers to break ground.
Not to be pessimistic/contradictory, BUT: I'm not sure many people watch the MLB All-Star Game and think "I need a condo" in that nice city. I watched the playoff games in San Diego and I DID notice the developments downtown there, but not once did I think (other than thinking of SoCAL weather) "wow I should move there and buy up a condo" I don’t think it will hurt STL downtown development in anyway - but I think of it more like a huge convention.... short term effects (lots of people patronizing hotels and businesses that wouldn't normally be doing so) are huge and long term effects (people moving here) are minimal...
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I don't think it'll spur unit sales per se, but perhaps a developer looking for a project in a astable market will notice, and a little bulb will light up over his head "Hey, St. louis has a lot going on there...maybe I should see if theres some opportunity there..."