The St. Louis Business Journal reported today that New Orleans-based HRI Properties is expected to close this month on their portion of the Cupples Station redevelopment. HRI had just closed on the sale of a building at the southwest corner of 11th and Spruce Streets downtown and expects financing to close around the end of this month. Their $42 million "working-force housing" project is to turn the building into 131 apartments. Rents should range from $567-$830/month.



Meanwhile, Conrad Properties is moving forward with their plans to purchase a building on the southwest corner of 10th and Spruce Streets downtown. Their $10 project involves renovating the building into 50 condominiums with first-time home buyers in mind. If all goes as planed, they will close sometime in mid-2005.



Other developers who may also be interested in redeveloping buildings at the Cupples Station complex include Richard Baron of McCormack Baron Salazar Inc., and Amrit & Amy Gill. The estimated completion value of all the projects is more than $100 million.

The other good news is that demolition of building 7 has been delayed by DestroyDowntownNow! until a plan has been drawn up for the whole complex. Looks like the Gills will probably be able to save it.

The St. Louis Business Journal has reported that HRI Properties just closed on their portion of the Cupples Station redevelopment. The conversion of their building into 131 "workforce" apartments is expected to start in early January and cost $42 million.



Now that HRI has things wrapped up, Bank of America will look at the other proposals, starting with Conrad Properties proposal for 50 condominiums at Clark and 10th Street. Once this deal has been finalized, the remaining buildings can be taken into account.

Awesome!! looks like this thing is finally getting off the ground.

EXCLUSIVE REPORTS

From the December 31, 2004 print edition



<A HREF="http://stlouis.bizjournals.com/stlouis/ ... .html">HRI closes on Cupples deal</A>

$42 million apartment project makes way for other development in area

Heather Cole



Redevelopment of the Cupples Station warehouse complex took a major step forward just days before Christmas. HRI Properties closed Dec. 23 on financing for the $42 million redevelopment of a Cupples building clearing the way for other developers interested in the remaining four buildings.



<A HREF="http://stlouis.bizjournals.com/stlouis/ ... l">>>>read more</A>

The limited income apartments do help with the initial financing to be able to do the project. Maybe that's why they did it. The demand for those units could also have to do with the decision. I was a little dissapointed with HRI, but I think Conrad does excellent work, and I am glad to see them involved with downtown and this complex.

I will see if I can find the article where I read this, but...



I recall it having something to do with the type of tax credits they were able to receive. I think they wanted to do condos or some type of owner-occupied space, but the tax credits chosen for the project dictated apartments.



Again, someone more knowledgeable on the availability of tax credits, etc... might be able to shed some more light on this.

urbanstlouis wrote:I will see if I can find the article where I read this, but...



I recall it having something to do with the type of tax credits they were able to receive. I think they wanted to do condos or some type of owner-occupied space, but the tax credits chosen for the project dictated apartments.



Again, someone more knowledgeable on the availability of tax credits, etc... might be able to shed some more light on this.

This is true...whatever tax credits they recieved they were forced to do rentals. The same thing happened for the Board of Education building. (my cousins wife works for BoA construction lending) She said don't be surprised in a couple of years there will be a nice condo conversion boom going on. The Roberts bros. were planning on doing one for the BOE when the tax credit agreement expires.

A new blurb from the Post:



UN-CUPPLED: One of the historic Cupples Station warehouse buildings near Busch Stadium has been sold, but the future of the remaining four buildings is still up in the air.



New Orleans-based HRI Properties had planned to buy two buildings and turn them into apartments. The owner of the buildings, Bank of America, planned to donate a third one to Downtown Now, a nonprofit group aimed at revitalizing the business district. Downtown Now proposed to demolish the building, in hopes of spurring more development.



However, everyone retrenched. HRI acquired one building, not two. Downtown Now decided to drop out of the project. Now, Clayton-based Conrad Properties is looking at acquiring the other building HRI was to buy, says Mary Campbell, a senior vice president at the bank. So far, there is no deal.

The 3rd bldg still looks like its in trouble. hmm....

I was driving through downtown today and saw what seemed to be a new fence around one or two of the Cupples Station buildings (at least more fencing than I had remembered seeing recently). It looked like work would begin soon on rehabbing them.

It would be nice if they could do some work on that Cupples building closest to 40 -- it's the most visible from the highway.

I was driving through downtown today and saw what seemed to be a new fence around one or two of the Cupples Station buildings (at least more fencing than I had remembered seeing recently). It looked like work would begin soon on rehabbing them.

I noticed that as well - definitely a sign of progress!



There was a mention a few months ago that the old power plant across the street from HRI's Cupples building is supposed to be renovated, but apparently nothing has been happening with that project. Once those two projects are done, it will really create an improved entrance to downtown for people getting off Hwy 40.

m2tbone wrote:I was driving through downtown today and saw what seemed to be a new fence around one or two of the Cupples Station buildings (at least more fencing than I had remembered seeing recently). It looked like work would begin soon on rehabbing them.

The project has started. A fence is up, and a construction elevator was assembled last wee. I was going to take some pics, but did not have enough time.

The Cupples warehouses can take a hint from the EPA building in Denver with a glass structure built into the present building. An OPUS development.





Downtown needs highrises but low highrises are a necessity too such as this building by OPUS located in Seattle. This building gives a person a comfortable feeling and is more geared to the pedestrian scale.

I agree about the mid-rises. They add a lot to the city at street level. I would rather have a few midrises filling out blocks, then one tower dominating one block. Especially around the edge of downtown. They would help fill it in.

Interesting that you should mention that. Back in 2000, there was a proposal to build a large, cross-shaped, arched glass "dome" in-between the two existing Cupples buildings on the 10th, 11th, Clark, and Spruce block. Two new buildings were to be built on the vaccant sections, filling out the block. It was gonna be kind of like the Galleria Vittorio in Milan. I don't know who the developer was, but Trivers was the co-architect.



That could have been really cool.

Framer wrote:Interesting that you should mention that. Back in 2000, there was a proposal to build a large, cross-shaped, arched glass "dome" in-between the two existing Cupples buildings on the 10th, 11th, Clark, and Spruce block.

Here is a rendering of that cross-shaped, arched glass "dome" you mentioned in case there is someone who hasn't seen it before. Not quite the same as the EPA building in Denver, but it shows people have thought about incorporating glass into the Cupples warehouses. Recently, I think the closest we have come to truely incorporating new materials into the exteriors of older buildings may be what has been proposed for the <A HREF="http://www.urbanstl.com/viewtopic.php?t=444">Powel Square Building</A>

That dome proposal was really cool.



Anyone know if there are still plans to build the fountain and the other landscaping near the highway ramps?

I don't know that the plan still exists, but looking at that design, it still frustrates me that there needs to be a park infront of the courthouse. Such a waste of space. People coming off those highway ramps should know they are in a city and confronted and surouded by buildings, not open land. The upside witht he cupples project now is that since some of the buildings pictured there are missing, there is potental for some new towers if the makret would support it.