a lot of bad takes here, the reason is very simple; there is no need for more space right now nor any time soon.
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^ Again, hate on Alderwoman Pihl all you want but please let's not live in a fact free zone here.
Edit... obviously that was not in reply to your comment, db.
Edit... obviously that was not in reply to your comment, db.
"Life sciences" is a pretty wide net lol. Either way, they've never really been clustered around Cortex but...kind of all over. 39 North is home to the Donald Danforth Plant Science Center, BRDG Park, the Helix Incubator, Bayer Crop Science, and the Yield Lab...just to name a few. And no, they've not lost their mojo.framer wrote: ↑Feb 01, 2023That's pretty much what I was getting at. Life Sciences is supposed to be one of our strong suits, yet there doesn't seem to be much growth in that area (even though work-from-home isn't a thing in that industry). I'm concerned that we've lost our mojo in the field.
Block (Square) relocated 850 local employees downtown in the summer of 2021, not quite two years ago. Most of their office space was previously in Cortex. Wugen Labs took 18,000sqft of former Block space in Cortex for an expanded HQ in mid-2022. Two new companies moved in around early 2022 as well, General Dynamics and Vir Biotechnology. There's not going to be a need for new construction until that vacated space is backfilled.
Pfizer opened its Chesterfield Worldwide Research and Development building in 2019 and is already in the midst of a $60 million expansion...and we're not that far removed from the $400 million that went into Bayer's massive Chesterfield campus in 2017. Then there's Geospatial firms clustering around the Globe building and the NGA and it doesn't even open for another 2 years.
Just because a crane isn't in the sky doesn't mean these recent, massive investments aren't paying dividends behind the scenes.
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Right now, I'd consider the Sandcrawler to be a no-go until (1) Ventas, the money behind the development, gets itself towards more positive ROI on a firm-wide basis, and (2) there's at least one major company looking to go in there, same with office space at BPV building an office tower. Same time, I'm thinking Cortex K could progress as quasi-speculative market space plus residential in the near term - if and only if everyone involved can get along. Concurrently, I think there's tremendous opportunity for land acquisition along the south side of Forest Park Avenue, including the Legal Services of Eastern Missouri building and the land just west of CORTEX One.
I think this argument might apply to commercial space , especially in the tech sector where WFH has a huge impact, in general but Life Sciences has been one of the bright spots the last couple of years. Certainly a big driver in my neck of the woods in Bay Area driving build outs. But at end of day, like everything else it is a very competitive marketdbInSouthCity wrote: ↑Feb 01, 2023a lot of bad takes here, the reason is very simple; there is no need for more space right now nor any time soon.
https://www.cbre.com/insights/figures/u ... rends-2021
https://www.bdcnetwork.com/lab-space-sc ... ces-sector
Just wanted to point this out again. “Life sciences” is a massive generalization for several different types of research/development agencies and organizations."Life sciences" is a pretty wide net lol.
Life sciences is a completely bogus metric. St. Louis competes well in these areas. St. Louisans are just ignorant. Plain and simple.
It was said in a webinar tonight that the Sandcrawler developer is still very "gung-ho" about the project.STLrainbow wrote: ↑Jan 31, 2023Having said that, I'm curious not only on the Sandcrawler...framer wrote: ↑Jan 31, 2023Guys, I really am concerned about the lack of new commercial/lab/research construction in the district. Just a few years ago space was leased as quickly as it was built. Now . . . nothing. Granted, Wash U has some big projects going up nearby, but other than that things are really quiet.
Is there anything in the pipeline (besides vague rumors about the Sandcrawler)?
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^Well, maybe someone needs to start a local line in robotics recycling and resale. Surely there's a growing market for gently used bots and AI. We may not have a lot of use for etiquette and protocol anymore, but someone who can work load lifters would come in handy at several local rail and port facilities.
Seriously, though, I hope they can find their Jawas.
Seriously, though, I hope they can find their Jawas.
$27M building permit application submitted for Cortex MX apartments. I guess this replaces the $32M one submitted, but never issued one from November.
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Innovation center at St. Louis’ Cortex district gets $9.5M from state fund
https://www.stltoday.com/business/local/innovation-center-at-st-louis-cortex-district-gets-9-5m-from-state-fund/article_8e304ce5-303c-5ef6-b0de-4f57f5e3722e.htmlA nonprofit based in St. Louis’ Cortex district received a $9.5 million grant to boost efforts in reshoring pharmaceutical ingredients to the U.S.
The API Innovation Center said the grant from the state-funded Missouri Technology Corp. will further its work, which also includes adding manufacturing jobs to Missouri.
“We have identified several different drug classes with no U.S. source of active ingredients that can be produced here in Missouri using advanced manufacturing, which ultimately will drive down drug production cost,” Kevin Webb, chief operating officer, said in a statement. “Funding from the MTC will further allow us to advance the production of these critical medicines and strengthen our supply chain.”
