Chemical Building - 777 Olive Street

Tim · PostJun 04, 2023#5262023-06-04T14:53+00:00

Contractors left the front door open (while they were on site).

+2

symphonicpoet · PostJun 05, 2023#5272023-06-05T05:21+00:00

^Some stunning stuff. Gorgeous catch. Thank you.

pattimagee · PostJun 05, 2023#5282023-06-05T15:03+00:00

Woh - is that tile? or a tiled wall art? vinyl?

Tim · PostJun 06, 2023#5292023-06-06T18:05+00:00

Glad to share. It's a tile mosaic (technically there are two) located on the ceiling of the lobby.

pattimagee · PostJun 06, 2023#5302023-06-06T18:16+00:00

^Thanks

hebeters · PostJun 06, 2023#5312023-06-06T18:55+00:00

Goodness someone/developer get going with this building before the grim reaper appears!

chriss752 · PostJun 09, 2023#5322023-06-09T03:33+00:00

I really hope they preserve those ceiling mosaics. They're the last remnants of the original lobby. From the State Historical Society Collection (taken in 1941)...

1261941 Chemical Entrance Doors Closed.jpg (313.55KiB)

1261941 Chemical Lobby Doors Closed.jpg (283.02KiB)

airforceguy1 · PostJul 24, 2023#5332023-07-24T17:38+00:00

Chemical Building hotel developers ask St. Louis for tax breaks

The 127-year-old historic building at 8th and Olive streets, is slated to become a dual-branded Marriott hotel with 240 rooms, according to documents filed with the city's Land Clearance for Redevelopment Authority. The developers — Beechwood Pinnacle Hotels of Little Rock, Arkansas; InterMountain Management of Monroe, Louisiana; and John Campo of Campo Architects of New Orleans — are seeking 10 years of tax abatement worth $4.9 million for the project. LCRA could also approve up to $85 million in bonds at its meeting on Tuesday, documents show. The Chemical Building has been slated for redevelopment for years. Restoration St. Louis planned to turn it into an extension of its historic redevelopment of Hotel St. Louis, next door to the Chemical site. But its plans stalled during the pandemic. Prior to that, a New York developer wanted to build "micro apartments" at the property, at 777 Olive Street. Staff for LCRA said that the property is expected to generate $147,000 in annual taxes with the incentive; up from the roughly $75,000 in taxes currently collected.
Over a 10-year period, the city is slated to net $1.9 million and St. Louis Public Schools $1.4 million.

LCRA will review the project at its 1:30 p.m. meeting Tuesday.

https://www.stltoday.com/news/local/business/chemical-building-hotel-developers-ask-st-louis-for-tax-breaks/article_eb2143ee-2a38-11ee-8215-0b611770aacb.html#tracking-source=home-top-story

bwcrow1s · PostJul 26, 2023#5342023-07-26T22:00+00:00

I was really looking forward to seeing this turn into apartments years ago. Perhaps its just the couple of them that have been going into receivership clouding my opinion that we need more hotels, WITH tax breaks.

sc4mayor · PostJul 27, 2023#5352023-07-27T16:52+00:00

LCRA also approved 10 years of tax abatement worth $4.9 million and up to $85 million in bonds for the renovation of the Chemical Building, at Eighth and Olive streets downtown.

https://www.stltoday.com/news/local/bus ... fd1bd.html

Tim · PostSep 11, 2023#5362023-09-11T02:18+00:00

https://www.stltoday.com/news/local/bus ... 6a639.html

Campo, of New Orleans-based Campo Architecture & Interior Design, and partners Beechwood Pinnacle Hotels and InterMountain Management plan to invest $82 million to transform the historic property into a 240-room, dual-branded Marriott hotel. With historic tax credits and other incentives lined up, Campo hopes to begin work late this year with an anticipated opening in 2025.

His team had two financial sources underwrite the project and have had to raise more equity to deal with high interest rates. They had also had an appraisal done and contracted with two hotel management companies to look into market data. Both, Campo said, showed key metrics that the St. Louis hotel market is gaining momentum and is among the top markets in the country.

PostSep 22, 2023#5372023-09-22T19:18+00:00

Per the July 2023 "Campo Quarterly" from Campo's website:

"After navigating through an arduous approval process, Campo was awarded $19.1 million in state historic tax credits and $15 million in federal historic tax credits totaling $34.1 million, which will inure to the benefit of a dual-branded hotel by Marriott located in Downtown St. Louis. With the successful allocation of state and federal historic tax credits, the former Chemical Building's transformation will not only preserve its historical significance but also contribute to the revitalization and economic growth of Downtown St. Louis. John T. Campo, Jr. and Jacob Campo, Campo's Director of Real Estate Services, lead the real estate development team for this project."

https://www.jtcampo.com/news-blog/2023/ ... s4t0bdv7bm

PostOct 26, 2023#5382023-10-26T18:51+00:00

dbInSouthCity · PostDec 21, 2023#5392023-12-21T18:05+00:00

Any updates here? Developers website hasn’t been updated since July update above and project isn’t on their hospitality list

Tim · PostDec 22, 2023#5402023-12-22T18:20+00:00

Not that I've seen.

But, as far as their website, it appears that only completed projects are included on the "Hospitality" page. This project is listed on the "On the Boards" page.

The building is still unsecured BTW. Teenagers were on the roof messing around earlier this week.

PostDec 22, 2023#5412023-12-22T18:47+00:00

Speak of the devil

fatsheldon · PostJan 10, 2024#5422024-01-10T18:12+00:00

Not sure how long this has been there (dated 12/28/2023). Is this part of the process? Meaning, do they get more credits if it's condemned under the new legislations coming though? Or is it just condemned for reals now...

Chemical Building 777 Olive

TheWayoftheArch_V2.0 · PostJan 10, 2024#5432024-01-10T18:47+00:00

Condemned means unsafe for occupancy, which is different from a "blighted" designation which is a requirement for most tax credits.

fatsheldon · PostJan 10, 2024#5442024-01-10T19:16+00:00

Oh. Well darn. I was hoping it meant something more than just some paper stapled to the plywood screwed to the front of the building.

Tim · PostJan 19, 2024#5452024-01-19T19:22+00:00

Rooftop shenanigans seem to be increasing. We see individuals on the rooftop several times a week...and they're not workers. Yesterday someone was up there with a crowbar messing around. Earlier in the week a kid was effing around ON the parapet.

It's almost like this sign isn't actually preventing people from opening the damaged plywood and walking right in.

I've reported this to CSB several times, but they just note that the resolution is: "Building [is] already under notice", and "Resolution Explanation: Property is already under a notice of violation. Timelines for compliance or further action vary based on violations found."

The door has been like this for months.

EssTeeEll · PostJan 22, 2024#5462024-01-22T14:21+00:00

Interesting. I'm sure there are more complications than I know of, but it's kind of head scratcher how this and the Railway Exchange are (seemingly) treated so nonchalant.

Tim · PostFeb 03, 2024#5472024-02-03T00:17+00:00

hebeters · PostFeb 03, 2024#5482024-02-03T00:33+00:00

grrrr very frustrating!!

fatsheldon · PostFeb 03, 2024#5492024-02-03T00:48+00:00

RUDE

lol... Love that one.

Chris Stritzel · PostFeb 03, 2024#5502024-02-03T18:56+00:00

Tim wrote: ↑
Dec 22, 2023
Speak of the devil
20231222_123309.jpg

Might these folks be related to this short Urbex Reel on Facebook? Weather conditions look to be the same

Chemical Building - 777 Olive Street

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