Downtown Residential Market Thriving

Renovations and new residential construction in downtown St. Louis, Washington Avenue, the Old Post Office, etc.
First unread post502 posts
kinger wrote:
Fri Jul 21, 2017 10:06 am
JaredOpsal wrote:
Fri Jul 21, 2017 8:55 am
There are many proposals for Downtown and elsewhere in St. Louis that are in major jeopardy due to the threat against the Missouri Historic Tax Credit. There is a scramble to try and get projects in the queue, but the cap has nearly been reach for FY2018 with many projects not on the list yet, and we're only 3 weeks in.

State Reps and Senators need to be called and emailed to save it.
This guy knows what he's talking about ^^^^^

I've got proformas on several historic buildings throughout the city we're working to develop and the State HTC is the only way there is even potential for profit. It would be a shame to see buildings like Chemical and Railway remain dormant. in our CBD. It would also be a shame to put the brakes on the rebound we're seeing in neighborhoods like Fox Park.
Who has email addresses and phone numbers they can post in the MO Historic tax credit thread so we know who to contact?

Here is the link to the thread:
http://www.urbanstl.com/forum/viewtopic ... ts#p279067
^ Railway exchange developers need to get their hustle on.

Its interesting on how Jeff Arms development is playing out in terms of timeline & finance or how they hope it plays out as stated by the developer. Developer stating that he is going to put us his own cash to start on hazards removal by October & then seek brownfield credits for reimbursement later. The intended first phase/basement garage/retail work to start in early 2018 when financing shores up.

So my questions, what triggers and or when does a development qualify for HTC? When they are request and approved do you have x time to sell? I would assume some qualifications have to be met to separate the legit project from paper proposals as well as use it or lose it language
^ I believe the tax credits generally aren't redeemed by the holder until the building (or phase) is completed.... so MO might award HTCs for this project late this year or early next but they won't be redeemed until 2019/2020. I assume anything out the door before any changes/caps to the program would still be honored but not sure.
dredger wrote:
Fri Jul 21, 2017 12:22 pm
^ Railway exchange developers need to get their hustle on.
Interesting you mention that b/c these developers have yet to start in earnest on the similarly-scaled Huntington Building renovation in Cleveland despite getting state HTCs in late 2015... Ohio doesn't have nearly as strong of an HTC program as we do currently, but one thing they do have is a very competitive "catalytic" award of $25M every two years... they got the last one awarded. I don't expect them to get going here on the RR/X for awhile yet.

If MO does clamp down on HTCs, I think they should at least have a competitive review process to allow for some big awards rather than have a straight $2M cap on individual projects as proposed by the review group..
What I want to know is how other cities renovate historic buildings. I mean we still had historic rehabs before the HTC. Don't get me wrong, I do not want this program to go away and actually think it being cut before is what slowed down our momentum downtown. I just want to know if they are any plans to continue rehabilitation if these programs get destroyed.
If you’re renting a US city apartment without a car, 16% of your rent pays for parking you don’t need
https://qz.com/1029925/if-youre-renting ... dont-need/
^Wrong thread. Maybe move to urban theory
downtown(west) is about to add another resident- me probably 1900 Washington Oct1
^ changing your urbanstl tag???

:wink:
^^Cool. I feel like because of some psychological barriers - namely Market and the monolithic structures along its south side - that the proximity and accessibility of the Union Station Metrolink to DTW gets overlooked.

You'll have the RFT as a neighbor soon.
I plan to walk to Union Station and take metrolink to CWE stops which is 100 yards from my office at WashU
Union Station will become the quiet stop again just in time for you with the civic center opening in less then two weeks
If I lived downtown I'd plan to walk to Pharaoh's Donuts every morning before catching the Pine St. station.
dbInSouthCity wrote:
Tue Aug 01, 2017 8:06 am
downtown(west) is about to add another resident- me probably 1900 Washington Oct1
Congrats. I almost moved to that block about 6 years ago but ended up moving to 1300 Washington instead. Close to Schlafly is nice.
STLrainbow wrote:
Tue Aug 01, 2017 12:42 pm
If I lived downtown I'd plan to walk to Pharaoh's Donuts every morning before catching the Pine St. station.
You have no idea how often I actually do this...
You guys are making me wish I'd moved downtown. I really have no need whatsoever of a lawn. I do like my oversized brick beastie, and the ability to make nigh unlimited (acoustic) noise, but . . . no yard? And Metrolink? N/S is supposed to be about two blocks, but I'm not sure I'll live long enough to see it.

What's a couple thousand square feet of loft running these days? ;-)

Congrats! Hope it works out well for you.
symphonicpoet wrote:
Wed Aug 02, 2017 2:59 am
You guys are making me wish I'd moved downtown. I really have no need whatsoever of a lawn. I do like my oversized brick beastie, and the ability to make nigh unlimited (acoustic) noise, but . . . no yard? And Metrolink? N/S is supposed to be about two blocks, but I'm not sure I'll live long enough to see it.

What's a couple thousand square feet of loft running these days? ;-)

Congrats! Hope it works out well for you.
Join us! I'm currently renting in Downtown West in a 1000 sq foot loft for $950. It's a 9 minute walk to Union Station Metrolink. I use Uber to get to South City. I got rid of my car. Plus, I'm trying to stay positive that all of the Downtown proposals will start to make a difference and we'll get some real retail.
STLhistoryBuff wrote:
Wed Aug 02, 2017 8:36 am
symphonicpoet wrote:
Wed Aug 02, 2017 2:59 am
You guys are making me wish I'd moved downtown. I really have no need whatsoever of a lawn. I do like my oversized brick beastie, and the ability to make nigh unlimited (acoustic) noise, but . . . no yard? And Metrolink? N/S is supposed to be about two blocks, but I'm not sure I'll live long enough to see it.

