Ballpark Village

Downtown construction activity, including hotel projects, major renovations, office projects, streetscape improvements, etc.
First unread post3264 posts
debaliviere wrote:
moorlander wrote:
Fri Apr 06, 2018 12:01 pm
^ not my pic but thanks!

Yesterday’s home opener was a big day for leasing at One Cardinal Way. Now up to 91 pre-leased.
91 percent or 91 units?
Units
Snaps from 8 April 2018:

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chriss752 wrote:
Fri Apr 06, 2018 9:21 pm
TCB wrote:^agreed. Also curious about the old Mike Shannon’s building. That would be an interesting spot with BPV on one side and Kiener plaza and 7th street beautification.
The Mike Shannon’s site is a prime location for a residential/retail building mix. Doesn’t have to be tall but demand is there for residential near the Gateway Mall and BPV.
The Shannon's site has some hair on it-- for one, what is currently being marketed for sale is a ground lease. You'd be buying whatever term is left on the ground lease. Anyone wanting to go vertical would also likely want/need to buy the land, which increases your total acquisition costs quite a bit. Secondly, some Cardinals and/or Cordish related entity has a height restriction on the site. I'd imagine them waiving this restriction would take both a monetary payout and a guarantee of limited competition.
^ Comes to mind that perhaps Cordish/Cards just might be the ones to buy that and go high.... it's a prime location for a tower that could compliment BPV.
^Would Cordish and the Cardinals be in the market for more land right now? I can't really foresee them buying until they've filled phase two and have a solid idea of what they want for phase three. And even then, would they be willing to pay much of a premium? It's a decent location, but nothing to what they've already got. I'd like to see someone develop it, but maybe some things will need to happen first. And I'd be more inclined to guess it will be someone else.
Way back in late 2016 Mike Shannon was trying to sell, and he was trying to get the height restriction lifted because he said that was making it difficult to find a buyer. The Post-Dispatch reported back on 12/16/2016:
LCRA’s board is scheduled to consider at its meeting Tuesday a resolution to do away with the restriction. An LCRA document accompanying the resolution notes that through “a complex set of transactions,” the agency is among entities with interests in the affected properties.

Under the resolution, the 35-foot height limit would be ended for residential, office and hotel uses at 620 Market.

“Ancillary food, beverage and retail uses” also would be allowed but only on the first floor of a permitted building on the site, according to the resolution.
I can't find anything showing that actually happened, though. I'll keep digging as I have the time.

-RBB
rbb wrote:
Wed Apr 11, 2018 10:42 am
Way back in late 2016 Mike Shannon was trying to sell, and he was trying to get the height restriction lifted because he said that was making it difficult to find a buyer. The Post-Dispatch reported back on 12/16/2016:
LCRA’s board is scheduled to consider at its meeting Tuesday a resolution to do away with the restriction. An LCRA document accompanying the resolution notes that through “a complex set of transactions,” the agency is among entities with interests in the affected properties.

Under the resolution, the 35-foot height limit would be ended for residential, office and hotel uses at 620 Market.

“Ancillary food, beverage and retail uses” also would be allowed but only on the first floor of a permitted building on the site, according to the resolution.
I can't find anything showing that actually happened, though. I'll keep digging as I have the time.

-RBB
So the resolution was in fact on the agenda for the Tuesday, 12/13/16 LCRA board meeting:
21. CIVIC CENTER AREA
Alderman Jack Coatar / 7th Ward
RESOLUTION NO. 16-LCRA-10080 - RESOLUTION AUTHORIZING RELEASE FROM A
DEED OF TRUST OF A BUILDING HEIGHT RESTRICTION FOR PROPERTY IN THE
CIVIC CENTER REDEVELOPMENT AREA (Leslye Mitchell-Yancey)
And the meeting minutes show it was approved:

RESOLUTION NO. 16-LCRA-10080 - RESOLUTION AUTHORIZING RELEASE FROM A DEED OF
TRUST OF A BUILDING HEIGHT RESTRICTION FOR PROPERTY IN THE CIVIC CENTER
REDEVELOPMENT AREA (Leslye Mitchell-Yancey)

Leslye Mitchell Yancey presented the Resolution to the Board. After discussion, Chair Goodson called for a motion
to approve. Commissioner Anderson moved to approve, Commissioner McBride seconded; request for previous
roll was made and hearing no objections the motion passed with all Commissioners present (Goodson, Timm, Jones,
Anderson, McBride) voting Aye.
So based on that there's no more height restriction, correct?

-RBB
Mike Shannon's site is eventually going to be something big. In the meantime I wouldn't mind if it got torn down and turned into surface parking on a interim basis. I'm no fan of surface parking, just seems better than a rotting two story building that's just waiting to be torn down anyways.
GoHarvOrGoHome wrote:
Wed Apr 11, 2018 5:10 pm
Mike Shannon's site is eventually going to be something big. In the meantime I wouldn't mind if it got torn down and turned into surface parking on a interim basis. I'm no fan of surface parking, just seems better than a rotting two story building that's just waiting to be torn down anyways.
I think the problem would b if you turn it into parking which is revenue generating then there is less compulsion to actually build on it. If it got really bad, I suppose you could make it greenspace.
I think the only plus side to that would be taking a small hit out of a future developer's pocket for the demo.

I agree on the parking though. Maybe more discouraging to future development. This building does suck though.
STLEnginerd wrote:
Thu Apr 12, 2018 1:29 am
GoHarvOrGoHome wrote:
Wed Apr 11, 2018 5:10 pm
Mike Shannon's site is eventually going to be something big. In the meantime I wouldn't mind if it got torn down and turned into surface parking on a interim basis. I'm no fan of surface parking, just seems better than a rotting two story building that's just waiting to be torn down anyways.
I think the problem would b if you turn it into parking which is revenue generating then there is less compulsion to actually build on it. If it got really bad, I suppose you could make it greenspace.
Seeing the city hasn't has much surface parking turn into something else, I would be weary of it staying surface parking also. This is better location than most surface parking but still I wouldn't be a fan.
STLEnginerd wrote:
Thu Apr 12, 2018 1:29 am
GoHarvOrGoHome wrote:
Wed Apr 11, 2018 5:10 pm
Mike Shannon's site is eventually going to be something big. In the meantime I wouldn't mind if it got torn down and turned into surface parking on a interim basis. I'm no fan of surface parking, just seems better than a rotting two story building that's just waiting to be torn down anyways.
I think the problem would b if you turn it into parking which is revenue generating then there is less compulsion to actually build on it. If it got really bad, I suppose you could make it greenspace.
I would argue that green space in a downtown full of green space is the worst outcome and agree with your first thought. Green space will most likely reverts to pubic non-paying tax rolls. Which history has shown that very little gets built and in fact adds a cost to maintain on top of it.
dredger wrote:
Thu Apr 12, 2018 9:06 am
I would argue that green space in a downtown full of green space is the worst outcome...
We're struggling enough as it is to get people to use the parks we have. I'll tell you as a downtown resident and worker, the last thing we need to more green space (well, actually parking would be the last thing, but green space is 2nd to last).
There's constantly homeless people sleeping on the patio of Mike Shannon's on the west side of the building. They're also relieving themselves in front of three floors of Spire employees.

I've seen people go in and out of Shannon's, they usually look like they're in chef garb. They've posted a private property sign on the door, but it hasn't had any effect it appears.