Ventas isn’t the developer it’s Wexford Science + Technology And they decided to pull it But ventas is involvedgone corporate wrote: ↑Aug 26, 2020Reasonably optimistic on 4210 coming back online by Ventas. First off, the site is built out for construction to continue. Second, the area is nearly 100% occupied with a premium on rentals. They'll get letters of intent. Third, it's a company-specific issue, not anything having to do with Cortex. I'm looking over Ventas' stock (VTR), and it has gotten the ever-living crap kicked out of it this year. When Covid-19 came in effect, their stock hit it's 2008 low after just recognizing a momentum upswing. Almost immediately, it went from 62.99 to 21.62 and is now late-day at 40.47. Hell, I'm kind of impressed it made it back this far. They're still paying dividends and remain a viable company, but they sure have been rocked. Fourth, they likely will be building a good chunk of that building to accommodate laboratory space, which can't be replicated on a work-from-home basis. So long as they focus a strong chunk of that building on essential real estate, like laboratories, then 4210 will be back online in the reasonable near term.
Sucks all the same.
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^ I think Wexford and Ventas are both developing it together.
https://wexfordscitech.com/ventas-revea ... -business/
https://wexfordscitech.com/ventas-revea ... -business/
(I see you've edited your post, so you can disregard this lol)Ventas Inc. continues to make progress with the planned $1.5 billion pipeline of projects through its university-based Research & Innovation business. The REIT recently announced four new developments totaling $800 million and more than 1.3 million square feet to be built in partnership with university-focused real estate developer Wexford Science & Technology LLC at locations in Pittsburgh, Philadelphia and St. Louis.
In St. Louis, the Ventas-Wexford team will develop 4210 Duncan, a 320,000-square-foot office building in the Washington University-affiliated Cortex Innovation Community. The project, which will mark Ventas’s fifth building in Cortex, will cost $115 million to realize.
BJ already has an update from Wexford. Little bit of good news:
https://www.bizjournals.com/stlouis/new ... celed.html
https://www.bizjournals.com/stlouis/new ... celed.html
The developer behind a $115 million development at Cortex said the Covid-19 pandemic has delayed — but not killed — the project to bring 320,000 square feet of office and lab space to the tech district. Wexford Science + Technology Senior Vice President Thomas Osha told the Business Journal that his company paused construction at 4210 Duncan Ave. due to the pandemic in order to get solid roster of anchor tenants and to evaluate what the market needs will be in a post-Covid world, adding that Wexford and its partners have "enormous confidence in St. Louis and are committed to Cortex."
"We're beginning to have conservations again (with prospective tenants) and expect we will be working with the city to pull those permits at sometime in the near future," Osha said. He declined to share more details about the potential tenant mix of the building.
Anyone else ever get the feeling that the BJ scans this forum for development news tips...?sc4mayor wrote: ↑Aug 26, 2020Here's a little BJ blurb about it:
https://www.bizjournals.com/stlouis/new ... 5#cxrecs_s
The future of a $115 million office development at the Cortex tech district is unclear after a major building permit was canceled. Ventas Inc. (NYSE: VTR), a Chicago-based real estate investment trust, was developing a $115 million, 320,000-square-foot office and lab building at 4210 Duncan Ave. in the Cortex innovation hub in St. Louis city that was to be completed in 2022. Lease rates were projected to be $29 to $31 per square foot, according to marketing materials.
But records filed with the city of St. Louis show a $44 million building permit application for 4210 Duncan Ave. was canceled on July 28. The project's general contractor, Tarlton Corp., a Cortex spokesperson and the project's leasing agent, Tony Kennedy of Colliers, all referred questions to Ventas. Ventas did not respond to requests for comment. But in a May financial filing, the company said it paused some development projects that were not "substantially underway" in addition to trimming planned 2020 capital expenditures due to the Covid-19 pandemic. The filing does not state which projects the company paused.
The 4210 development was to build on the success the Cortex district has seen in recent years with near-zero office vacancy, a new hotel and its first multifamily development.
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^ I asked them to look into it. (As I said last night that I had someone looking into it).
dbInSouthCity wrote: ↑Aug 25, 2020We’ll find out soon. Got someone looking into it
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For clarity's sake, Ventas is a real estate investment trust concentrated in healthcare facilities, including scientific research. Ventas bought Wexford from Blackstone Real Estate Partners VIII in 2016 for $1.5BB cash. Effectively, Wexford is a subsidiary of Ventas. Think of the Pet Shop Boys, where Ventas has the brawn// Wexford has the brains// and they make lots of money (just maybe not during this boring ass apocalypse).
analogy!- 10K
There's a lot of opportunities for them.gone corporate wrote: ↑Aug 27, 2020For clarity's sake, Ventas is a real estate investment trust concentrated in healthcare facilities, including scientific research. Ventas bought Wexford from Blackstone Real Estate Partners VIII in 2016 for $1.5BB cash. Effectively, Wexford is a subsidiary of Ventas. Think of the Pet Shop Boys, where Ventas has the brawn// Wexford has the brains// and they make lots of money (just maybe not during this boring ass apocalypse).
