Cupples X Office Building

Downtown construction activity, including hotel projects, major renovations, office projects, streetscape improvements, etc.
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So this either gets approved or not? I'm going to go out on a limb and say this does get built however instead of Asynchrony possibly occupying the new building maybe Microsoft or a new company completely not in the St.Louis region the same with BPV 2.. Does anyone think that the requested tax abatement puts this development on a pedestal?
St.Louis1764 wrote:
So this either gets approved or not? I'm going to go out on a limb and say this does get built however instead of Asynchrony possibly occupying the new building maybe Microsoft or a new company completely not in the St.Louis region the same with BPV 2.. Does anyone think that the requested tax abatement puts this development on a pedestal?

Thus far, they have not asked for an abatement. They have requested a TIF well above the normal 15% maximum allowed by the City. Thus the 3 straight continuences. Koman is likely looking for a more ironclad tenant while also playing a game of "who blinks first?" with SLDC and the TIF Commission.
andrewarkills wrote:
St.Louis1764 wrote:
So this either gets approved or not? I'm going to go out on a limb and say this does get built however instead of Asynchrony possibly occupying the new building maybe Microsoft or a new company completely not in the St.Louis region the same with BPV 2.. Does anyone think that the requested tax abatement puts this development on a pedestal?

Thus far, they have not asked for an abatement. They have requested a TIF well above the normal 15% maximum allowed by the City. Thus the 3 straight continuences. Koman is likely looking for a more ironclad tenant while also playing a game of "who blinks first?" with SLDC and the TIF Commission.


Thats what i meant TIF
Two different public financing mechanisms. But I get what you're saying.

The large TIF request certainly makes it unique. With the increased scrutiny on these types of incentives, also much more difficult to justify. Especially given who the potential tenant was/is and the fact they would largely be moving from another Koman development literally across the street.
^ yeah, there's been the mention of them considering keeping the Cupples 9 headcount and filling Cupples X with additional employees; that would be a much better proposition, but should be a commitment as part of the approval process.
I wonder if it has been redesigned in anyway to add some retail space and other things to it. Possibly a full redesign to compete with the BPV 2 Office Building. But if it does move forward in its current design, I think it will be a great addition to 8th Street. And then hopefully this development helps push interest into the lots South of Interstate 64.
Seems like this could be a good landing spot for Square. The Business Journal article says they are considering downtown. This building would allow them to customize the space, though there are several other sites they may be interested in as well (including another Koman site).

http://www.bizjournals.com/stlouis/news ... ffice.html
I thought this project was cancelled
Never officially, last I remember they pulled back their request for incentives before they could be denied. Having a tenant who wants to expand (potentially in Square) rather than pulling a pre-existing downtown tenant could be a huge boon to this project if it goes this route.
I think it is interesting how Koman with their Cupples move a couple years ago and purchase last year of property within CORTEX have quietly positioned themselves with two great properties if not the two of the better properties for new office, class A space within the city. I would only assume with their track record that it is a matter of time that something happens with one of those locations.
Not sure if this is officially dead but gathering from the lack of any mention in both the recent Koman presentation and Downtown STL annual report, it appears it's not coming anytime soon... maybe a casualty of the BPV office project (which was mentioned as the first office project in decades in the Downtown report).

Hopefully something comes there eventually but holding off for now is probably a good thing considering the market.
StlBusiness Journal is saying it's dead. Can't read the article past the paywall. That sucks. If we can't build downtown in that location next to the stadium there isn't much hope for the office market in the rest of downtown. How can we get AT&T filled up for example?
^ Not sure what World Wide's plans for Asynchrony are now, actually was never clear if Cupples X was slated for relocating from their existing downtown spaces or an addition to it; but if they are still looking for new build it could be a nice addition to the BPV project that supposedly will be anchored by KPMG. Having those two would seem to ensure solid lease up of that project. At the same time, if those two do relocate there, that would free up recently renovated and desirable space in what I believe is a rather high-occupancy area (at least relative to the rest of the CBD). Will be interesting to see how this unfolds.
Article says Knoman couldn't make the numbers work even with $9million tif So Asynchrony just expanded into their existing building, 1000 Spruce
^ thanks, moorlander... sounds good; further strengthening of the existing Cupples office while, assuming BPV office proceeds, getting some new Class A space online that can hopefully attract at least some new tenants to downtown would be a solid outcome I think.
I have to believe it really just comes down to Local Corporate leadership/Corporate Execs wanting to and willing to pay for the Class A space premium & where they want it whether to Bunge NA going forward in West County or in the case WWT deciding to hold off on new digs for Asynchrony. With a slow growth region, cheap lease rates, lots of subsidies/incentives to spruce up existing space and so on it pretty much makes speculative space a non-starter.

