This awesome to hear! We're all rooting for you on that one - it's truly an amazing building. 
Oh ok thanks for responding.
Good to hear! Always nice to see a developer engage with the community. Can't wait to see this one get underway. Good luck!AlterraMike wrote: ↑Dec 12, 2018Definitely not!!!debaliviere wrote: ↑Dec 11, 2018Not dead, apparently:
https://www.bizjournals.com/stlouis/new ... start.html
Building Trades, Carpenters, Laborers say contractors will not bid Jefferson Arms project unless area standards are met
https://labortribune.com/building-trade ... ngPFURQN6g
https://labortribune.com/building-trade ... ngPFURQN6g
I see random guys going in and out of a door facing Tucker. I thought maybe some homeless people broke in, but after reading that article, maybe it's the demo crew.hebeters2 wrote: Building Trades, Carpenters, Laborers say contractors will not bid Jefferson Arms project unless area standards are met
https://labortribune.com/building-trade ... ngPFURQN6g
According to RefabSTL who is salvaging some items, the renovation is about to start.
https://www.instagram.com/refabstl/p/Bw ... kyy3w4snf7
https://www.instagram.com/refabstl/p/Bw ... kyy3w4snf7
A press release is incoming according to a message Exchange I had with @AlterraMike
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If this is happening for real, then this is probably the development I'm most excited about in St. Louis.
Condos? Is the hotel aspect of the development gone? Because I would love to hear that that's the case.
Condos? Is the hotel aspect of the development gone? Because I would love to hear that that's the case.
Maybe they are both?stlien wrote: I see random guys going in and out of a door facing Tucker. I thought maybe some homeless people broke in, but after reading that article, maybe it's the demo crew.
I think Refab misspoke/typed. I would be surprised if Alterra went all in on condos at this project. Apartments and lofts do well Downtown but I'm not sure about condos.KansasCitian wrote: If this is happening for real, then this is probably the development I'm most excited about in St. Louis.
Condos? Is the hotel aspect of the development gone? Because I would love to hear that that's the case.
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What happened to this press release?chriss752 wrote: A press release is incoming according to a message Exchange I had with @AlterraMike
The Unions aren't messing around when it comes to their dissatisfaction with this project.
I just saw an ad in my Facebook feed from the St. Louis Building & Construction Trades Council with a YouTube video and link to the following website:
https://www.jeffersonarmsfacts.com/
I just saw an ad in my Facebook feed from the St. Louis Building & Construction Trades Council with a YouTube video and link to the following website:
https://www.jeffersonarmsfacts.com/
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It kind of makes me think that maybe this project is about to begin? Why else would the unions be running the ads?Tim wrote: The Unions aren't messing around when it comes to their dissatisfaction with this project.
I just saw an ad in my Facebook feed from the St. Louis Building & Construction Trades Council with a YouTube video and link to the following website:
https://www.jeffersonarmsfacts.com/
I love the optimism but the ads are centered around the delinquent taxes, not sure what that would have to do with an upcoming groundbreaking. I'm not sure why they're targeting this project or why any unions care about 60k in taxes.debaliviere wrote: It kind of makes me think that maybe this project is about to begin? Why else would the unions be running the ads?
I'm picturing the developers running around telling everyone that they're starting soon to hang on to their financing. In February someone posted on my condo bldg's facebook page that their friend, a contractor, will start work next month. In April, Refab posted on instagram that a conversion to condos would start the next month. I get a good laugh every time.
I can't bite my tongue anymore, starting to hurt. Unions are running ads because developer wants to or has been using non union workers and most likely would want to continue as such. Unions do things for the benefits of themselves and their members period. Nothing less or more no more matter how the spin comes out. The same for the developer or any business entity. That is my take from someone who works with both union & respective business agents and non-union crews day in and day out
The norm for a big part of southeast residential construction and also why construction costs are generally lower in places like Houston, Dallas and so on is because a lot of it is done by non union employees. Whether we agree or not or that is the right thing or not is a big discussion.
The norm for a big part of southeast residential construction and also why construction costs are generally lower in places like Houston, Dallas and so on is because a lot of it is done by non union employees. Whether we agree or not or that is the right thing or not is a big discussion.
