Grover wrote:^ yep - somethings happening.
Care to elaborate?
DeBaliviere wrote:Grover wrote:^ yep - somethings happening.
Pantsuits mean business.
And polyester!
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steve wrote:Grover wrote:^ yep - somethings happening.
Care to elaborate?
I suspect they will be rentals.
I've heard the developers have secured their financing. Build-out will start soon. It will be all-rental. Also, the fancy feature stacking cars in the garage won't happen so I suspect not all apartments will have a parking spot in the building.
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^ Fantastic news. I am excited to see rentals in this area. It will be interesting to see the demographic that eventually lives here. Hopefully it will continue to interject more energy in the area, as I am assuming rental units will attract a slightly younger clientele as opposed to condos which must of course be purchased. Once this construction goes into full steam I can't imagine the arcade will be too far behind. It will be a gold mine. Great news!
But it takes two years to do the construction. By then, everybody will be looking to buy condos at a low interest rate to counter (possible) inflation. And not interested in renting.
What a tough business to be in!
Maybe the apartments can be quickly converted back into condos as the market changes. Wouldn't a mix of condos and apartments always be the way to go?
What a tough business to be in!
Maybe the apartments can be quickly converted back into condos as the market changes. Wouldn't a mix of condos and apartments always be the way to go?
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^
That's the beauty of downtown residential; units can easily be marketed as rentals or condos. The most important thing is that construction gets started.
That's the beauty of downtown residential; units can easily be marketed as rentals or condos. The most important thing is that construction gets started.
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The real beauty of downtown is this building. The density a completed Arcade and Alexa will bring to the heart of downtown (OPO Square) is really what i'm looking forward to.
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I agree...rentals or condos...doesn't matter. This will give this area some much needed life after 5pm during the week and on the weekends. I love the way downtown has been going, but I can literally lay in the middle of Olive for 5 minutes at 7pm without worrying about getting hit by a car or seeing someone walking around the area. I realize this is more of a 'business' area, but adding this residential will be great...momentum is picking up again
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Building Blocks blog is stating that this is moving forward. This is great news as it's a fabulous building that will add much needed density to OPO square.
The entry I read said it would "likely" get going this year. But I sure hope it does.
Somebody needs to get on the Arcade now.
Somebody needs to get on the Arcade now.
Anyone know what is going on with this project? The sales center is no more.
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I believe it's still a go. Since the project was changed from condos to apartments, there's no need for a sales center any more. Advertising graphics for Cricket Wireless have been placed in the windows. I'm not sure why more buildings with vacant first floor spaces don't do this. It certainly looks better than papering over or boarding up windows.aj2cb2000 wrote:Anyone know what is going on with this project? The sales center is no more.
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Man I am kind of bummed out over this. I was looking forward to work to start. Any guesses before its back up and going?
The Count said he heard this is back on track. http://twitter.com/countondowntown/stat ... 1095169024
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That most likely is very good. You have to remove demo material somewhere. It looks a bit drastic, but whatever was there would have needed to be rebuilt/replaced anyway.
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That's my cynical attitude, I guess. I automatically assumed it was a bad thing.
Some damage to the Arcade, though, unfortunately.
http://maps.google.com/maps?f=q&source= ... ,,1,-10.35
I'm really being a Debbie Downer tonight, apparently.
Are they still working on the Arcade?
Some damage to the Arcade, though, unfortunately.
http://maps.google.com/maps?f=q&source= ... ,,1,-10.35
I'm really being a Debbie Downer tonight, apparently.
Are they still working on the Arcade?
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Foreclosure set for 3/30
With no money for renovation in sight, the Chemical Building's bankrupt owner plans to surrender the downtown St. Louis structure to Centrue Bank.
A foreclosure is scheduled for March 30. Chemical Building Acquisition LLC, the building's owner, filed a bankruptcy petition Sept. 28 to halt Centrue's foreclosure effort then. Months later and still no money in sight to build apartments and offices in the nearly empty structure, the next step is to allow Centrue to take back the property, Thomas DeWoskin, the owner's lawyer, said Thursday.
http://www.stltoday.com/business/local/ ... 0259b.html
With no money for renovation in sight, the Chemical Building's bankrupt owner plans to surrender the downtown St. Louis structure to Centrue Bank.
A foreclosure is scheduled for March 30. Chemical Building Acquisition LLC, the building's owner, filed a bankruptcy petition Sept. 28 to halt Centrue's foreclosure effort then. Months later and still no money in sight to build apartments and offices in the nearly empty structure, the next step is to allow Centrue to take back the property, Thomas DeWoskin, the owner's lawyer, said Thursday.
http://www.stltoday.com/business/local/ ... 0259b.html
Well if it has to happen it has to happen. In looking for a silver ling the good news is that these were out of town developers and not local guys that got hurt... the property can now be bought for probably 70 cents on the dollar and the new project will be adjusted to the new market realities. The bad news is starting over from zero costs a lot of time and money. This is a type of project that will more than likely hinge on historic tax credits and we all know the story there.