My best speculative guess is WWT certainly got the resources to make it happen if it wanted new digs for Asynchrony downtown but got spooked with what will happen as it relates to its biggest costumer in Feds & change of administration/budgets.

Hopefully BPV II will secure a office tenant willing to pull the trigger and see ground breaking. In the meantime, Koman group seems in the ideal position to offer new Class A space in the city between Cupples location and the property they own within CORTEX. Assume it will only be a matter of time.
San Luis Native wrote:
Thu Jul 13, 2017 7:02 am
STLToday article on it: Koman pulls plug on proposed downtown St. Louis office building
Pretty much confirms Koman could only get existing tenants at other buildings to move in which shouldn't qualify for abatement in my opinion. Be curious to see the office building in ballpark village even gets built at this pace
^ yeah, if Asynchrony indeed plans to expand in existing Cupples buildings as indicated then that seems to be the best result for the city and downtown office market (stabilizing existing space) and it really doesn't make sense to proceed with a spec space for the heck of it. If KPMG still is committed to BPV, I assume that one indeed will move ahead; having a competitor with new Class A across the street on filling up the remainder of BPV just isn't what we need right now.
Asynchrony just opened a Springfield, MO location for 26 employees with plans to 50 more. I wonder if those jobs would have gone downtown STL.

https://www.bizjournals.com/stlouis/new ... j=78549751


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moorlander wrote:
Fri Jul 14, 2017 11:53 am
Asynchrony just opened a Springfield, MO location for 26 employees with plans to 50 more. I wonder if those jobs would have gone downtown STL.

https://www.bizjournals.com/stlouis/new ... j=78549751


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There is plenty of office space downtown if they wanted them to be here.
^ right... And Asynchrony Labs already has a Denver office and parent WWT a boatload of offices across globe; if Labs follows the pattern of WWT they'll be opening even more as they grow; also let's not forget they picked up more space at Cupples 9 just a few months ago.
Another thought, BPV II announcement in Biz Journals didn't mention hotel as noted by Moorlander (thanks for the help on Framer's BPV behind the pay wall question, curious myself).

Anyone think Koman taking a serious look at a hotel tower where Cupples X was proposed?

The Cupples X spot offers a great downtown/visible location, easy access for travelers (driving, transit, so on), easy walk to arch grounds, and the freedom of varied room sizes that new construction offers. A slender hotel tower would also offer rooms & rooftop bar overlooking Busch infield even if it is not from best perspective A lot of the downtown hotel proposals in works but most of them in some respects limited to the existing structure to what will be going in for room, visible location, and what they can offer differently then the rest..
^ Junior said they are looking at hotel and that could come relatively soon but not quite yet with this phasing. Personally I hope Koman holds off on the site until they don't need to ask for so much subsidy and/or can come with a real jobs winner.
STLrainbow wrote:
Fri Jul 14, 2017 5:51 pm
^ Junior said they are looking at hotel and that could come relatively soon but not quite yet with this phasing. Personally I hope Koman holds off on the site until they don't need to ask for so much subsidy and/or can come with a real jobs winner.
Agree on hoping that Koman is patient Cupples X. They have a shovel ready mid size Class A space at a great location for expanding WWT/Asynchrony if it finally goes that way. But I also believe Cupples X will garner more interest with BPV II breaking ground and I also believe when NGA north starts rising & expanding. Feds hire a lot of contractors & can see the same with an ever expanding NGA presence in the city.

In the meantime, BPV phase III hotel tower rising sooner or later would be an added bonus.

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