urbanSTL

chriss752 wrote:

dbInSouthCity wrote: ↑

Dec 09, 2021

STLAPTS wrote: ↑

Dec 08, 2021

I've heard that Screaming Eagle's next project is directly behind their Tire Mart redevelopment.

1800 Washington? The printing business? I know that is going to be apartments but couldn’t remember who the developer was

I believe that's the one in question. That developer was Michael Knight of Kansas City (the Monogram building guy). Seems he dropped that project.

According to city records sold in 8/2020 for $2.28m with current owner Macdonald Building LLC/Michael Knight.


Sent from my iPhone using Tapatalk

dbehrens011 wrote: ↑

Dec 09, 2021

chriss752 wrote:

dbInSouthCity wrote: ↑

Dec 09, 2021

1800 Washington? The printing business? I know that is going to be apartments but couldn’t remember who the developer was

I believe that's the one in question. That developer was Michael Knight of Kansas City (the Monogram building guy). Seems he dropped that project.

According to city records sold in 8/2020 for $2.28m with current owner Macdonald Building LLC/Michael Knight.


Sent from my iPhone using Tapatalk

Correct.  Screaming Eagle is in due diligence phase and have not closed on purchase.  

Rumors of Peabody leaving Downtown! That would be a cool spot to make it residential-mix use tower! Coal is dying anyways. Bad part is it would be another empty huge building Downtown and we got way too many!!


Sent from my iPhone using Tapatalk

JJ Taino wrote:Rumors of Peabody leaving Downtown! That would be a cool spot to make it residential-mix use tower! Coal is dying anyways. Bad part is it would be another empty huge building Downtown and we got way too many!!


Sent from my iPhone using Tapatalk

If Peabody leaves and it sits vacant for any period of time, the tower should be bulldozed for the civic good.


Sent from my iPhone using Tapatalk

I don't know why so many St. Louisans feel that way about that building. 

It's not like the Gateway Mall is that spectacular. 

Pretty certain that Peabody only has the top few floors, not the entire building.  So while this is still a significant loss if it happens, it doesn't make the building vacant.

sc4mayor wrote:Yeah Peabody downtown is just a shell. That building’s landlord made a bunch of improvements to that building and lured some additional tenants.

It wouldn’t be anywhere close to vacant if Peabody left.

Do you know who the tenants are? Or is that private data? Just curious.


Sent from my iPhone using Tapatalk

JJ Taino wrote:

sc4mayor wrote:Yeah Peabody downtown is just a shell. That building’s landlord made a bunch of improvements to that building and lured some additional tenants.

It wouldn’t be anywhere close to vacant if Peabody left.

Do you know who the tenants are? Or is that private data? Just curious.


Sent from my iPhone using Tapatalk

Obviously one of the tenants is Arcturis. They moved their street banners from where they used to be to around this building. I don’t remember which floor my buddy who works there said they are on though.

LArchitecture wrote:

JJ Taino wrote:

sc4mayor wrote:Yeah Peabody downtown is just a shell. That building’s landlord made a bunch of improvements to that building and lured some additional tenants.

It wouldn’t be anywhere close to vacant if Peabody left.

Do you know who the tenants are? Or is that private data? Just curious.


Sent from my iPhone using Tapatalk

Obviously one of the tenants is Arcturis. They moved their street banners from where they used to be to around this building. I don’t remember which floor my buddy who works there said they are on though.

Thanks! I have to walk around the building to see the signs!


Sent from my iPhone using Tapatalk

Cammon Comany- Life Insurance
Morgan Stanley
Arctucis
Gray Rittner and Ghrahm - law firm

dbInSouthCity wrote:Cammon Comany- Life Insurance
Morgan Stanley
Arctucis
Gray Rittner and Ghrahm - law firm

Nice! Thanks!


Sent from my iPhone using Tapatalk

Current tenants at 701 Market St, Saint Louis, MO:

Arcturis
Cammon Company
DCS - Document Copy Service
Fresh Air Duct Cleaning STL (ignore the URL, which says Appleton, WI for some reason)
Gateway Pension Services
Gausnell, O'Keefe & Thomas, LLC
Gray, Ritter, and Graham, P.C.
Helios Legal Group
Hinshaw Law
Mercer
Morgan Stanley
Nahon, Saharovich & Trotz Personal Injury Attorneys
Peabody Energy
Regions Bank
SWMW Law
UKRAFT Cafe & Catering
Veritext Legal Solutions
Vinciguerra Jewelry
Western Union
Windows on Kiener


^ That may not be exhaustive - that's all I was able to verify with online presences. Tonkin & Mondl LLC (maritime lawyers) are also listed here, but I'm not sure that they're still there as their website is non-functional.

-RBB

rbb wrote:Current tenants at 701 Market St, Saint Louis, MO:

Arcturis
Cammon Company
DCS - Document Copy Service
Fresh Air Duct Cleaning STL (ignore the URL, which says Appleton, WI for some reason)
Gateway Pension Services
Gausnell, O'Keefe & Thomas, LLC
Gray, Ritter, and Graham, P.C.
Helios Legal Group
Hinshaw Law
Mercer
Morgan Stanley
Nahon, Saharovich & Trotz Personal Injury Attorneys
Peabody Energy
Regions Bank
SWMW Law
UKRAFT Cafe & Catering
Veritext Legal Solutions
Vinciguerra Jewelry
Western Union
Windows on Kiener


^ That may not be exhaustive - that's all I was able to verify with online presences. Tonkin & Mondl LLC (maritime lawyers) are also listed here, but I'm not sure that they're still there as their website is non-functional.

