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PostJul 19, 2017#201

Jefferson Arms buyer sets construction time frame

Construction on the historic rehab will be done in two phases.

Alterra initially will finish work on the first two floors of the building, along with the parking garage in the basement. Work on that phase is expected to take about 12 months, Sarimsakci said.

“We want to activate the block and get the retail going,” Sarimsakci said.

The second phase will work on the bulk of the building, which will ultimately include an approximately 200-room Marriott-branded AC Hotel and more than 200 single-family apartments.

The second phase, Sarimsakci said, should take an additional 12 months, meaning the entire project could be complete sometime in 2020.
Financing on the project will be shored up by early 2018, Sarimsakci said.

read more here: https://www.bizjournals.com/stlouis/new ... frame.html
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PostJul 20, 2017#202

My one reservation about this project is how so many of the retail spaces are planned as restaurant. If they can survive, it probably means someone else won't. At least initially. Would like to get some actual retail mixed in at some point.
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PostJul 20, 2017#203

jstriebel wrote: ↑
Jul 20, 2017
 My one reservation about this project is how so many of the retail spaces are planned as restaurant. If they can survive, it probably means someone else won't. At least initially. Would like to get some actual retail mixed in at some point.
How big is the furniture store?
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PostJul 21, 2017#204

Additional details.

http://www.stltoday.com/business/local/ ... 8ff6b.html

The building’s remediation — the old structure needs to be cleansed of lead, asbestos and other materials — is expected to start in October, Sarimsakci said. He plans to use his own capital for that work, estimated at between $5.5 million and $6 million, and then be reimbursed with Missouri Brownfield tax credits.

He has also applied for Missouri historic tax credits, which he hopes will help reimburse $15 million to $18 million of the rehabilitation work. St. Louis officials have already approved up to $17.6 million in tax increment financing for the project as well as a special sales tax district that’s expected to provide $2.6 million.

When rehab work starts next year, Sarimsakci said he first plans to renovate the basement up to the second floor for offices, co-working space, retailers and restaurants.
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PostJul 22, 2017#205

I sincerely hope I'm wrong but I can't help but think there is something nefarious about this project and it won't be completed by the developer.

PostJul 22, 2017#206

Perhaps to clarify my synicism, he is promising a higher end furniture and kitchen store downtown when similar concepts in the past have failed, it's like he does not understand our market. They are also talking about tackling a couple of the cities biggest white elephants that other successful developers have avoided due to not being able to make the numbers work. He threw the Trump name around almost like he was using it to gain attention instead of another more reasoned hotel brand. Plus it sounds like outside of Dallas he has had little by way of a proven track record. Even if it is completed I wouldn't be surprised if someday the guy get hauled into prison or banned from our country on corruption charges. As I said I hope I'm wrong and he is the visionary savior our city longs for.
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PostJul 22, 2017#207

southcitygent wrote: ↑
Jul 22, 2017
 he is promising a higher end furniture and kitchen store downtown when similar concepts in the past have failed
I thought the same thing when I read about the coworking plans. This was tried in the Shell building right next door a few years back:

Aug 2010: New 'co-working' space hopes to ride freelance trend
Sep 2012: St. Louis Coworking shutting its doors

That said, I know nothing about St. Louis Coworking's execution, challenges, etc or detailed plans of this new developer. I wish him the best of luck though.
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PostJul 22, 2017#208

I'm very excited for this to get underway. This guy is not from our area and is actively looking to make a huge change in our city. This is very exciting and should honestly be welcomed.


Sent from my iPhone using Tapatalk
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PostJul 23, 2017#209

^^^, southcitygent,

my 2c is I'm more hopeful that he can get something done here looking at his track record with Dallas than I am with the folks who now own the RR/X and really don't have a track record anywhere.

I think he has a proper understanding of the city,,, there is more risk here but like downtown Dallas sees downtown STL as an under-priced market that has a high-reward potential. Essentially something like downtown Detroit where you could get great buys earlier this decade but where that's pretty much a thing of the past. Maybe that's us in another 5-10 years.

