CORTEX: St. Louis' Life Sciences and Technology District

The thriving technology scene covering startups, incubators, investors, etc.
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Microsoft just moved its Detroit MTC into its new downtown location (from the burbs) and this article has a photo gallery. Probably will be rather similar of what to expect here.

Microsoft moves 450 workers to be part of Detroit's 'technology revitalization'
http://www.mlive.com/news/detroit/index ... eadqu.html
Don't quote me on this, as I didn't get a great look (due to driving on 64) but I believe Koman has a new signage with a rendering for their land at Sarah / Clayton that's facing the interstate. From the roughly 2 seconds I had to look this morning, there was a nice, all glass building for office space being marketed.

I couldn't track down anything online, so it'll take someone who wants to trek out there for a photo to confirm. Also, I'm guessing it's just for marketing purposes only and that the shiny, glass box they have pictured will certainly change depending on if/when a tenant signs on.
^^ I saw this also. Looks like a very nice rendering.
Image

You’d be correct. Gorgeous (very large) building available 2019.


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Looks like the first 4 floors of the IBM Watson/Twitter Building on Astor Place in Manhattan (aka 51 Astor Place). Which would make sense for Cortex.
addxb2 wrote:
Mon May 28, 2018 5:52 pm
Image

You’d be correct. Gorgeous (very large) building available 2019.
I wonder what that building is in the background that appears to be 8 floors. Residential Maybe? This poster could have did away with the Black marking on it blocking out the remainder of the rendering. I am sure we will hear something about it tomorrow.
Nice looking little building.

I like this organic growth of Cortex. Great sign for Cortex and St. Louis.
My bet is they have an anchor for this but I suppose we'll be hearing details soon. Hopefully the site will have a good relationship with Sarah but that rendering raises some questions.
chriss752 wrote:
Mon May 28, 2018 11:11 pm
I wonder what that building is in the background that appears to be 8 floors. Residential Maybe? This poster could have did away with the Black marking on it blocking out the remainder of the rendering. I am sure we will hear something about it tomorrow.
Buy why would they do that? Just to show a potential phase 2, 3, 4, 5, etc? Let the focus be on the shiny glass trophy space rather than potentially confuse tenants as to what is being marketed.

From our UrbanSTL viewpoint, yes, shiny renderings are great and we all want to see them now. From a marketing standpoint though, they did the right thing by focusing on what they're trying to sell.
We all talk about the rumored height limit downtown with the Arch and all.

I'm beginning to think Cortex has a 4-story height limit.
^I think the cost starts to go up pretty dramatically as you get beyond four stories. You need heavier structure, better fireproofing, more vertical access, more elevators, more fire stairs, water pumps, fire pumps . . . I'm guessing it's just economic and the economics of mid and high rise aren't there yet. Still not enough density. You can fit a lot with a continuous smear of four stories across a town. They're not even to that point yet. (Though maybe they well be sooner than later.)
chaifetz10 wrote:
Tue May 29, 2018 10:00 am
chriss752 wrote:
Mon May 28, 2018 11:11 pm
I wonder what that building is in the background that appears to be 8 floors. Residential Maybe? This poster could have did away with the Black marking on it blocking out the remainder of the rendering. I am sure we will hear something about it tomorrow.
Buy why would they do that? Just to show a potential phase 2, 3, 4, 5, etc? Let the focus be on the shiny glass trophy space rather than potentially confuse tenants as to what is being marketed.

From our UrbanSTL viewpoint, yes, shiny renderings are great and we all want to see them now. From a marketing standpoint though, they did the right thing by focusing on what they're trying to sell.
Never thought of it from a marketing perspective. It makes sense to zoom in on the main star of the show this time around.
Anyone want to take a speculative guess on how much space is being sought by tenant holders in the region? 100k square feet, 250k to north of 500k square feet?

Between the different renderings whether it be Clayco's I270 spec space that was dropped, to Clayco development group looking at ATT One center to Wexford/Cortex talking up the next building to Lawrence group Foundry phase II and now Koman marketing its CORTEX site. Not too mention Cupples X would be an easy one for Koman to revive as well as BPV III for which I assume Cordish/Dewitt have a few renderings done but not publically out there to pull out for marketing reasons
More info and renders here:

BTW, it bugs me that they used such an old image as the basis for the aerial Image. It would be a much better "sell" if they included all of the recently opened buildings, as well as the upcoming A Loft Hotel, Metro Station, etc.

https://nextstl.com/2018/05/koman-plans ... to-cortex/

Image
Some work going on at the 4052 Forest Park Avenue Lot today. Some people cutting into the old concrete lot, 10+ vehicles there with people in hard hats... I can't remember what was going here? Is this the parking garage?
Figured it out. Parking Lot - carry on... :P

SLLC REAL ESTATE LLC Building 05/15/2018 PARKING LOT $600,000.00 CONSTRUCT OF SURFACE PARKING LOT PER PLANS (NORTH SILO)
Aon relocating 200 employees from Clayton to St. Louis' Cortex district

https://www.stltoday.com/business/local ... cca0f.html
Another company with global reach is anchoring itself in St. Louis’ Cortex innovation district.

