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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.
So they bought the building, kicked out all the tenants, created some concept drawings and brochures, opened a leasing office and...that's all? Economic depression or no, I can't believe the lack of business sense some people have. They bought out Dooley's and I begrudgingly accepted it since it looked like the Chemical Building was destined for bigger things (though every tenant in that building would have loved that place). And now, well, I want my Dooley's back. By my estimation that's at least thirty-five burgers these building owners owe me. It's bad enough that Mr. and Mrs. King are closing down their beauty and tobacco supply next door and heading west -- meaning there will be only two street-level businesses in that entire block.downtown2007 wrote: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.
Centrue bank foreclosed on the Chemical building (Alexa) today. This is definitely a big setback but not all is lost.
Take a PHOTO TOUR of this beautiful building on Olive & 8th in downtown St. Louis.
Take a PHOTO TOUR of this beautiful building on Olive & 8th in downtown St. Louis.
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New plans in the works for empty Chemical Building
Plans are afoot to redevelop another of downtown's biggest empty buildings.
A group of real estate investors from New York and Indiana want to buy the Chemical Building, at Eighth and Olive streets, and turn it into street-level retail and 120 apartments, according to Alderman Phyllis Young.
Read more: http://www.stltoday.com/business/column ... z1fIBt6npT
Plans are afoot to redevelop another of downtown's biggest empty buildings.
A group of real estate investors from New York and Indiana want to buy the Chemical Building, at Eighth and Olive streets, and turn it into street-level retail and 120 apartments, according to Alderman Phyllis Young.
Read more: http://www.stltoday.com/business/column ... z1fIBt6npT
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^ Yep and yep. Database issue - had to roll back website to previous night back up. We're working hard to keep things smooth, but stuff happens. 
http://www.bizjournals.com/stlouis/prin ... chase.html
Back from the dead
Seems like this block or two could be jumping in 5 years since the Arcade, Chemical and possibly the Roberts will be starting to fill up by then. Couple that with the MX and the street level retail will also be wildly different.
Back from the dead
Seems like this block or two could be jumping in 5 years since the Arcade, Chemical and possibly the Roberts will be starting to fill up by then. Couple that with the MX and the street level retail will also be wildly different.
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Good to see projects starting to pick back up again in StL. Arcade, Chemical, and BPV (Don't like it, but it is a start, and at least we get the streets back) will certainly serve to keep focus on downtown as a momentum area.
Just need to get those Cheetos fights under control.newstl2020 wrote:Good to see projects starting to pick back up again in StL. Arcade, Chemical, and BPV (Don't like it, but it is a start, and at least we get the streets back) will certainly serve to keep focus on downtown as a momentum area.
^ The race is on in my mind on what developers can build and fill out there units quicker. Downtown developers with core building stock back in play (Arcade, Chemical, and Roberts tower at some point) or the central corridor apartment builders (Highlands, FPSE development and maybe CWE?).
The plus side, I think a developer is going to propose or revived a high rise residential tower if their is this much demand out there. Still can't believe BPV hasn't done so. Can dream about the Skyhouse proposal on Wash Ave coming back from the dead. Or maybe, the owner of the corner of Lindel and Kingshighway finally floats a legitimate high rise plan/development.
The plus side, I think a developer is going to propose or revived a high rise residential tower if their is this much demand out there. Still can't believe BPV hasn't done so. Can dream about the Skyhouse proposal on Wash Ave coming back from the dead. Or maybe, the owner of the corner of Lindel and Kingshighway finally floats a legitimate high rise plan/development.
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^IMO - they're looking at different prospective tenants. A WU med student or BJC worker isn't likely deciding between FPSE and downtown. Hopefully before Lindell/Kingshighway, we get a real proposal for the two empty corners at Euclid/Lindell - the heart of the CWE.
^ definitely see your point, but at the end of the day you can only build so many units aiming for a narrow range of renters before the reality of revenue matters.
I also want to hear your take on how many more downtown units that you think can be supported. FPSE and CWE developments are definitely geared towards the expanding BJC/CORTEX and the Loop/Delmar East with Wash U on the other side. But I would say downtown market has definitely brought in more people than what growth/jobs would support as a whole. Obviously a big plus for the region, but still wonder when it is going to take a big employer or a multitude of mid size businesses to set up shop downtown to sustain the momentum. In terms pf building, I believe Chemical and Arcade can happen but not JA even with a new downtown law school. A new highrise overlooking Busch field maybe or at least has better chance than Roberts Tower had.
I also want to hear your take on how many more downtown units that you think can be supported. FPSE and CWE developments are definitely geared towards the expanding BJC/CORTEX and the Loop/Delmar East with Wash U on the other side. But I would say downtown market has definitely brought in more people than what growth/jobs would support as a whole. Obviously a big plus for the region, but still wonder when it is going to take a big employer or a multitude of mid size businesses to set up shop downtown to sustain the momentum. In terms pf building, I believe Chemical and Arcade can happen but not JA even with a new downtown law school. A new highrise overlooking Busch field maybe or at least has better chance than Roberts Tower had.
To play the unapologetic booster:
What we are witnessing in downtown St. Louis may represent a major demographic shift that is only in its infancy. If that's the case, Downtown will continue to grow, not just from large investments like SLU Law or a large employer, but because of people's tastes. People and capital have been moving out of city centers for the last 50+ years. If people and growth are returning to city centers it could be a significant long term trend that will support redevelopment and construction for years to come.
Arcade: 254 Apts
Alexa: 120 Apts
Roberts: 82 Apts
Hopefully the Alverne is next.