Also, I believe he has taken advantage of all the traditional sources of subsidy with his Dallas projects and plans to here, but also that federal visa program he can tap into investment $$ from foreigners who get to come here in exchange for significant investments... as far as I know that hasn't been used very commonly here to finance projects, but it is elsewhere and sometimes it takes folks from outside or even the country to make things happen here. (Lord WhatshisName as well working with Lawrence Group on the Midtown projects.) Anyway, perhaps in the end his vision for Saint Louis gets chewed up and spit out onto the ash heap of dead downtown dreams but I'm hopeful and glad he's giving it a try.
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PostOct 13, 2017#210

STLrainbow wrote: ↑
Jul 23, 2017
 ^^^, southcitygent,

my 2c is I'm more hopeful that he can get something done here looking at his track record with Dallas than I am with the folks who now own the RR/X and really don't have a track record anywhere.

I think he has a proper understanding of the city,,, there is more risk here but like downtown Dallas sees downtown STL as an under-priced market that has a high-reward potential. Essentially something like downtown Detroit where you could get great buys earlier this decade but where that's pretty much a thing of the past. Maybe that's us in another 5-10 years.

Also, I believe he has taken advantage of all the traditional sources of subsidy with his Dallas projects and plans to here, but also that federal visa program he can tap into investment $$ from foreigners who get to come here in exchange for significant investments... as far as I know that hasn't been used very commonly here to finance projects, but it is elsewhere and sometimes it takes folks from outside or even the country to make things happen here. (Lord WhatshisName as well working with Lawrence Group on the Midtown projects.) Anyway, perhaps in the end his vision for Saint Louis gets chewed up and spit out onto the ash heap of dead downtown dreams but I'm hopeful and glad he's giving it a try.
I appreciate the kind words. We will be doing community outreach session to further share/explain the vision for the Jefferson Arms Project.

Mike Sarimsakci

PostOct 13, 2017#211

Chalupas54 wrote: ↑
Jul 22, 2017
 I'm very excited for this to get underway. This guy is not from our area and is actively looking to make a huge change in our city. This is very exciting and should honestly be welcomed.


Sent from my iPhone using Tapatalk
Thank you. Alterra will not be able to make this project successful by itself unless the project is embraced by the STL community. That is why your feedbacks are greatly appreciated.

Mike Sarimsakci

PostOct 13, 2017#212

San Luis Native wrote: ↑
Jul 22, 2017
southcitygent wrote: ↑
Jul 22, 2017
 he is promising a higher end furniture and kitchen store downtown when similar concepts in the past have failed
I thought the same thing when I read about the coworking plans. This was tried in the Shell building right next door a few years back:

Aug 2010: New 'co-working' space hopes to ride freelance trend
Sep 2012: St. Louis Coworking shutting its doors

That said, I know nothing about St. Louis Coworking's execution, challenges, etc or detailed plans of this new developer. I wish him the best of luck though.
We are hoping to attract local start-up / entrepreneurs for the Co- Working Concept at reasonable rates. The overall project is 500,000 sqft. Co-working is only 10,000 sqft so it is very small portion. It is a free amenity to the residences of the apartments and the Marriott AC hotel. It would be located in the old ballroom.

PostOct 13, 2017#213

southcitygent wrote: ↑
Jul 22, 2017
 Perhaps to clarify my synicism, he is promising a higher end furniture and kitchen store downtown when similar concepts in the past have failed, it's like he does not understand our market. They are also talking about tackling a couple of the cities biggest white elephants that other successful developers have avoided due to not being able to make the numbers work. He threw the Trump name around almost like he was using it to gain attention instead of another more reasoned hotel brand. Plus it sounds like outside of Dallas he has had little by way of a proven track record. Even if it is completed I wouldn't be surprised if someday the guy get hauled into prison or banned from our country on corruption charges. As I said I hope I'm wrong and he is the visionary savior our city longs for.
Thank you for taking time to raise your concerns. I am going to respond to the best of my abilities.

1-). High end furniture store is Koleksiyon. They are head quartered in Istanbul. They are contract furniture producers that specializes in large commercial projects. They will be Alterrra's tenant. They are my tenant in Dallas at the moment with two other locations in NYC and in Chicago. I have their commitment for 5 years. I am their largest client in US so they appreciate the relationship. Koleksiyon ownership is willing to invest in the future of St. Louis.

