With the news in yesterday's post of CPI's bankruptcy it seems the final nails are being driven into the coffin of this locally based business, who's market had been crushed by digital photography.
http://www.stltoday.com/business/local/ ... 6c54a.html
Obviously the job loss sucks for all involved and for the metro area as a whole. That said, the most interesting aspect of the bankruptcy is CPI's handsome and well-maintained 300,000+ sqft former headquarters building at 1706 Washington and substantial surface parking lot real estate holdings on Washington Avenue adjacent to the building, including large lots on either side of the building and a giant lot that takes up the entire north side of the 1800 block of Washington. Additionally there is another large lot on Lucas between 17th & 18th. Absent a dedicated large employer there is not much demand for daily surface parking in this part of downtown, so what happens when CPI's building is vacated?
It may or may not be surprising that in summer 2012 all of CPI's real estate was sold (at pennies on the dollar I am sure) to an LLC that shares an address with well known name on Washington Avenue, that being the same address as American MIlling in Cahokia...owned by Dave Jump.
So if CPI is indeed done (over-exposed some might say), now what happens to that significant real estate, the development of which could really bridge the gap between Downtown and Downtown West?
Thoughts & Ideas?
http://www.stltoday.com/business/local/ ... 6c54a.html
Obviously the job loss sucks for all involved and for the metro area as a whole. That said, the most interesting aspect of the bankruptcy is CPI's handsome and well-maintained 300,000+ sqft former headquarters building at 1706 Washington and substantial surface parking lot real estate holdings on Washington Avenue adjacent to the building, including large lots on either side of the building and a giant lot that takes up the entire north side of the 1800 block of Washington. Additionally there is another large lot on Lucas between 17th & 18th. Absent a dedicated large employer there is not much demand for daily surface parking in this part of downtown, so what happens when CPI's building is vacated?
It may or may not be surprising that in summer 2012 all of CPI's real estate was sold (at pennies on the dollar I am sure) to an LLC that shares an address with well known name on Washington Avenue, that being the same address as American MIlling in Cahokia...owned by Dave Jump.
So if CPI is indeed done (over-exposed some might say), now what happens to that significant real estate, the development of which could really bridge the gap between Downtown and Downtown West?
Thoughts & Ideas?
