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.

Image

Image

Image

Image

Image

Image

Image

Image

Image

Image

Image

Image

Image

Image
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.
Anybody living DT know how this project has done? Full of tenants?
BellaVilla wrote:
Mon Feb 26, 2018 8:20 pm
Anybody living DT know how this project has done? Full of tenants?
Lobby looks nice (in the tacky Brian Hayden aesthetic). I see people coming in and out of it. It's kind of hard to tell with Brian Hayden properties. I've lived downtown for 3 years and met 1 person that lives in any of his buildings.
Anyway, I think the finished the indoor parking recently. Walking past it on Sunday was the first time I've seen it without any ongoing work.
Also, looking at the number of lights on in an apartment building is a terrible way to judge occupancy. Not sure how much you look when you walk around downtown at night but most residential buildings are pretty dark. And downtown apartment occupancies are in fact above average.
Long time lurker, first time poster. Thought I'd chime in since I'm currently living at this building. They seem to be doing alright on leasing. They're still adding units and finishing out a few floors. I think they were struggling to fill the building initially; one of the reasons I moved in was because they were marketing pretty aggressively with concessions (2 months' free rent, free parking, etc.). I'm not sure if they're still doing that though. They recently opened the indoor parking and the gym in the building.
DJJD wrote:
Tue Feb 27, 2018 11:23 pm
Long time lurker, first time poster. Thought I'd chime in since I'm currently living at this building.
Thanks for the feedback! I'm a known Brian Hayden skeptic due to his sketchy hiring practices (a lot of OSHA violations), interesting interiors, and interesting marketing aesthetic. But I would love to be proven wrong in the long term. It would be nice to hear from residents in his other buildings (any of the Gallery/Brandonview properties) if there are any other voyeurs out there.

And welcome to the neighborhood! I live and work around Washington & Tucker.
^^So how's the place working out for you? How's your experience been with the management company generally?
wabash wrote:
Wed Feb 28, 2018 11:16 am
^^So how's the place working out for you? How's your experience been with the management company generally?
I like the place well enough. The apartment layouts are definitely unique, and it's a cool building. Of course, like a lot of "luxury" apartments, they look great at first glance, then you look closer and realize a lot of the work done on them was subpar. As for the management company, not great, but not horrible either. I had some issues with the place moving in that I won't get into for the sake of anonymity. Still a better experience than my last landlord (looking at you, FrontDoor STL).

Might be just me, but something I find odd is the security. Code to get in the building (even during the day), floor-specific keycard for the elevator, and then traditional key for the apartment. Despite this, the hallways upstairs have security cameras everywhere. My last place had just one key tag that accessed everything (including other floors) and no cameras.