Are you sure. I thought the same thing a few weeks ago but was wrong. One side had a For Sale sign without sold over it. The other side of the building still had the Sold sign up.
Just checked and the sold sign is still up on the Olive side of the building
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I herd from a good source that once the arcade is underway then the chemical can get financing
So the city is holding this back? Or is your source a bank that is financing the Chemical building?Redbrickcity wrote:I herd from a good source that once the arcade is underway then the chemical can get financing
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I am not sure I herd from someone that was at the parking meeting it sounded like the The arcade and Chemical building were fighting over parking and the city gave it to to the Arcade building due to the fact the project had is act together. But there is room still for the chemical building but the banks backing the chem building wanted to see the arcade building go through. So the chem building may or may not have the same lenders. I may be wrong on some of my facts.stlien wrote:So the city is holding this back? Or is your source a bank that is financing the Chemical building?Redbrickcity wrote:I herd from a good source that once the arcade is underway then the chemical can get financing
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no big deal. just demo the railway exchange and build a garage.
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Need to change the zoning downtown so there is not a parking minimum.
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Don't give any ideas! More seriously, does anyone know how much occupancy is in the Railway Exchange? I can't believe its very high at all, but I believe some businesses still have offices there.urban_dilettante wrote:no big deal. just demo the railway exchange and build a garage.
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I believe Rise (formerly RHCDA) is still there and I imagine at least a few other holdouts as well. But it can't be too many. A new co-working space was to go in but the header chose the Millennium Center instead as he was convinced on the viability of RR.stlien wrote:Im pretty sure TRex was the last in the Railway building.
The Railway Exchange could easily add 500 nice sized units to downtown. That's why I'm not overly confident we will see major new mid-rise and hi-rise construction for another 5-10 years. There are still way too many empty buildings the size of a city block in downtown, downtown west, midtown etc. Look at the Butlers building for example, I would love to see that behemoth get going. I definitely think we will see a major hi-rise boom once all of the major historic buildings are renovated. That's when the skyline really has the potential to change.
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^ It all depends on the economics for making things work the fastest. Drury and Cordish/Cards aren't sitting on the sidelines until potential historic buildings get rehabbed, they are wanting to feel confident that their own plans can get financed and succeed. If that point is reached before something like the Railway or Jefferson Arms gets cobbled together then they'll proceed.
And as we saw with Arcade-Wright, these larger historic buildings can be incredibly complex... I think just about every incentive was thrown at the Arcade and it still took a long time to get to this point. Doing a new construction tower may just be a lot easier.
Anyway, I do hope that we have enough market demand downtown in the next 5 or so years to take care of the historic buildings like the Chemical, Jefferson Arms and RR (if that is the best potential for the building) while also getting some new construction.
And as we saw with Arcade-Wright, these larger historic buildings can be incredibly complex... I think just about every incentive was thrown at the Arcade and it still took a long time to get to this point. Doing a new construction tower may just be a lot easier.
Anyway, I do hope that we have enough market demand downtown in the next 5 or so years to take care of the historic buildings like the Chemical, Jefferson Arms and RR (if that is the best potential for the building) while also getting some new construction.
I keep thinking new construction in the $750/900 range would clean up. Old buildings are cool, but I feel our supply of old buildings is far greater than the numbers wanting to live in them. Great thing about Chicago or Cincy, etc, is you can live downtown in a new building. That option really doesn't exist here. Affordably that is (yes, I'm looking at you Roberts/OPO Tower.)
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How well is Roberts Tower doing?
If an affordable new tower were built, it would certainly attract people who would never live DT because they don't want to live in an old building. There are large lots in DT south that could work well as they are close to the stadium station and would help drag the skyline south. Something the size of SkyHouse would be a hit there. Of course, any new towers going up near that station will surely be in BPV. If we could get a school and some offices to share a 20 story tower, that area would be fantastic.
