urbanSTL

The Grand/FPA intersection needs to be fixed asap. That kills walkability in the area. It's crazy we got millions of AARP and Rams money and this intersection hasn't been redesigned. 

The Brickline will be crossing that intersection as it continues west on FPP. My assumption is that GRG takes it on as a partner with City, SLU, and Foundry. 

A small unrelated note. Future SLU basketball watch parties would be fun at the Foundry, not BPV.

StlToday - St. Louis withholds City Foundry's $18M tax incentive over prevailing wage dispute


https://www.stltoday.com/news/local/gov ... 836a1.html

Waiting for the other shoe to drop when Foundry decides it will put a pause on next phase.

That being said, you can probably guess my next sentiment.   Incentives our meant to get development and the private capital that is behind most of the cost to get things built and as result keep work flowing for the trade crafts.  Tying incentives too prevailing wages is a bad idea in my opinion, IMO.   Like or leave it but as some who works for a union shop contractor the industry pays and compensates well w plenty of labor laws & compliance in place to protect the workplace.   I get it for public works projects directly funded by taxpayers but you want to start killing even more projects in the city go for it.  Which is exactly what I think the path that the city is going with this move.  

dredger wrote: ↑

8:40 PM - Apr 03

Waiting for the other shoe to drop when Foundry decides it will put a pause on next phase.

That being said, you can probably guess my next sentiment.   Incentives our meant to get development and the private capital that is behind most of the cost to get things built and as result keep work flowing for the trade crafts.  Tying incentives too prevailing wages is a bad idea in my opinion, IMO.   Like or leave it but as some who works for a union shop contractor the industry pays and compensates well w plenty of labor laws & compliance in place to protect the workplace.   I get it for public works projects directly funded by taxpayers but you want to start killing even more projects in the city go for it.  Which is exactly what I think the path that the city is going with this move.  

Cushman Wakefield is actively marketing the mass timber office buildings.  5 floors.  16k per floor.  

^ Been a couple of months since i posted my opinion or thoughts and actively marketing could be a brochure or website posting for all that matters.  So wondering if you have on any insight on where the incentives stand and prevailing wage dispute?  Foundry's next phase for that matter? 

In my experience, once an office project reaches 60%–70% pre-leasing, it is likely to move forward with construction. I know they have already leased a majority—if not all—of the traditional office space at the Foundry, so I would expect strong interest in the project.

As for the prevailing wage dispute, I don't have any specific knowledge of the situation. However, I do know that the debt structure and financing they utilized require monthly reporting and verification to ensure compliance with prevailing wage requirements and other obligations. Given that level of oversight, it's difficult to imagine that anything particularly egregious occurred. Those lenders are typically very thorough in confirming compliance before approving and processing pay applications.

Any idea how the apartments are leasing?

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StlAlex wrote: ↑

6:30 PM - Jun 02

Any idea how the apartments are leasing?

Property website says 73 units are available of 270. 197 leased. 73%.

STLAPTS wrote: ↑

5:42 PM - Jun 02

In my experience, once an office project reaches 60%–70% pre-leasing, it is likely to move forward with construction. I know they have already leased a majority—if not all—of the traditional office space at the Foundry, so I would expect strong interest in the project.

As for the prevailing wage dispute, I don't have any specific knowledge of the situation. However, I do know that the debt structure and financing they utilized require monthly reporting and verification to ensure compliance with prevailing wage requirements and other obligations. Given that level of oversight, it's difficult to imagine that anything particularly egregious occurred. Those lenders are typically very thorough in confirming compliance before approving and processing pay applications.

Thanks, it will interesting to see if they can secure enough leasing to break ground on what i believe will be St. Louis 1st wood beam construction of this magnitude, or if AHM breaks ground on their wood beam residential tower.

dredger wrote: ↑

2:36 AM - Jun 03

STLAPTS wrote: ↑

5:42 PM - Jun 02

In my experience, once an office project reaches 60%–70% pre-leasing, it is likely to move forward with construction. I know they have already leased a majority—if not all—of the traditional office space at the Foundry, so I would expect strong interest in the project.

As for the prevailing wage dispute, I don't have any specific knowledge of the situation. However, I do know that the debt structure and financing they utilized require monthly reporting and verification to ensure compliance with prevailing wage requirements and other obligations. Given that level of oversight, it's difficult to imagine that anything particularly egregious occurred. Those lenders are typically very thorough in confirming compliance before approving and processing pay applications.

Thanks, it will interesting to see if they can secure enough leasing to break ground on what i believe will be St. Louis 1st wood beam construction of this magnitude, or if AHM breaks ground on their wood beam residential tower.

From what I've heard AHMs tower is dead.

matguy70 wrote: ↑

4:23 AM - Jun 03

Where did you hear that. I heard they cleared.
https://korbarch.com/projects/the-314/

"The 314", AHM's Downtown West Project Moves Closer to Construction
https://www.cityscene-stl.com/post/the- ... nstruction

A lot can change between last May and now. A bigger clue to whether AHM could pull this off is looking to Milwaukee and seeing that construction stopped on a mass-timber building up there. AHM is ambitious, but perhaps too ambitious for right now. Their smaller buildings should take priority first before a showpiece tower.

On April 6 (this year) there was a story that the tower had $172m in bonds issued.    The permit for the 72 unit building was paid for and picked up by AHM in late April

^ So that tells me this is moving forward.... I'd assume.

https://www.stltoday.com/news/local/bus ... 55e95.html

P-D article on the planned office building. Says they are seeking out-of-city tenants, they need 50,000 square feet pre-leased before it could begin construction. They say they have some early interest already.

They say more than half of the residents at the apartment building are from outside of St. Louis, and all of current office space at The Foundry is leased.

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^From the link

New + Found CEO Steve Smith said at the opening of his apartment development in 2024 that he envisioned more office space. 

At the time, however, interest rates were too high and City Foundry had only been open for 18 months. Smith said Tuesday that today's market conditions are better and the other office space at his development is 100% leased. He is hoping to attract companies from outside the city.

“Companies want to be located in a highly amenitized space,” Smith said. “City Foundry is a very dynamic environment.”
The apartment development, known as Vande East, is more than 80% leased. More than half of the residents are from outside St. Louis and are under 30, Warren said. 

what (companies) are confirmed to  occupy these offices?

Believe it or not, it is covered in the article 

Biz Journal article on Foundry office building.   Behind paywall so not sure if more info

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

The developer aims to break ground by year-end on the five-story building at the Midtown mixed-use district.

Rendering from the Post-Dispatch/New+Found:

Is that brick or some kind of paneling?


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Is that brick or some kind of paneling?
lmao!!
maybe its knotty pine!

BarryGlick wrote: ↑

8:27 PM - Jun 04

Is that brick or some kind of paneling?
lmao!!
maybe its knotty pine!

https://tenor.com/pJaq.gif