2-). Kitchen store is Linea Decor from Istanbul. Another large commercial contracting factory with multiple retail outlets. I am one their top clients in US. As a result I could ask them to make exception and try new ventures.

3-). We have successfully completed two white elephant projects in Dallas. Both buildings were empty for 20-25 years located in sketchy part of downtown. Multiple developers failed prior to us. Alterra team managed to deliver both projects full of life and brand new energy.

4-) I have never thrown around the Trump name. That was the press decided to omit other brand names we were considering. Press did not quote fully one of our team members interview. Our choice have always been Marriott AC.

5-). I have a resume if you could visit Alterra Worldwide website. I have completed extremely complicated projects other than Dallas both in US and internationally. Butler Brothers Dallas(most relevant to JA) is about $110 million redevelopment project 635,000 sqft with 272 Room Marriott, and 240 apartments retail and office. Alto 211 is a gem that was developed with all equity with a cost of $25 million. We have the leading accelarator (Tech Wildcatters), several upcoming startups(Traxo), great retail lineup.

6-). I am an immigrant and a proud American with Turkish roots. US is my country too. I have been in US since 1986. I left Istanbul when I was 19 years old to study engineering in US. I belong to 2 NGOs. American Turkish Society and East West Institute. Both NGOs have an extensive wetting process. I trust they have done their job before my admission. I try to give back to through these institutions and others.

Alterra is a great family. We have a great team with diverse backgrounds. We hope we will be embraced by STL community.

Mike Sarimsakci

PostOct 13, 2017#214

southcitygent wrote: ↑
Jul 22, 2017
 I sincerely hope I'm wrong but I can't help but think there is something nefarious about this project and it won't be completed by the developer.
Alterra is committed to the completion of this project. No hidden agendas. Jefferson Arms Project will not be success without having community feedback. I appreciate your concern and taking the time to voice it.

Mike Sarimsakci
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PostOct 13, 2017#215

Happy to see Mike Sarimsaki joining the forum. Hopefully when the project starts, he will be the one to share updates on how the restoration is going.
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PostOct 13, 2017#216

STLrainbow wrote: ↑
Jun 30, 2017
 ^ iirc at least we'll get a start with residential in the Landing with that mixed-use proposal for the old Metro HQ. Also, I agree on Jefferson Arms likely being a test for this developer; they've done a number of projects in downtown Dallas so if this one works here for them I don't doubt they'll do the same here.
Thank you for your encouraging words. Alterra will be in working in St Louis at a minum for the next 8-10 years.

Mike Sarimsakci
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PostOct 13, 2017#217

Hope to hear about the riverfront tower proposal soon. That is a very exciting proposal, what made you think that was a viable area? Is it because it's an untapped market?
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PostOct 13, 2017#218

Thanks for the response, Mike. I'm looking forward to seeing what you do with the Jefferson Arms. Hopefully it turns out to be a success and then you can tackle our Butler Bros. as well! :D

Just out of curiosity, are you planning to retain any of the decorative elements in the Jeff. Arms ballroom? (The big goose thing in particular?)
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PostOct 13, 2017#219

Mike,
Thanks for posting. Have you gotten in touch with local media? Back in July, the Post-Dispatch wrote:
Sarimsakci, who once invited the Post-Dispatch to tour the Jefferson Arms with his feng shui master, has become harder to reach in recent months. The Turkish-born developer generated considerably more media attention lately with his plans for a Dallas hotel that would be operated by the Trump Organization’s new Scion brand. He originally mentioned a Trump brand for the Jefferson Arms as a possibility, though he later settled on Marriott.

Now, Alterra’s website doesn’t even list a phone number.
As far as I can tell, that was the last thing written. It might help dissuade rumors and instill more confidence if they knew your plans.
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PostOct 13, 2017#220

chriss752 wrote: ↑
Oct 13, 2017
 Happy to see Mike Sarimsaki joining the forum. Hopefully when the project starts, he will be the one to share updates on how the restoration is going.

Absolutely. We will be holding community outreach events and social media blasts.