What's a couple thousand square feet of loft running these days? ;-)

Congrats! Hope it works out well for you.
Join us! I'm currently renting in Downtown West in a 1000 sq foot loft for $950. It's a 9 minute walk to Union Station Metrolink. I use Uber to get to South City. I got rid of my car. Plus, I'm trying to stay positive that all of the Downtown proposals will start to make a difference and we'll get some real retail.
I rent my 1,200sq foot loft for $1,150 (w/ parking garage space). Jump in, the water is warm. I miss it down there.
robertn42 wrote: I rent my 1,200sq foot loft for $1,150 (w/ parking garage space). Jump in, the water is warm. I miss it down there.
STLhistoryBuff wrote:
Wed Aug 02, 2017 8:36 am
Join us! I'm currently renting in Downtown West in a 1000 sq foot loft for $950. It's a 9 minute walk to Union Station Metrolink. I use Uber to get to South City. I got rid of my car. Plus, I'm trying to stay positive that all of the Downtown proposals will start to make a difference and we'll get some real retail.
That's not too bad, but I may have been misleading. I was talking purchase prices. Not really in the rental market anymore. I'll give downtown a better look, though, should I think about moving. You guys do have some neat stuff down there. Or, well, up there, from this perspective. I suppose it depends on how you spin the map. But even before then, I'll come visit. I promise. I like your library better than mine. ;-)

. . . even if I can't live there. (Wish I could. Oh . . . man. Now THAT'S a dream house. Give me a little closet in the basement. You know, in a steam tunnel or something.)
JaredOpsal wrote:
Tue Aug 01, 2017 3:41 pm
STLrainbow wrote:
Tue Aug 01, 2017 12:42 pm
If I lived downtown I'd plan to walk to Pharaoh's Donuts every morning before catching the Pine St. station.
You have no idea how often I actually do this...
Jared, i plan to be a very vocal member of DNA....i have ideas :wink:
dbInSouthCity wrote:
Thu Aug 03, 2017 7:50 am
JaredOpsal wrote:
Tue Aug 01, 2017 3:41 pm
STLrainbow wrote:
Tue Aug 01, 2017 12:42 pm
If I lived downtown I'd plan to walk to Pharaoh's Donuts every morning before catching the Pine St. station.
You have no idea how often I actually do this...
Jared, i plan to be a very vocal member of DNA....i have ideas :wink:
We're all ears.
symphonicpoet wrote:
Wed Aug 02, 2017 11:44 pm
robertn42 wrote: I rent my 1,200sq foot loft for $1,150 (w/ parking garage space). Jump in, the water is warm. I miss it down there.
STLhistoryBuff wrote:
Wed Aug 02, 2017 8:36 am
Join us! I'm currently renting in Downtown West in a 1000 sq foot loft for $950. It's a 9 minute walk to Union Station Metrolink. I use Uber to get to South City. I got rid of my car. Plus, I'm trying to stay positive that all of the Downtown proposals will start to make a difference and we'll get some real retail.
That's not too bad, but I may have been misleading. I was talking purchase prices. Not really in the rental market anymore. I'll give downtown a better look, though, should I think about moving. You guys do have some neat stuff down there. Or, well, up there, from this perspective. I suppose it depends on how you spin the map. But even before then, I'll come visit. I promise. I like your library better than mine. ;-)

. . . even if I can't live there. (Wish I could. Oh . . . man. Now THAT'S a dream house. Give me a little closet in the basement. You know, in a steam tunnel or something.)
You can buy a condo in the range of $100-150/sq. ft.

That's good in the sense that it opens the market up to many people to purchase but bad because that's too low of a price point to spur new condo construction. My advice is to buy now while the prices are still depressed. I'm a little biased though.
Can someone clarify what the population of both downtown and downtown west was in 2010? I was going off Wikipedia but after reading some of the state of downtown reports something seems off. Trying to figure out the pop growth for this decade we can expect.

At 300/yr, it would be roughly a 100% increase for the downtown neighborhood. That sound about right? Also it seems like downtown is out pacing downtown west pretty handily, that an accurate assessment also?
cardinalstl wrote:
Mon Aug 14, 2017 8:21 am
Can someone clarify what the population of both downtown and downtown west was in 2010? I was going off Wikipedia but after reading some of the state of downtown reports something seems off. Trying to figure out the pop growth for this decade we can expect.

At 300/yr, it would be roughly a 100% increase for the downtown neighborhood. That sound about right? Also it seems like downtown is out pacing downtown west pretty handily, that an accurate assessment also?
3,721 for Downtown
3,940 for Downtown West

http://dynamic.stlouis-mo.gov/census/neighborhood.cfm
^Thanks. I think I was getting confused with the greater downtown and core downtown numbers I've seen various places. So basically in 6 years downtown and downtown west have added a little bit less than 2k residents. So together they will add roughly 3k this decade. That is pretty disappointing considering downtown alone added 3k from 2000-2010. I would have expected downtown to add about the same number of residents this decade with the growth rate going from ~360% to about ~100%.