urbanSTL

Lord Paul, unknown to anyone locally, has apparently been tweeting out these letters from Steve Smith. In one we find out that smith has converted a loan from Paul into 49% equity in the office and apartment project

Apparently Steve Smith lives in one of the penthouses at 100 Above the Park.

Anybody wanna talk about the “huge $10bn project”?

^ Man, not sure what the deal is with that, but whatever the case, this guy's Twitter has all sorts of insider info.

For instance, after just a quick glance, apparently Putt Shack is willing to pay $50 psf for 26,642 sq. ft., which comes out to $1.3 million per year. Holy crap.

Pretty insane that he’s putting it all out there.

But also, $10bn, wow. That’s really promising. A year ago I was wondering what part of the city between DT, Grand Center, and CWE would become the shopping center of the city. Seems increasingly likely that grand center is going to become that


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^I cannot complain about Midtown getting some love. Also . . . following.

If the $10Bn mark is real I hope construction moves towards Downtown connecting Midtown and Downtown! Fingers crossed lol…


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If I'm reading and understanding that report correctly, the Foundry project is already 67% leased. That seems like good news to me.

If $10 billion is accurate, I hope they hit hard with investment in Grand Center near their Angad hotel, all around the Vandeventer & Forest Park Ave. area, and then up and down the Washington, Olive, and Locust corridors all the way into Downtown West.

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KansasCitian wrote:If I'm reading and understanding that report correctly, the Foundry project is already 67% leased. That seems like good news to me.

If $10 billion is accurate, I hope they hit hard with investment in Grand Center near their Angad hotel, all around the Vandeventer & Forest Park Ave. area, and then up and down the Washington, Olive, and Locust corridors all the way into Downtown West.

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Agree 100%

Making DT and Midtown walkable will bring bikes, scooters, and people. Now the Light rail system news and I’ll be all 2022


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$1B makes a lot more sense and $10B seems a lot more like a typo considering the immediate footprint bordered by Vande, FPP and believe Spring if they acquire corner property at Vande & FPP as well as build on/tear down and rebuild current parking structure along FPP.  You got infill for 4-5 sold structures say at $150 millionish.  

^ that’s my sticking point also. Even in this area with a lot of vacant or underutilized land… feels impossible to fit $10bn.

It's surely going to end up being a $1 Billion project. As said before, it's a typo.

Midtown will become our "shopping district" over the next decade or so. Foundry, Armory, Steelcote, and a future plan at Iron Hill will all help with this goal. I also wouldn't be surprised if Midtown Alley gets some shopping and more dining options to activate it a bit. There's still a ton of room for great change in Midtown/Grand Center. What we're seeing now, I truly believe, is just the tip of the iceberg. Better connectivity is a must though, so the Brickline Greenway can't come soon enough and I'd hope that Grand @ Forest Park is made at-grade with Forest Park receiving bike lanes/wider sidewalks in parts.

Back on the Foundry side of things, I'm happy to see it's 67% leased. Steve Smith and Team had a crazy ambition and they made it possible, now things are starting to pay off in a way.

I didn't comb through is Twitter feed, but if Lord Paul is publicizing deal terms, it would probably be in his best interests to cool that down. Tenants and brokers don't like it when you blast out their negotiated rent.

I also find it hard to believe that PuttShack is paying anything remotely close to $50psf. That would be amongst the highest retail rates in the entire metro area and in 26,000sf no less. If they are, then kudos to the Landlord and they'd be wise to start looking for a backup when PuttShack goes bankrupt.

^ imagine if you were Puttshack finding out on Twitter that you’re paying $10 psf more than the previous lease…

addxb2 wrote: ↑

Jan 12, 2022

^ imagine if you were Puttshack finding out on Twitter that you’re paying $10 psf more than the previous lease…

Even worse if you see them blasting out to the public that you just became the highest paying retail tenant in the entire STL metro area and overpaid by about 50%.  The only way I could see them paying that kind of coin is if the Landlord wrote them a massive check to build out the space and they're paying it back w/ interest during the term.

All of these emails that Lord Paul is sharing from Steve Smith feel like they are being sent to butter up Lord Paul to make sure the  investment money keeps flowing. They're factual and contain great info for those of us here that are interested, but they're written in a very glowing way to appeal to the 90 year old billionaire partner. I'm not saying there is anything wrong with that at all. Keep your investor interested and happy. But it may not hurt to take everything shared with that view in mind.

I agree that the $10 billion is likely meant to be $1 billion. I had the thought of a typo as soon as I read that. Or Lord Paul is really trying to build up interest and excitement to try to help drive investment. Even with construction inflation outpacing regular inflation, $10 billion is still an astronomical sum of money. Certainly more than the estimated $2 billion Lord Paul is worth.

Steve Case and his Rise of the Rest investment fund is noted as part of the funding source for phase II in one of these communications. Looks like they are taking full advantage of being in an Opportunity Zone.

Buried in this Tweet they mention that City Winery has been added as a tenant - No official announcement that I have heard, but this is a pretty good get. I saw a concert at the Chicago location a few years back - They book smaller shows, more intimate  setting, sometimes for several nights in row. 



https://www.citywinery.com/Online/default.asp

Anyone know how Lord Paul got his title? Was it inherited? Earned? Bought?

framer wrote: ↑

Jan 12, 2022

Anyone know how Lord Paul got his title? Was it inherited? Earned? Bought?

https://en.wikipedia.org/wiki/Swraj_Paul,_Baron_Paul

Lord Paul is 90 years old and genuinely the nicest person. From his pov he’s audience to these tweets is his family/friends and people in UK and he’s very proud of what’s been done here and what’s to let everyone know. I am surprised Steve (who has replied to some of the tweets, sucking up) hasn’t talked to Lord Pauls US legal advisor (often included in the tweets) about how Twitter works

A thought, would the new timber frame office space as part of phase II be anchored by Bull Moose once completed?    

Still think this space would be great spot for a certain shoe company HQ that probably has just as many people working tech, building online presence as they do have working with global suppliers and logistic chains just to put a tech spin on it and why being around CORTEX a good fit..  

This looks awesome. Anyone know where it’s going within the foundry?

City Foundry to add wine and live event attraction

https://www.bizjournals.com/stlouis/new ... ction.html