-RBB

Wow! That still a great list! Thanks all.


Sent from my iPhone using Tapatalk

Article from the Biz Journal looking at the DT residential market just dropped.

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

It’s mostly crap like most everything they write. One thing that caught my eye is that they say DT residential vacancy rate is almost 25%. Can anyone verify that number? Denis, perhaps? I thought DT occupancy was more like 90-95%. I have a hard time believing that number. If the market sank that hard, that fast, I think we would have heard about it and I don’t think many of the new residential projects would be moving forward.

Here's the trend in CBD multifamily vacancy rates from Cushman & Wakefield's market reports (https://www.cushmanwakefield.com/en/uni ... arketbeats)  

Q4 2021 - 12.1%
Q1 2022 - 18.4%
Q2 2022 - 20.5%
Q3 2022 - 24.6%

Yikes. I’d like to see that number confirmed still. If that’s accurate there should deafening alarm bells going off.

Dang, I hope these numbers don't reflect the truth. 

I've been thinking that downtown is on the verge of huge success; this indicates that it's more like freefall. 

Numbers are correct! I’ve been trying to sell my property with no success! Whoever denies is lying to himself. Downtown only gets crowded for certain events and even during those events is only parts of Downtown. People go to games for 2-3 hours thats it. People drive straight to Union Station and other attractions. There’s shootings every other. Thank God most of the time people don’t die. Lately a few kids have been killed. Car and businesses break-in are rampant and you can see the boarded front stores. You do not see patrols in Downtown ever, I’ve seen maybe three or four in a year. The shell gas station on Tucker near Washington is a drug dealing market. Poelker Park is a shooting (drug use) between the homeless and the few drug dealers. Is there projects that have help our Downtown of course, is there future projects that can continue to help of course. But this administration doesn’t do anything to help the backbone of the city and lives in an false Utopia that only gets them votes. This admin is clueless and have no creativity on how to better our Downtown. Sad!


Sent from my iPhone using Tapatalk

There are different services and definitions of Downtown.  I'm looking at an industry standard data provider which specializes in apartments and they show 63 properties (6,900 units) between Chouteau & Cole, Interstate 44  & Jefferson.  Overall occupancy is 88% with an average rent of $1.35 per square foot.  This includes new properties leasing up (Ballpark Heights - 16% occupied, Front Page Lofts - 50% occupied) and "problem properties" (Mansion House, 415 units 65% occupied, this building alone is 6% of Downtown inventory).  Some notable buildings: Cardinal Way - 90% occupied, Park Pacific - 92%, Pointe 400 - 93%, The Laurel - 97%, Gentry's Landing - 98%.  Interestingly, Ely Walker is listed as 98% occupied.  Data is only as good as reporting and the research, so no one knows for sure.  So, comparisons are meaningful since reporting and errors are pretty similar across markets.  Kansas City Downtown (Downtown core with Rivermarket and Crossroads) has 116 properties and 9,500 units with overall occupancy of 91 percent, and an average rent of $1.66 per square foot.

A lot of the St. Louis Downtown inventory are larger loft-style units, without many amenities built 15-20 years ago, or large even older traditional apartment buildings.  The demand trend has shifted to smaller units with more amenities. So a lot of the inventory isn't competitive in the region regardless of the location.  Also, with the talk of lack of attainable housing in the city, we have 820 vacant units available in Downtown with an average market rent of $1.35 per square foot, or say $1,350 for a 1,000 SF 2BD unit.  According to HUD, this unit is affordable to households at 62% of area median income.

Could it be the condo numbers killing downtown according to Cushman and Wakefield?

I'd also suggest that the new construction additions (1801 Wash Ave and Spruce St, BPV II) are filling a void for much needed updated housing Downtown. So much of the available product is loft style apartments, many which haven't been updated since the 90s and early 00s. AHM Group also seems to be proposing more housing diversity for Downtown West. 

The fact that both Jeff Arms and Butler Brothers are under construction is huge. These additions, along with infrastructure upgrades and anchors, may help encourage new infill, retail additions, and absorption of existing units.  

dylank wrote: ↑

Dec 07, 2022

I'd also suggest that the new construction additions (1801 Wash Ave and Spruce St, BPV II) are filling a void for much needed updated housing Downtown. So much of the available product is loft style apartments, many which haven't been updated since the 90s and early 00s. AHM Group also seems to be proposing more housing diversity for Downtown West. 

The fact that both Jeff Arms and Butler Brothers are under construction is huge. These additions, along with infrastructure upgrades and anchors, may help encourage new infill, retail additions, and absorption of existing units.  

I think the new projects getting going right now probably reflects investor opinion on the downtown market too, they wouldn't pour cash into  projects they think will lose money.