300 South Broadway Tower

Renovations and new residential construction in downtown St. Louis, Washington Avenue, the Old Post Office, etc.
First unread post458 posts
gary kreie wrote:
Wed Sep 12, 2018 10:36 am
Boston is putting a 30-story tower on top of an existing 90-year-old parking garage. We can’t do this to save a 90 year old nice building?
Is the garage historically protected? I'm curious as to why they're saving it at all. Unless the structure of the garage is really that robust. The building in question here definitely doesn't have the structural ability to support a tower.
And ultimately it still wouldn't work to solve the problem that downtown has, too much useless or detrimental (parking) open space.
aprice wrote:
Wed Sep 12, 2018 11:23 am
gary kreie wrote:
Wed Sep 12, 2018 10:36 am
Boston is putting a 30-story tower on top of an existing 90-year-old parking garage. We can’t do this to save a 90 year old nice building?
Is the garage historically protected? I'm curious as to why they're saving it at all. Unless the structure of the garage is really that robust. The building in question here definitely doesn't have the structural ability to support a tower.
And ultimately it still wouldn't work to solve the problem that downtown has, too much useless or detrimental (parking) open space.
Boston has a rent rate and land values to support as such because it has a market with demand. St. Louis problem is not useless space or detrimental (parking) open space it is a symptom.

The problem in IMO is an underperforming region with a downtown core that has very cheap rent rates and land values because lack of demand. Personally, Give out the big incentives to fill ATT One Center again with jobs and projects adding more housing such as Jeff Arms, Railway Exchange and Chemical building might have a better chance of securing the financing and going forward. Second, CVC convention upgrades need to be on fast track to continue the hotel development and getting room count back to Pre-Millenium if not their already. Maybe that will kick start Drury hotel/apartment tower on the Landing. Third, support any new construction around Busch including Broadway 330 and maybe just maybe things will kick start more infill. Jobs and Convention business will drive development demand
dredger wrote:
Wed Sep 12, 2018 2:58 pm
Boston has a rent rate and land values to support as such because it has a market with demand. St. Louis problem is not useless space or detrimental (parking) open space it is a symptom.
I very much agree with your post. Overall, our government feels the need to keep funding new construction because our cost of living is so cheap, the market won't demand it on its own. In a sense, what we're not paying in rent & mortgages, we're paying for by suffering subpar city services. Subpar due to both low tax income and the sheer amount of incentives the city has handed out (even if it appears to be a low percentage on paper). Should all govt incentives be banned tomorrow, do I believe that the amount of construction would carry on the same? I do, but that's beside the fact.

To clarify, I was saying that the problem/frustration with this project lies with the fact that new construction should be filling empty space. Not only is this towner not doing that, it's possibly making it worse by adding one more garage to downtown. I was implying that surface parking and green space downtown was causing low market demand.
aprice wrote:
Wed Sep 12, 2018 5:07 pm
Should all govt incentives be banned tomorrow, do I believe that the amount of construction would carry on the same? I do, but that's beside the fact.
Why do you believe construction would carry on the same?
this project is dead. developer pulled out of buying the property
Disappointed but also a little relieved on this one. Hopefully somebody can do something cool with the STLCC building now instead of tearing it down.
dbInSouthCity wrote:
Thu Sep 13, 2018 8:36 am
this project is dead. developer pulled out of buying the property
The sight lines into the stadium probably are what drew them to this location to begin with, so I'm not holding out hope that they'd try to move it to an open lot nearby.
On the positive side, maybe the current building will be spared. I was thinking how nice it looked a few weeks ago when I was at the stadium at night.

On the other hand, 300 S. Broadway was going to be an awesome project. It was going to be a statement project, an awesome modern building right on the doorstep of the City. An eye-catcher as your crossing the Poplar.

The ideal scenario would be a developer that can spare the building and build something modern on the site. I think this site will sell and likely be redeveloped. I just hope the next developer goes big or even bigger than this plan. This is too great a location, for some subpar development.

Let's go ahead and add this one to the list of recent disappointments: Bottle District, Skyhouse, McGowan Tower and now 300 S. Broadway.