What we are witnessing in downtown St. Louis may represent a major demographic shift that is only in its infancy. If that's the case, Downtown will continue to grow, not just from large investments like SLU Law or a large employer, but because of people's tastes. People and capital have been moving out of city centers for the last 50+ years. If people and growth are returning to city centers it could be a significant long term trend that will support redevelopment and construction for years to come.
Hell yeah! OPO will be busy.ImprovSTL wrote:Seems like this block or two could be jumping in 5 years since the Arcade, Chemical and possibly the Roberts will be starting to fill up by then.
Arcade: 254 Apts
Alexa: 120 Apts
Roberts: 82 Apts
Hopefully the Alverne is next.
Why do you believe those can happen, but not the Jefferson Arms?dredger wrote:I believe Chemical and Arcade can happen but not JA even with a new downtown law school.
^ I see them all happening within time. I see new hi-rise proposals within the next few years.
^ Jefferson Arms is a big building that would add quite a few units to the market. I just think at some point you need additional growth in jobs, overall population gain, and so on
Going back to the changing demographics of cities and urban cores. Agree in that it is happening. However, I think you also have to put in context a couple things happening in St. Louis, first is that overall gdp and anemic growth is flat. In other words, I think most of downtown growth is at expense of county and to lesser extent north St. Louis instead of influx of new people to region. Second, The historic tax credit has been a huge plus for downtown. In other words, developers have had a competitive cost advantage on these units. Cost advantage doesn't mean you have an unlimited market.
Going back to the changing demographics of cities and urban cores. Agree in that it is happening. However, I think you also have to put in context a couple things happening in St. Louis, first is that overall gdp and anemic growth is flat. In other words, I think most of downtown growth is at expense of county and to lesser extent north St. Louis instead of influx of new people to region. Second, The historic tax credit has been a huge plus for downtown. In other words, developers have had a competitive cost advantage on these units. Cost advantage doesn't mean you have an unlimited market.
^ I understand what you're saying but I sort of disagree. St. Louis definitely has the classic chicken-egg paradigm going on. People say if we don't focus on urban redevelopment are region will bleed, but then say our region doesn't have the economic muster to sustain a vibrant urban core?
I'm one of those individuals that doesn't buy into the St. Louis doomsday hype. St. Louis has been a stagnant region for nearly 50 years, but that didn't stop the metropolitan region from doubling in size as a result of sprawl. We are also a slow growth region, not a region in free fall like Detroit, Buffalo, and Cleveland. Even metro Pittsburgh has been losing regional population despite being far more proactive in retooling themselves than St. Louis. Metro St. Louis will at worst continue growing from anywhere between 100,000 - 200,000 people per decade. If we were to get just 10% of that growth in the urban core it will do wonders for the city.
A lot of what you're seeing in downtown St. Louis is decades of pint up demand. There has always been a demographic in St. Louis that wanted the Washington Avenues, Groves, Midtown Alleys etc. but the city and local development community turned a blind eye to them so they left for cities that "got it" or moved to the burbs.
There is also a very real shift to urban living among the younger demographics. Yes, St. Louis will definitely see some growth in the urban core at the expense of the suburbs, but how is that so different than what has been happening for the last 50 years? Only in reverse. Young people today want a different lifestyle and cities that don't offer it will be left in the dust. Certain areas, whether urban or suburban, will contunue to get better, other will not.
Did anybody honestly believe that downtown St. Louis would do 2-3 more big projects and be done? I for one think it's just beginning. The urban core had to bottom out sooner or later. Did anybody honestly think St. Louis City would be completely empty in their lifetime? We are still the center city for a region of nearly 3 million people.
I'm one of those individuals that doesn't buy into the St. Louis doomsday hype. St. Louis has been a stagnant region for nearly 50 years, but that didn't stop the metropolitan region from doubling in size as a result of sprawl. We are also a slow growth region, not a region in free fall like Detroit, Buffalo, and Cleveland. Even metro Pittsburgh has been losing regional population despite being far more proactive in retooling themselves than St. Louis. Metro St. Louis will at worst continue growing from anywhere between 100,000 - 200,000 people per decade. If we were to get just 10% of that growth in the urban core it will do wonders for the city.
A lot of what you're seeing in downtown St. Louis is decades of pint up demand. There has always been a demographic in St. Louis that wanted the Washington Avenues, Groves, Midtown Alleys etc. but the city and local development community turned a blind eye to them so they left for cities that "got it" or moved to the burbs.
There is also a very real shift to urban living among the younger demographics. Yes, St. Louis will definitely see some growth in the urban core at the expense of the suburbs, but how is that so different than what has been happening for the last 50 years? Only in reverse. Young people today want a different lifestyle and cities that don't offer it will be left in the dust. Certain areas, whether urban or suburban, will contunue to get better, other will not.
Did anybody honestly believe that downtown St. Louis would do 2-3 more big projects and be done? I for one think it's just beginning. The urban core had to bottom out sooner or later. Did anybody honestly think St. Louis City would be completely empty in their lifetime? We are still the center city for a region of nearly 3 million people.
A lot of the comments about a stagnant St. Louis not being able to support a vibrant, urban core is sorta under the assumption that every young person is going to inherit their parents households and therefore suburban legacies. If we used that logic St. Louis City would have over a million people. Demographics change, people move in and out of the city everyday, even a region in decline is a lot more fluid than what most would believe. Tens of thousands of people arrive and leave St. Louis every year. Who is to say those people want to live outside 270. They could very well be from a larger, more urban city and feel most comfortable in the urban core, living in the Jefferson Arms for example.
I don't know how long it has been up, but there is a great big red "SOLD" sign on the building, might be hearing some concrete plans soon
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I think that sign is a fairly recent addition. I don't recall seeing it there last week.beer city wrote:I don't know how long it has been up, but there is a great big red "SOLD" sign on the building, might be hearing some concrete plans soon