PostOct 13, 2017#221

goat314 wrote: ↑
Oct 13, 2017
 Hope to hear about the riverfront tower proposal soon. That is a very exciting proposal, what made you think that was a viable area? Is it because it's an untapped market?
STL riverfront is absolutely beautiful. I have seen many successful river front projects around the world. Land is reasonable priced and is an untapped market at the moment. Though first Alterra needs to execute Jefferson Arms.

Mike Sarimsakci.

PostOct 13, 2017#222

bprop wrote: ↑
Oct 13, 2017
 Mike,
Thanks for posting. Have you gotten in touch with local media? Back in July, the Post-Dispatch wrote:
Sarimsakci, who once invited the Post-Dispatch to tour the Jefferson Arms with his feng shui master, has become harder to reach in recent months. The Turkish-born developer generated considerably more media attention lately with his plans for a Dallas hotel that would be operated by the Trump Organization’s new Scion brand. He originally mentioned a Trump brand for the Jefferson Arms as a possibility, though he later settled on Marriott.

Now, Alterra’s website doesn’t even list a phone number.
As far as I can tell, that was the last thing written. It might help dissuade rumors and instill more confidence if they knew your plans.
Local press interviews were given by me personally for almost 30-45 mins in July after the above mentioned article. When there is an update Alterra will issue a Press Release. The press have all the contact info of our PR person. Alterra will be holding community outreach meetings for the STL citizens. Press is important but direct contact with STL community is irreplaceable.

Mike Sarimsakci

PostOct 13, 2017#223

urban_dilettante wrote: ↑
Oct 13, 2017
 Thanks for the response, Mike. I'm looking forward to seeing what you do with the Jefferson Arms. Hopefully it turns out to be a success and then you can tackle our Butler Bros. as well! :D

Just out of curiosity, are you planning to retain any of the decorative elements in the Jeff. Arms ballroom? (The big goose thing in particular?)
I have flown to NYC and met with the owners of Butler Brothers Buildig STL. At the moment we had not reached a sale price that would satisfy both parties.

Yes I am planning to retain/restore the decorative elements including the goose.

Mike Sarimsakci
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PostOct 14, 2017#224

AlterraMike wrote: ↑
Oct 13, 2017
 Local press interviews were given by me personally for almost 30-45 mins in July after the above mentioned article. When there is an update Alterra will issue a Press Release. The press have all the contact info of our PR person. Alterra will be holding community outreach meetings for the STL citizens. Press is important but direct contact with STL community is irreplaceable.

Mike Sarimsakci
Thank you for the reply.

For those who are really anxious for this project and others to be underway and completed, can you give your evaluation as to whether articles like this are fair or not?
Developer for proposed Trump-branded Dallas hotel has history of unfinished projects, legal woes
...
But in teaming up with Sarimsakci, the Trump family business has chosen a man with a checkered business history and murky international ties who is prone to floating big plans for projects that don't always materialize, a Dallas Morning News investigation found.
...
While it's not uncommon for construction projects to encounter legal problems, experts say established commercial developers don't usually have trouble paying their property taxes on time.
...
Some Dallas officials aren't sure how seriously to take any of his claims, given that at least three ambitious plans he has floated for downtown failed to materialize (including a proposal to install a splash pool and other amenities on City Hall's plaza).
Can you give us some idea of how likely it is that the Jefferson Arms will be completed, relative to some of those other projects? What is your proposed timeframe?

I'm truly not trying to pick on you; in fact it's refreshing to see you posting here and I'm personally very appreciative. It's just that so many exciting projects in St. Louis have turned to vapor that many of us have become jaded to hearing about big plans.
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PostOct 15, 2017#225

AlterraMike wrote: ↑
Oct 13, 2017
 Local press interviews were given by me personally for almost 30-45 mins in July after the above mentioned article. When there is an update Alterra will issue a Press Release. The press have all the contact info of our PR person. Alterra will be holding community outreach meetings for the STL citizens. Press is important but direct contact with STL community is irreplaceable.

Mike Sarimsakci
Best luck and thank you. Your replies are refreshing. I look forward to seeing what you can make of this project and others.
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