Chemical Building - 777 Olive Street

brickandmortar · PostSep 15, 2005#12005-09-15T16:58+00:00

I got an email from a tenant in the building today. Has anyone heard anything about this? Below is a snippet of the email...

the chemical building will have new owners,

they are NOT tearing down the building...

they are putting in apartments and condos on the upper floors,

that is why they are turning the gym into parking spaces.

they have asked if we could be out by january.

Pretty good news if you ask me!!

sshoe · PostSep 15, 2005#22005-09-15T17:40+00:00

I've always loved the Chemical Building. Whoever thought the building would be torn down is probably pretty stupid. There would be a bigger outcry over this than the Century Building.

debaliviere · PostSep 15, 2005#32005-09-15T18:15+00:00

It's good news, but downtown also needs affordable office space as well. I hope the Chemical Building's tenants will all relocate to other downtown buildings.

I know that there are a few old school jewelers in that building, and I hope they don't follow the other jewelers who have moved from downtown to Clayton and Creve Coeur.

Expat · PostSep 15, 2005#42005-09-15T18:19+00:00

I love the Chemical building, too. I would love to live there! But, I thought the same thing about the current tenants. If all the buildings turn residential, where will the job's go? I suggest they build a bunch of new class A's in place of parking garages and surface lots, so all the current class A's get downgraded and become affordable for the Chemical Building type tenant

.

brickandmortar · PostSep 15, 2005#52005-09-15T18:28+00:00

I've wondered what the occupancy rate of the Chemical Buiding is. I visited an store there to get my glasses fixed last year which also sold sewing materials. The eyedoctor told me he made more money on the sewing materials these days.

It's a beautiful building, but from what I saw on the 2nd floor interior work was needed.

midcountyguy · PostSep 15, 2005#62005-09-15T19:31+00:00

Check out the following link:

http://www.dor.mo.gov/stc/Chemical%20Bu ... hmeyer.htm

It looks to me that the owner ended up getting a much higher tax appraisal than he anticipated, and may have taken the appraiser's advice to let someone turn it residential. It says the last renovation happened in 1985, with 10 years tax abatement and 10 additional years at 50% tax abatement. That would be ending soon. Also, isn't 1985 the last time the Old Post Office was remodeled?

tb1000 · PostSep 15, 2005#72005-09-15T21:01+00:00

Um, where is the chemical building?

It seems like some of you guys know every building in this city off the top of your head.

Someone could probably name off random buildings and most of you would know where they are at....Lambskin Temple building, Equitable Bank building, etc.

brickandmortar · PostSep 15, 2005#82005-09-15T21:06+00:00

It's at the corner of Olive and 8th Street across from the OPO and Laclede Gas Building. Ground Level tenants include Dooley's, Thai Express, and She's the One.

Expat · PostSep 15, 2005#92005-09-15T21:40+00:00

Don't worry StLUAB, you will learn all the buildings, too. It is part of the fun of living in St. Louis. Of course, it can be difficult because all the buildings in St. Louis have a name that may or may not be the official name. Like the Pizza-a-Go-Go Building

(in case you don't know, the Pizza-a-Go-Go Building is located on Grand near Gravois across from the Southside Bank Building)

tms63116 · PostSep 16, 2005#102005-09-16T17:51+00:00

I've also always loved the Chemical Building. . .I think it will be a cool residential project.

Last I heard, occupancy at there was down around 25% (occupancy - not vacancy!!!) The are plenty of other downtown Class B buildings that have a lot of vacant space and should be able to absorb any tenants relocating from the Chemical Building.

debaliviere · PostSep 16, 2005#112005-09-16T18:00+00:00

Wow, I had no idea it was so low!

I just hope the new owner keeps Dooley's! Otherwise, the redevelopment could get us some good new retail tenants for Old Post Office Square.

Expat · PostSep 16, 2005#122005-09-16T18:40+00:00

That is low! No point in letting it sit there nearly empty. That handsome building, at that beautiful location, close to the subway station, will make it one of the best addresses in town.

shelbyelyse · PostSep 16, 2005#132005-09-16T19:30+00:00

Is this the same building that Civitas group developing The Meridian bought? I thought their second building was at 8th and Olive.

southslider · PostSep 16, 2005#142005-09-16T20:26+00:00

The Chemical Building is at 8th and Olive, on the northeast corner. Its 721 Olive address reflects how the building is on the 700 block of Olive, west of 7th and on the north side of Olive. The City is a wonderful grid marked off west from the River (there are no east blocks) and north or south of Market-Laclede-Forsyth.