I'm not sure why this would require cancelling the permit...? Unless they anticipate their LOI hunt-pause will be measured in years...MattnSTL wrote: ↑Aug 26, 20204210 is paused until they get more Letters of Intent. The investors were fine with doing spec office in Cortex prior to Covid, but now they want to know the building will have enough tenants to move forward.
The timeline says the Duncan lane closure and removal of utilities would be mid-October, but that parking lot is still in use and I don't see any activity on that side of the street.chriss752 wrote: ↑Jul 27, 2020The apartment complex at 4343 Duncan is out to bid. The SLDC Planroom features the blueprints and a timeline among other things.
https://www.sldcplanroom.com/jobs/2826/ ... apartments
Hmm, was the permit issued for this yet? I'm not seeing any permits issued except for a fire sprinkler system...lol. And CRT still owns the property...
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Anybody with some insight on the sandcrawler building? Is it dead for good? Kinda sad going past the empty site everyday
CPE - Ventas, GIC Form JV to Develop Life Science SpaceGoHarvOrGoHome wrote: ↑Oct 30, 2020Anybody with some insight on the sandcrawler building? Is it dead for good? Kinda sad going past the empty site everyday
No specific mention of it in this article, but this joint venture bodes well for the project. And I strongly suspect that the Sandcrawler is one of the "certain pre-identified R&I development projects currently in Ventas’s pipeline."
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Not one of the pre-arranged projects for this JV but for future potential it can't hurt.
"The initial four projects will total 1.4 million square feet when completed and are about 65 percent preleased in aggregate. They are expected to open between 2021 and 2023 and comprise:
"The initial four projects will total 1.4 million square feet when completed and are about 65 percent preleased in aggregate. They are expected to open between 2021 and 2023 and comprise:
- One uCity Square: A University of Pennsylvania–affiliated expansion of the uCity Square project in Philadelphia
- Also, in uCity Square, an academic medicine facility for the Drexel University College of Nursing and Health Professions
- Pitt Immune Transplant and Therapy Center (Phases I & II): A research, academic medicine and innovation hub for the University of Pittsburgh Medical Center, co-located with its Shadyside Hospital
- A Class A, R&D center anchored by Arizona State University."
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Somewhat recently, they replaced the construction fence banners with new ones that have images of the renderings and that say "coming Q3, 2022". (I'm going off of memory here... may actually be Q2, 2023). Still, I don't recall seeing those a month ago around the site.
^ Yep, at my last walk by there (more than a month ago) it was just large TARLTON banners. Definitely nothing with renderings or any "coming soon" announcements. So that would seem to be an update, and a good one, even if it's not necessarily official.
Not sure if it means anything, but there were some hardhats and white pickup trucks on the parking lot at 4343 Duncan today.urbanitas wrote: ↑Oct 30, 2020The timeline says the Duncan lane closure and removal of utilities would be mid-October, but that parking lot is still in use and I don't see any activity on that side of the street.chriss752 wrote: ↑Jul 27, 2020The apartment complex at 4343 Duncan is out to bid. The SLDC Planroom features the blueprints and a timeline among other things.
https://www.sldcplanroom.com/jobs/2826/ ... apartments
Hmm, was the permit issued for this yet? I'm not seeing any permits issued except for a fire sprinkler system...lol. And CRT still owns the property...
Two halves of a double-wide trailer appeared behind 4354 Forest Park Ave. last weekend:
![]()
OxBlue - WU Neuroscience Research Bldg.
Maybe it's a sign that 4343 Duncan will move forward soon? No permit has been issued yet though. It could be for the Neuroscience building construction team I suppose, but not sure why they'd park it over there...
OxBlue - WU Neuroscience Research Bldg.
Maybe it's a sign that 4343 Duncan will move forward soon? No permit has been issued yet though. It could be for the Neuroscience building construction team I suppose, but not sure why they'd park it over there...
I know these are just placeholders, but it is interesting to see the "hypothetical" future ghost buildings on the Wexford 4210 Duncan flythrough video Chris posted on his Twitter page - notably on portions of the Goodwill property owned by WUMC and on the parking lot across from 4220. While I understand that this is all hypothetical at this point, I would hope that they wouldn't tear down 4200 Forest Park Ave, but would bet that this nice looking 2-story building is destined for the wrecking ball at some point.
I contacted the developer and will post when I hear back (if I heard back).dredger wrote: ↑Jan 06, 2021Chris, Any new updates on crawler moving forward?
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I hope they manage to preserve that one as well. If I'm not mistaken, that building was the original offices of Maritz before it moved to Fenton.Tim wrote: ↑Jan 06, 2021While I understand that this is all hypothetical at this point, I would hope that they wouldn't tear down 4200 Forest Park Ave, but would bet that this nice looking 2-story building is destined for the wrecking ball at some point.