If the lender is the new owner, they'll likely sell it to someone else as opposed to developing it themselves, right?
The building isn't necessarily owned by an out-of-towner. The LLC is registered through Delaware, true, but that's likely to take advantage of a more favorable tax environment there. The company's jurisdiction is Missouri and the registered Agent is C T Corporation System in Clayton.roger wyoming II wrote:^ I guess the good news is that it's in new hands that hopefully are more capable in getting the job done. But I also think it's not good news that there was only one bidder. Ideally there'd have been multiple bids, with for example Brandonview getting out bid by this out-of-towner.
There isn't any info that I can find on who owns the LLC, but it's within the realm of possibility that it's a St. Louis person, company, or consortium.
-RBB
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^ Interesting; I didn't even catch 721 Olive LLC was also the previous lender. Whoever they are, I hope they have a strong redevelopment plan to move forward... the timing is perfect to get something off the ground next year.
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^ A trusted source, but known drunkard and all around louse --ok,ok, it's really kb -- reports there may be a deal with a hotel group.
^ Hopefully something can happen soon to make OPOP area feel healthier and add to the foot traffic the Arcade will bring.
Can downtown support more hotels without job/convention growth?roger wyoming II wrote:^ A trusted source, but known drunkard and all around louse --ok,ok, it's really kb -- reports there may be a deal with a hotel group.
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^ Hotel market is pretty strong and I think there is room for a couple more smaller boutiques. But it may be a bit like the restaurant scene where new entries put pressure on existing ones to shape up or ship out. Still curious about the owners of the Crowne Plaza, for example, I think they're going to have to make a decision before long about whether to upgrade the whole hotel or proceed with the original plan to scale down to a boutique and put in apartments in most floors.
My ideal redevelopment for Chemical Building would be pulling another Bull Moose out of the hat but that seems unlikely.
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I'd love to see mixed use. Hotel and residential like the Laural.
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^ A Bull Moose type deal would be hotel and office, which I'd prefer over hotel and residential, but not over office and residential, which, by the way, is across the street at Gallery 720.
Define "pretty strong." Do you know the current occupancy rate?roger wyoming II wrote:^ Hotel market is pretty strong and I think there is room for a couple more smaller boutiques.
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^ My understanding is that in the 60s is generally where you'll see interest in new hotel projects; below that not so much.
Interesting - that seems low. But if downtown is in the 60s now, it makes sense why we see this interest in new hotel rooms.roger wyoming II wrote:^ My understanding is that in the 60s is generally where you'll see interest in new hotel projects; below that not so much.
I'm not involved in this deal so this is not verified...
Yes as Roger said -- I've been told that they've come to business terms with the seller for a high end urban hotel concept. The deal is far from done but the first of many steps is done.
As I think everyone knows, the Gill's renovation of the building next door to the east (Pickles Deli building) for Hotel Blackhawk is in planning stages as well.
Could be a great block if everything comes to fruition above with the Laclede Gas Building renovations to 125-150 apartments and office space.
No clue if there's room for more hotel rooms and apartments in the CBD but I guess we'll know soon.
Yes as Roger said -- I've been told that they've come to business terms with the seller for a high end urban hotel concept. The deal is far from done but the first of many steps is done.
As I think everyone knows, the Gill's renovation of the building next door to the east (Pickles Deli building) for Hotel Blackhawk is in planning stages as well.
Could be a great block if everything comes to fruition above with the Laclede Gas Building renovations to 125-150 apartments and office space.
No clue if there's room for more hotel rooms and apartments in the CBD but I guess we'll know soon.
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^ That block of Olive could be really nice if those two get off the ground; the only thing I would worry about is if there are no public storefronts to keep things a bit more active... and hopefully whomever is left in the Union Trust will move over into other office nearby.
And here is an overview from June of the relative good times for the downtown Saint Louis hotel market:
http://www.stltoday.com/business/local/ ... aadb4.html
And here is an overview from June of the relative good times for the downtown Saint Louis hotel market:
http://www.stltoday.com/business/local/ ... aadb4.html
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Keep in mind, we also have a MASSIVE vacant hotel property on Fourth Street.
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^There's something brewing there too...But my commercial real estate buddies are very secret and private about that one....
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We closed on a hotel project this past year and operating assumptions had mid-70s for occupancy rate. I will note that this hotel isn't located in St. Louis but rather a market stronger than St. Louis. I don't think mid-60s is bad for St. Louis but I'd love to see those numbers a bit higher!roger wyoming II wrote:^ My understanding is that in the 60s is generally where you'll see interest in new hotel projects; below that not so much.
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Under contract! Get er done!roger wyoming II wrote:^ A trusted source, but known drunkard and all around louse --ok,ok, it's really kb -- reports there may be a deal with a hotel group.
http://www.stltoday.com/business/column ... c21c1.html
Looks like something is in the works as Parking Commission is taking up Chemical Building agreement. (I assume for securing spaces in the city garage.) Good sign.
I dont follow. Could you explain how that might translate to future development of the building?