Anyone have a gauge on the market for this property? Will it grab the attention of other developers right away or will it sit for sale for a long time?
What factors turned off the lenders on this one? 20 year tax abatement, prime location overlooking the stadium, momentum from BPV across the street, good economy, etc. etc. I guess their could have been internal issues with the development group.
"Developer behind the project, HDA, says project is not dead. But did not share any additional info." From Post Dispatch

this has LouFest 2.0 written all over it :D
If its not dead, why did the SLCC email say they're putting it on the market? couldnt they have just adjusted the closing date if HDA needed more time to shore up $?
This project isn’t dead yet according to HDA. They say to me that they are “regrouping” with their other partners but they said that it “certainly isn’t dead”. Now, this is pure speculation but maybe the lenders didn’t want to lend money to a project that they knew would destroy a building that influenced Busch Stadium’s design or maybe they have a “bear market” feeling. One Cardinal Way is doing well on Leasing but maybe we are reaching our overbuilt stage in terms of residential and this would throw the marker into limbo. I don’t know but it is a shame to see it die if so.

If they come back with a proposal, like HDA is saying, I hope they buy Mike Shannon’s and put the building there. It’s the perfect location and deserves something new there instead of a bar turned parking lot. Whatever is in store, I would expect to hear something soon considering this announcement has been closely watched from the beginning by everyone interested. This potential cancellation would cause more media coverage but until then, I’m not sure.

If the current building stays in place, I hope they spruce up the first floor and add retail space so it doesn’t look deserted.


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If the project isn't dead, then great. They could find any other spot for this too on any other surface lot across Downtown. I think it would honestly make more sense elsewhere too where there is less direct competition across the street.

They want high profile front door step to the city? Demo the southern half of the Millennium. That's front door. And lastly, the facade on the eastern side seemed like it was going to look like crap. It might spur them to cover that in glass.
chriss752 wrote:
Thu Sep 13, 2018 10:00 am
maybe the lenders didn’t want to lend money to a project that they knew would destroy a building that influenced Busch Stadium’s design
:lol: you're so adorable sometimes.
dbInSouthCity wrote:
Thu Sep 13, 2018 10:21 am
chriss752 wrote:
Thu Sep 13, 2018 10:00 am
maybe the lenders didn’t want to lend money to a project that they knew would destroy a building that influenced Busch Stadium’s design
:lol: you're so adorable sometimes.
I gave a half thought excuse but it is what it is.
From the Business Journal...
The partners behind a plan to transform the St. Louis Community College headquarters building into a $100 million apartment tower have walked away from the deal, prompting the community college to put the downtown St. Louis building back on the market for $7.5 million.

The buyers' representative, James Fredericks of Armstrong Teasdale, notified St. Louis Community College in a July 7 email that the team — Chesterfield-based HDA Architects and Chicago-based White Oak Realty Partners and CA Ventures — had elected to terminate the agreement to acquire the 300 S. Broadway property, Chancellor Jeff Pittman told the Business Journal.

HDA Architects Vice President Patrick Holleran said the deal is not dead but declined to comment further.

STLCC has now tapped Cushman & Wakefield broker John Warren to market the 93,000-square-foot building, which he said is ideal for creative office, hotel or residential.

HDA Architects and the Chicago firms had planned to turn the downtown building into a 33-story apartment high rise that was estimated to cost $100 million and was to compete with Ballpark Village's $120 million luxury apartment complex that sits adjacent. The project faced opposition with the St. Louis city Preservation Board, which initially refused to allow a full demolition. The property isn't listed on the National Register of Historic Places but is located in a preservation review district.

"We're disappointed, of course, that the original sale didn’t work out. But we’re moving forward and believe there will be a lot of interest in the building," said Pittman, adding that the community college had been working with the buyers for 14 months before the deal fell through.

STLCC has already moved out of 300 S. Broadway, which Pittman said saves the college $700,000 a year. That money will be used to improve facilities at several campuses, including Meramec and Florissant Valley, he said. Most of STLCC's leadership team is now based at its Corporate College campus in Bridgeton, while others are at the Meramec and Florissant Valley campuses. The move began in March and wrapped up before summer.