Tower crane application was submitted in March. Estimated construction start listed here is July, though that's probably not firm.sc4mayor wrote: ↑Feb 21, 2023MX apartments are up on SLDC Planroom:
https://www.sldcplanroom.com/jobs/4299/ ... apartments
https://oeaaa.faa.gov/oeaaa/external/se ... 5384&row=0
^ Appears this is now called The Iris.
https://oeaaa.faa.gov/oeaaa/external/se ... 450&row=15
https://www.constructionjournal.com/pro ... eb35a.html
Edit: Tower crane application approved:
https://oeaaa.faa.gov/oeaaa/external/se ... 384&row=13
https://oeaaa.faa.gov/oeaaa/external/se ... 450&row=15
https://www.constructionjournal.com/pro ... eb35a.html
Edit: Tower crane application approved:
https://oeaaa.faa.gov/oeaaa/external/se ... 384&row=13
^ Hopefully The Iris is kicking off construction this month. Curious if anyone has some insight
CORTEX still hopeful but tough to see where they can find an anchor tenant anytime soon for the Crawler. To me that the best outcome is focus on life sciences, lab space at this point for a Crawler tenant. I think Geospatial focus would only hurt downtown and near NGA/west downtown.
https://www.bizjournals.com/stlouis/new ... 2#cxrecs_s
On pause for three years, Cortex's leader said they're seeking another tenant for the proposed $115M, 320,000-square-foot office and lab before moving forward on the project.
CORTEX still hopeful but tough to see where they can find an anchor tenant anytime soon for the Crawler. To me that the best outcome is focus on life sciences, lab space at this point for a Crawler tenant. I think Geospatial focus would only hurt downtown and near NGA/west downtown.
https://www.bizjournals.com/stlouis/new ... 2#cxrecs_s
On pause for three years, Cortex's leader said they're seeking another tenant for the proposed $115M, 320,000-square-foot office and lab before moving forward on the project.
Demo permit application submitted for 4200 Forest Park Ave. Since it's in the CORTEX 353, there is no CRO review.
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What's replacing it? Kind of a shame since that has some character.
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Sent from my LM-V600 using Tapatalk
Washington University still working on 'pre-development' phase of Goodwill redevelopment in Cortex
https://www.bizjournals.com/stlouis/new ... tid=Zxz2cZ
https://www.bizjournals.com/stlouis/new ... tid=Zxz2cZ
A university affiliate, BOBB LLC, is in pre-development for a renovation on the seven-story building at 4140 Forest Park Ave., which would become a “hub to nurture both businesses and individuals as they advance and grow in the St. Louis innovation ecosystem,” the university said in a statement.
……………
So far, plans have been approved by the National Park Service and the Missouri State Historic Preservation Office, a university spokeswoman said.
Building design and tenant recruitment are ongoing, and “additional information about the project will be shared as it progresses,” the spokeswoman added.
All federal historic tax credits are overseen by the NPS.
I think WashU added one of the buildings to the National Register a year or two ago.
I think WashU added one of the buildings to the National Register a year or two ago.
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This site would make for a great mixed-use project.
St. Louis-based legal services nonprofit puts former headquarters campus up for sale
St. Louis-based legal services nonprofit puts former headquarters campus up for sale
https://www.bizjournals.com/stlouis/news/2023/07/31/legal-services-nonprofit-office-campus-for-sale.htmlLegal Services of Eastern Missouri has put its former headquarters campus in the Central West End up for sale, marketing it as a potential addition to the Cortex Innovation District.
LSEM, a regional nonprofit that provides civil legal assistance to low-income individuals and families, moved its offices in February from its longtime headquarters building at 4232 Forest Park Ave. to the Peabody Plaza, 701 Market St., in downtown St. Louis.
The organization's 38,800-square-foot former headquarters building, on the 1.3-acre site at 4214-4232 on Forest Park Avenue, has a lower level and three stories above grade. The site is being listed for $3.79 million, said Hal Ball, senior vice president and principal at Hilliker Corp., the broker for the sale. The campus also has a gated parking lot with about 80 spaces and is adjacent to the Aloft Hotel.
“We’re basing the price on the ground value because we think 99% of the buyers are probably going to scrape the building and put up something new in the Cortex (Innovation) District,” Ball said. The building also could be refurbished for multiple uses such as an additional laboratory building for Cortex, added Patrick McKay, vice president of sales for Hilliker.
Cortex district 'actively working' with developer on residential project, despite delays
https://www.bizjournals.com/stlouis/news/2023/08/22/cortex-keeley-properties-apartments.htmlInnovation district Cortex says it’s "still actively working” with a local developer that has proposed a residential project within its Central West End borders, despite delays on the development.
Keeley Properties in March sought a building permit for an apartment complex to be located at 4112 Clayton Ave., but the permit has not been issued, according to city records. Keeley's plans have called for a $50 million, seven-story project, at the intersection of Clayton Avenue and South Sarah Street. A city spokesperson said the building permit application is still in place and awaiting further approvals.
Maggie Crane, Cortex’s senior vice president of public affairs, said in an email the proposed project has been impacted by rising interest rates and building costs, “leaving the developer working through some potential design modifications and alternate financing mechanisms.”