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Anyone with access can sum up the article ?
Sent from my iPhone using Tapatalk
Sent from my iPhone using Tapatalk
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Three and a half years ago, Alterra Worldwide announced its redevelopment plans to transform the historic Jefferson Arms building at Tucker and Locust into a potential destination for downtown St. Louis with a hotel, apartments and retail.
But since then, little progress has been made toward the Dallas-based developer's vision. Alterra closed on the purchase of the more than 500,000-square-foot, vacant property in early 2017, but construction, once slated to finish by 2020, has yet to commence.
A redevelopment agreement Alterra signed on April 6, 2017, that would keep the company — which has been awarded $17.4 million in tax increment financing (TIF) — accountable also has yet to be signed by the city of St. Louis.
The lack of an executed agreement is sparking concern from some public officials who believe that, without the signature, the city is giving Alterra special treatment it wouldn't give to others. A redevelopment agreement signed by both parties would mean the developer is held to a firm completion deadline (in Alterra's case, Dec. 31, 2020, which could extend to 2021), that it would adhere to workforce inclusion goals and that it would disclose project financing.
Alderman Cara Spencer, who represents the 20th ward in the southeast corner of the city, said the lack of accountability has created a bad precedent for development in the city.
Spencer in mid-August emailed city officials with questions about Jefferson Arms. Eight days later, she received a response from Linda Martinez, deputy mayor for development, stating that the mayor's office and St. Louis Development Corp. are "analyzing the terms of all documents approved by the Board of Aldermen in support of that development and considering all options."
"We need to ensure that the same standards we’re asking of the small guys doing a two-family in Dutchtown, we’re also asking of these developers," Spencer told the Business Journal. "It's selling the city short."
Mayor Lyda Krewson denied Alterra is receiving special treatment, stating the city is "pretty developer-friendly" and tries to work with all developers, she said in an interview with the Business Journal.
But she also said the impact of a project and its degree of difficulty has to be considered when working with developers.
"When you're trying to redevelop a city, you have to take into account what the project is," Krewson said. "We could make demands, but if you have someone who's on the verge of putting together all the financing for a big (building) that's been vacant for years, then you might show them a bit of patience."
A spokesman for SLDC, in acknowledging the redevelopment agreement hasn't been signed by the city, said Alterra has yet to meet several benchmarks for Jefferson Arms, including an approved plan detailing minority and women participation for construction.
Alterra President Mike Sarimsakci said he intends to submit that plan and meet all other requirements once his firm closes on financing for the project, which is expected by year's end. Alterra hit a hurdle last year when the state of Missouri denied its request for over $10 million in Brownfield credits.
A new source of capital is slated to come from a "significant real estate fund" who Sarimsakci said is offering the "most favorable" financing terms Alterra has found so far for Jefferson Arms. He declined to name the fund, citing ongoing negotiations, but said Alterra has worked with this partner before on projects in San Jose, California.
"So far, it's been all of my equity (in Jefferson Arms)," said Sarimsakci, who added that Alterra has spent millions on construction documents. "I have the most to lose, and we're doing everything in our power to meet those goals" to get the TIF.
Alterra has not received any of the $17.4 million in TIF capital. That won't happen until the company finishes construction and has adhered to the city's workforce inclusion goals, he said. Those goals require that 25% of total labor hours come from certified minority-owned firms, 20% from city residents, 15% from apprentices and 5% from women-owned companies.
"My (financing partners and lenders) are also counting on that TIF money," he said. "I can't cut corners."
The company has been in a long simmering dispute with St. Louis labor unions over who will staff the 200 or so construction jobs expected for the renovation. Krewson and other city officials said Alterra has insisted on bringing workers from Texas, a Right to Work state.
In response, Sarimsakci said he's not bringing workers from Texas; he's hiring a contractor from Texas he's worked with before to perform abatement. That contractor, he said, will partner with a St. Louis firm on site demolition.
He also said he plans to hire labor unions to work alongside non-union workers. He hired Tom Holsman, a former CEO of the trade group Associated General Contractors of California, to mediate between Alterra and the unions. Holsman was at the June 13 meeting with city officials and labor, Sarimsakci said.