All of the buildings at 8th & Olive are:

NE: Chemical Building (subject of this thread)

SE: Laclede Gas Building (name still reflects principle tenant)

SW: Arcade-Wright Buildings (Pyramid's next project on heels of Paul Brown to its west)

NW: Old Post Office (Desco's pet project with garage mahal included)

framer · PostSep 18, 2005#152005-09-18T18:55+00:00

Yea, the Chemical Building is one of the coolest downtown, and its got one of the best locations, too. I've always looved it. I think its ready for a major rehab, but I'm also concerned about pushing out all of the class B office tenants. Its important to keep them downtown.

But man, what a great residential building that would make, with all of the bay windows and great urban views! Its really a no-brainer.

I hope they restore the street level storefronts. Dooley's is a great place and all, but that fake "Ye Olde" half-timber look has got to go!

jmedwick · PostSep 19, 2005#162005-09-19T14:06+00:00

Heck no. Leave the Ye Old style there. That is actualy what concerns me most about this project. Sure it will be nice to more residents in the area, but it is also very close to the heart of the business district and to lose all those office tenents, it would be nice if people could find a home for them. Moreover the resturants and shops at the ground level are nice. It is one of the few downtown buildings with an intact and active ground level. Too force those tenents out in the name of ddevelopment may do more harm than good to the area.

Expat · PostSep 19, 2005#172005-09-19T14:39+00:00

If Ye Old Style wants to stay, fine. But their facade could use a little tweaking.

thewayofthearch · PostSep 19, 2005#182005-09-19T15:31+00:00

JMedwick wrote:Heck no. Leave the Ye Old style there. That is actualy what concerns me most about this project. Sure it will be nice to more residents in the area, but it is also very close to the heart of the business district and to lose all those office tenents, it would be nice if people could find a home for them. Moreover the resturants and shops at the ground level are nice. It is one of the few downtown buildings with an intact and active ground level. Too force those tenents out in the name of ddevelopment may do more harm than good to the area.

@ 25% occupancy and the retail counting towards that, I assume, I don't think many will be "displaced" or that it would be difficult to find new space for them. A friend in the commercial real estate industry told me there are subleases for class C going for under 5 bucks a swuare foot...

jeff · PostSep 19, 2005#192005-09-19T22:34+00:00

The amenities are probably poor in this building and occupancy may be low, but I do get nostalgic and a little sad over its conversion. I think it may be the last functioning old school office building downtown. In the old days the Arcade, Paul Brown, Chemical Bldg, and others used to house countless small independently owned businesses like jewelers, shoe repair, dentists, private detectives, and others that really added character and a big city feel to downtown.

I'm sorry to see this era gone, but at least it's making way for residential conversion and not the headache ball. I hope the few remaining businesses are able to find space downtown.

steve · PostSep 24, 2005#202005-09-24T21:07+00:00

I fail to see any conclusive (or even mildly persuasive) evidence that this property will be renovated for residential use. Any comments or proof to the contrary?

MattnSTL · PostSep 25, 2005#212005-09-25T01:45+00:00

^I don't know if it will be or not, but it is definately one of the buildings I would most want to live in when I get the chance to move out on my own.

jivecitystl · PostSep 25, 2005#222005-09-25T16:28+00:00

One of my favorite buildings downtown. I would love to live in that b****. I guess you could say this news gives me a Chemical high!

debaliviere · PostOct 03, 2005#232005-10-03T12:43+00:00

From the Business Journal:

The Chemical Building at Eighth and Olive has long been leased as Class C office space. But sources say the downtown building will be renovated for use as apartments and condominiums in 2006. Some tenants in the building already have received notice that they have to leave by the start of the year. The 17-story building has 161,177 square feet of space above ground and 14,471 square feet in its basement. Alan Pervil, one of the owners of the building, would only say that the change "will be good for downtown."

shelbyelyse · PostOct 26, 2005#242005-10-26T15:12+00:00

I have confirmed with a reliable source that the group that is doing The Meridian at Tucker and Washington is finalizing the purchase of this building and will be turning it into condos as rumored.

Expat · PostOct 26, 2005#252005-10-26T16:11+00:00

That is exciting news. From reading back on this thread, nearly everyone loves that building and wants to live in it. We could all be neighbors.

Can't wait for more news!