The Alverne (aka DeSoto Hotel)

Renovations and new residential construction in downtown St. Louis, Washington Avenue, the Old Post Office, etc.
^ I think that's pretty standard for them. I was the first person to lease an apartment at their Gallery 400 location, and I think they had construction going for the first 6 months I was there.
Nice PD article Brian Hayden's Alverne project. Also in the article is tidbit about his next plan(s), idea for his other downtown properties

http://www.stltoday.com/business/local/ ... 9efaa.html

Hayden’ s next downtown project could be his most unusual. He owns most of the block bounded by North Broadway and Olive, Sixth and Locust streets. The block includes the Millennium Center and the former home of the Mercantile Library. The only property outside his ownership are two buildings that a developer from Chattanooga, Tenn., intends to redo as a Hotel Indigo.

Planned for Hayden’s adjoining buildings, which range from five to six stories high, are apartments that would have parking at their front doors.

Ramps inside the buildings would allow residents to drive to their apartments on what, in effect, would be indoor streets. The interior ramps would have to be constructed.
Some interior images found on the Internet.

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A report from the Wall Street Journal. “America’s luxury-apartment craze is coming to an end. Landlords of upscale properties in cities across the U.S. are bracing for rough conditions in 2017 that will likely force them to slash rents and offer deep concessions, including as many as three months of free rent, to attract tenants. The turnaround comes after a seven-year boom during which apartment rents have risen more than 26%, far outstripping inflation and income growth. The slowdown, said Jay Parsons, vice president for MPF Research, is being driven not by a pullback in demand but rather a flood of new supply. More than 50,000 new units were rented by tenants in the fourth quarter, six times the number in the year-earlier period. But that demand was overwhelmed by the 88,000 new units that were completed in the quarter, the most since the mid-1980s, according to MPF.”

“Nationally, more than 378,000 new apartments are expected to be completed in 2017, almost 35% more than the 20-year average, according to real estate tracker Axiometrics Inc. Most of the new construction in recent years has been on the high-end. Of 189,100 multifamily rental units completed between the fourth quarter of 2015 and the third quarter of 2016 in 54 U.S. metropolitan areas, 84% were in the luxury category, according to CoStar Group Inc., a real-estate research firm. For apartment units currently under construction, renters would need to make at least $75,000 a year to afford 88% of those units.”

“Benjamin Gable, a 31-year-old advertising copywriter, recently scored a $200-a-month discount on 1.5-bedroom apartment in Brooklyn’s trendy Greenpoint neighborhood. The apartment was originally listed for $2,700 and had sat on the market for six weeks, according to Rich Cassell, Mr. Gable’s real-estate agent. The landlord had already dropped the price to $2,500 and Mr. Cassell negotiated it down again to $2,300. ‘There’s just so much that has hit the market, it is oversaturated with high-end luxury,’ Mr. Cassell said.”
^ I noticed that recently with a drop in Milwaukee hi-rise rents last year...

http://www.bizjournals.com/milwaukee/ne ... r-the.html

Milwaukee had 5th highest drop in hi-rise rents with Houston the highest, although overall hi-rise rents did rise slightly last year.

"The report said nationally, rents grew about 1.4 percent for high-rise apartments, which is slower than increases for units in lower buildings."

Obviously this is a market-by-market situation and we haven't had years of luxury units coming online so it may not be as much of an issue for us at the moment, but as the supply increases with these projects under construction I can see that. Probably will mean more rehabs and fewer new construction projects if it occurs.
^I agree. As you've suggested already, St. Louis, as usual, is under-built. While other cities were booming in luxury market, St. Louis' market was tepid and falling behind. In fact, the developer of the The Alverne was gung-ho on downtown and the luxury market in St. Louis while others were less enthused. I too, I think there's a lot more wiggle room in St. Louis than in other markets.

Just based on my observations, it seems places like Nashville and Houston have overbuilt and may soon become renter's markets. I recall reading on skyscraperpage a while ago, that local developers in Houston were warning about a potential glut in Houston's apartment sector.

St. Louis is not there yet because the prices appear to keep rising.

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