Professional services firm Aon will move into a 30,000-square-foot space in Wexford Science and Technology’s newest office building later this year. With the new tenant comes 200 workers, adding to the thousands of employees that already work in the Cortex district.
hoffa270 wrote:
Fri Jun 08, 2018 8:04 am
Aon relocating 200 employees from Clayton to St. Louis' Cortex district

https://www.stltoday.com/business/local ... cca0f.html
Another company with global reach is anchoring itself in St. Louis’ Cortex innovation district.

Professional services firm Aon will move into a 30,000-square-foot space in Wexford Science and Technology’s newest office building later this year. With the new tenant comes 200 workers, adding to the thousands of employees that already work in the Cortex district.
Saw that. Seems like a huge win for Cortex but really wish we could get a big tenant from outside STL to commit soon.
Aclaris to add 14 jobs and commit to 20,000 sq. ft. in the Crescent, bringing lease commitments to 65%.

https://www.stltoday.com/business/local ... user-share
Seems that every building in Cortex is fully leased at or near completion.

So why on earth aren't they building larger buildings? The demand is obviously there.
STLrainbow wrote:
Tue Jun 19, 2018 2:49 pm
Aclaris to add 14 jobs and commit to 20,000 sq. ft. in the Crescent, bringing lease commitments to 65%.

https://www.stltoday.com/business/local ... user-share
From the article it notes...Also in the works are two new hotels, a parking garage and a new building from Wexford. Do you think the second hotel referenced is across the street where Midas Hospitality is developing the old Habitat for Humanity site in addition to them signing on as the developer of Aloft? or is the second hotel referenced something altogether?
framer wrote: Seems that every building in Cortex is fully leased at or near completion.

So why on earth aren't they building larger buildings? The demand is obviously there.
I say most of the demand is piecemeal of the 20k, 30k to 50k variety and you still have Wexford, Koman, Lawrence (Foundry) and Green Streets (Armory) all proposing more infill which is good even though you don't got larger towers being built. Also, Downtown you got ATT One Center to fill, Met still has some room I believe, and Jeff and Railway exchange as well as room to build out some slim office towers at BPV and Cupples (Koman again) .

At end of the day, I would rather see the big boys downtown get filled or additional larger towers downtown and a variety of 5-8 story developments filling in CORTEX parking lots, etc. instead of some large towers and ATT one center remaining empty & downtown continue to bump along the bottom..
^ I'm pretty sure the second hotel referenced in the article is the Midas project at the Habitat site.

As for office, I agree completely.... in addition to the Crescent renovation and leasing up existing space in @4240 and other existing space, there are two new office buildings well into the pre-development phase in the immediate Cortex district as well as ambitious projects with the Foundry and Armory developments nearby. I think when you add all that up there is probably in excess of 500,000 square feet of new office space in the pipeline planned to be delivered by 2020.... that's quite a lot.

And I also agree that while on the whole Cortex is a good thing, I'd like to see downtown CBD assert its office muscles more.
What I don't understand is how Cortex hasn't gotten more traction in terms of residential construction. The location is amazing and the area feels safe but nothing has gotten off the ground yet. I wouldn't mind the mid level offices if there were some sleek residential buildings filling in the cracks.
GoHarvOrGoHome wrote:
Wed Jun 20, 2018 1:21 pm
What I don't understand is how Cortex hasn't gotten more traction in terms of residential construction. The location is amazing and the area feels safe but nothing has gotten off the ground yet. I wouldn't mind the mid level offices if there were some sleek residential buildings filling in the cracks.
I think part of it is that quite a bit has been built out in CWE & nearby FPSE/Grove with better properties in terms of location and established neighborhoods to feed off. I also think that a lot of the CWE/FPSE/Grove development is a more favorable situation where developer like Koman can come in and grab a property on Euclid and build out/develop themselves where as CORTEX is solicitating RFP's and is another layer, another piece of the pie even though incentives are in place.. Nor do I think it is a bad thing if CORTEX continues to build out more lab, office, less residential, etc. Nor do I think it is a bad thing if hotels continue to developed on the periphery of CORTEX as well

Could be off base on some of my understandings on what it would take to build residential within CORTEX but will be interesting if Koman will move forward with its vision of a mixed use at the corner of Sarah & Clayton where as Foundry dropped their residential tower because of the issue of tax credits.
Hopefully the quietness mixed with the current success of these projects in construction, just means there's more stuff being planned/announced in the near future.