If an affordable new tower were built, it would certainly attract people who would never live DT because they don't want to live in an old building. There are large lots in DT south that could work well as they are close to the stadium station and would help drag the skyline south. Something the size of SkyHouse would be a hit there. Of course, any new towers going up near that station will surely be in BPV. If we could get a school and some offices to share a 20 story tower, that area would be fantastic.
$700-900 new construction unit would be small. Very small. Like 500 sq ft studios.shadrach wrote:I keep thinking new construction in the $750/900 range would clean up. Old buildings are cool, but I feel our supply of old buildings is far greater than the numbers wanting to live in them. Great thing about Chicago or Cincy, etc, is you can live downtown in a new building. That option really doesn't exist here. Affordably that is (yes, I'm looking at you Roberts/OPO Tower.)
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I sure hope this will move ahead shortly.... Rainford's comment and Bus Journal not able to get the owner to respond to an inquiry (in a story on Dominium and the Arcade-Wright) weren't the greatest confidence builders. As for parking, I wouldn't mind seeing a mixed-use garage go up on the lot behind the Union Trust (corner of Locust & 7th).... street level retail w/ parking and apartments up top sounds good to me.Redbrickcity wrote:I am not sure I herd from someone that was at the parking meeting it sounded like the The arcade and Chemical building were fighting over parking and the city gave it to to the Arcade building due to the fact the project had is act together. But there is room still for the chemical building but the banks backing the chem building wanted to see the arcade building go through. So the chem building may or may not have the same lenders. I may be wrong on some of my facts.stlien wrote:So the city is holding this back? Or is your source a bank that is financing the Chemical building?Redbrickcity wrote:I herd from a good source that once the arcade is underway then the chemical can get financing
Not to get this thread off topic, but Rise has now been booted from the building, so I'm not sure if after this week anyone will still be in the Railroad Exchange.roger wyoming II wrote:I believe Rise (formerly RHCDA) is still there and I imagine at least a few other holdouts as well. But it can't be too many. A new co-working space was to go in but the header chose the Millennium Center instead as he was convinced on the viability of RR.stlien wrote:Im pretty sure TRex was the last in the Railway building.
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Blurb about the Chemical BLDG...
The Arcade’s redevelopment would still leave one blemish in the Old Post Office District: the Chemical Building, an 1896 structure at 721 Olive St. that had its own string of owners with unfulfilled ambitions. David Roos’ LandWhite Developers, of Granger, Indiana, bought the building in 2012 when it was listed for $3.9 million. At the time, Roos said he wanted to put 120 apartments into the 17-story structure, which remains nearly vacant. Roos could not be reached.
http://m.bizjournals.com/stlouis/print- ... tml?r=full
The Arcade’s redevelopment would still leave one blemish in the Old Post Office District: the Chemical Building, an 1896 structure at 721 Olive St. that had its own string of owners with unfulfilled ambitions. David Roos’ LandWhite Developers, of Granger, Indiana, bought the building in 2012 when it was listed for $3.9 million. At the time, Roos said he wanted to put 120 apartments into the 17-story structure, which remains nearly vacant. Roos could not be reached.
http://m.bizjournals.com/stlouis/print- ... tml?r=full
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This is an attractive building in one of the best up and coming locations in the city. I know we would have all loved to have it done 8 years ago, but this rehab will happen. The potential upside is too great.
^Replace "building" with "city" and "city" with "country" and that statement basically summarizes the identity of urban revitalization in STL.
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^ Nice.
I just hope there isn't a parking supply problem for the Chemical if it and Arcade-Wright are being required to have a 1:1 ratio for financing. I understand quite a few Laclede Gas workers currently park in the 7th St. Garage so perhaps that will open space for 2016 when they move out and residents in. I suspect we'll have another parking garage or two in the downtown core in the not-too-distant future.
I just hope there isn't a parking supply problem for the Chemical if it and Arcade-Wright are being required to have a 1:1 ratio for financing. I understand quite a few Laclede Gas workers currently park in the 7th St. Garage so perhaps that will open space for 2016 when they move out and residents in. I suspect we'll have another parking garage or two in the downtown core in the not-too-distant future.
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There's a parking lot right behind the Chemical. Build a garage there.