"Us moving out is a big win for taxpayers and the college because we're saving money," Pittman said. "We hope the building becomes valuable for downtown and generates tax revenue for the city."
I'm confused fully. Maybe they will look for another place to build in the end.
Tower construction sounds pretty dead to me.
Patrick Holleran sent me this.
The magnitude of a $100 million dollar transaction takes considerable time with a multitude of shareholders. We are continuing to work on the deal structure with the goal to start construction in the fourth quarter of 2019
Definitely a financing issue.
From the comments in the article by STLCC is sounds like contract to buy had a date that has come and gone which believe would be typical of any real estate transaction & as per the developers response they are still trying to secure finance for which a $100 million tower is not an easy thing. I'm sure a recent report from a commercial broker noting that St. Louis might be overbuilt doesn't help either.

So my two cent take - STLCC has a couple interested parties or at least one whispering in their other ear and they are going to leverage that fact. As a public entity, making that known public is a smart thing to do with the business journal article. Why leverage? One, either get some more dollars on the purchase price from current developers and or see if anyone else will come back with a higher offer which is another smart move by a public entity selling excess assets. My very very speculative thought, both Cordish/Dewitt and or Koman would be interested in offering a price and try to secure the property(ies) along the east side of Busch Stadium. How much, more than the others? who knows.
With the building for sale, how can this group plan for anything? Now that it will back on the market, there could be several interested parties looking to purchase it.
It would seem smart on their part, to drop $7.5 million on the building and secure the property. I have no idea how much money they have at this point, but it would seem smart, if they think they can get this deal done, that they secure the property. They could always sell if the deal falls through. I guess the hope is that they can secure financing before the building is sold to another developer.
I wouldn't be surprised if the Cardinals sneak in and grab it to protect their investments.
How ironic! I was looking at HDA'S website last night before bedtime & something told me while looking at their other conceptual projects that this would fall through. So the question is is this officially dead? Stalled? or anything could happen? How does this fair for Phase 3 of BPV happening?
Someone attempting to compete with BDWJr in downtown mysteriously cancels their project? I'm shocked.
In a morbid way it's kind of refreshing to have it announced/reported that the deal is unequivocally dead, as opposed to having it slowly slide into the oblivion with no one really knowing what's going on (i.e. Trianon condos, SkyHouse, Montgomery Tower, Port St. Louis, Apogee office buidling, Clayton Westin, etc....)
Is it truly dead? Do we really know?

HDA doesn’t seem to think so.....
It all depends on how determined the developer is. I read in The Queen of Lace that it took 3 1/2 years to put together the financing before construction could start on the redevelopment of the Continental Building in Grand Center.


Of course, someone else can now buy the option on the existing building, and HDA would be pretty much out of luck.
BellaVilla wrote:
Thu Sep 13, 2018 8:02 pm
Someone attempting to compete with BDWJr in downtown mysteriously cancels their project? I'm shocked.
It makes for a good conspiracy theory but I don't buy the suggestion. The reality is you got two new high rise residential towers going up in the city already, BPV and One Hundred, as well as a multiple multi unit apartments as well so I can easily see the capital market investors/financers/bankers pulling back somewhat on HDA & this development for the simple fact that the city has had a pretty good run of new residential and multi unit construction for a slow growth area.

I like Framers comment that the developer might be out of luck if someone comes in and offers the cash on the spot because they took the chance on putting property under contract instead of an out right purchase.. Who might come in with cash to buy first and develop later? Don't know or have any knowledge whatsoever who might be entertaining that idea but Koman has done that with Cupples properties on the other side of Busch as well as their most recent land purchase in CORTEX footprint. Drury family has banked land on Laclede's Landing. Believe Clayco/Bob Clark owns a piece of the Bottleworks site and Yes, DeWitt family absolutely has the money to make that type of long term investment

This project has a chance on location so will see what happens. Especially if BVP tower continues to lease well and the Cards can take the series this weekend and cement a wild card playoff game against the Brewers.