"Projects of this magnitude take longer to put a deal together," he said. "It is what it is."
Krewson said exercising patience is prudent for a project considered critical to downtown.
"I'd like to see this project happen," Krewson said. "The longer the building sits, the worse shape it'll be in."
But since then, little progress has been made toward the Dallas-based developer's vision. Alterra closed on the purchase of the more than 500,000-square-foot, vacant property in early 2017, but construction, once slated to finish by 2020, has yet to commence.
A redevelopment agreement Alterra signed on April 6, 2017, that would keep the company — which has been awarded $17.4 million in tax increment financing (TIF) — accountable also has yet to be signed by the city of St. Louis.
The lack of an executed agreement is sparking concern from some public officials who believe that, without the signature, the city is giving Alterra special treatment it wouldn't give to others. A redevelopment agreement signed by both parties would mean the developer is held to a firm completion deadline (in Alterra's case, Dec. 31, 2020, which could extend to 2021), that it would adhere to workforce inclusion goals and that it would disclose project financing.
Alderman Cara Spencer, who represents the 20th ward in the southeast corner of the city, said the lack of accountability has created a bad precedent for development in the city.
Spencer in mid-August emailed city officials with questions about Jefferson Arms. Eight days later, she received a response from Linda Martinez, deputy mayor for development, stating that the mayor's office and St. Louis Development Corp. are "analyzing the terms of all documents approved by the Board of Aldermen in support of that development and considering all options."
"We need to ensure that the same standards we’re asking of the small guys doing a two-family in Dutchtown, we’re also asking of these developers," Spencer told the Business Journal. "It's selling the city short."
Mayor Lyda Krewson denied Alterra is receiving special treatment, stating the city is "pretty developer-friendly" and tries to work with all developers, she said in an interview with the Business Journal.
But she also said the impact of a project and its degree of difficulty has to be considered when working with developers.
"When you're trying to redevelop a city, you have to take into account what the project is," Krewson said. "We could make demands, but if you have someone who's on the verge of putting together all the financing for a big (building) that's been vacant for years, then you might show them a bit of patience."
A spokesman for SLDC, in acknowledging the redevelopment agreement hasn't been signed by the city, said Alterra has yet to meet several benchmarks for Jefferson Arms, including an approved plan detailing minority and women participation for construction.
Alterra President Mike Sarimsakci said he intends to submit that plan and meet all other requirements once his firm closes on financing for the project, which is expected by year's end. Alterra hit a hurdle last year when the state of Missouri denied its request for over $10 million in Brownfield credits.
A new source of capital is slated to come from a "significant real estate fund" who Sarimsakci said is offering the "most favorable" financing terms Alterra has found so far for Jefferson Arms. He declined to name the fund, citing ongoing negotiations, but said Alterra has worked with this partner before on projects in San Jose, California.
"So far, it's been all of my equity (in Jefferson Arms)," said Sarimsakci, who added that Alterra has spent millions on construction documents. "I have the most to lose, and we're doing everything in our power to meet those goals" to get the TIF.
Alterra has not received any of the $17.4 million in TIF capital. That won't happen until the company finishes construction and has adhered to the city's workforce inclusion goals, he said. Those goals require that 25% of total labor hours come from certified minority-owned firms, 20% from city residents, 15% from apprentices and 5% from women-owned companies.
"My (financing partners and lenders) are also counting on that TIF money," he said. "I can't cut corners."
The company has been in a long simmering dispute with St. Louis labor unions over who will staff the 200 or so construction jobs expected for the renovation. Krewson and other city officials said Alterra has insisted on bringing workers from Texas, a Right to Work state.
In response, Sarimsakci said he's not bringing workers from Texas; he's hiring a contractor from Texas he's worked with before to perform abatement. That contractor, he said, will partner with a St. Louis firm on site demolition.
He also said he plans to hire labor unions to work alongside non-union workers. He hired Tom Holsman, a former CEO of the trade group Associated General Contractors of California, to mediate between Alterra and the unions. Holsman was at the June 13 meeting with city officials and labor, Sarimsakci said.
"Projects of this magnitude take longer to put a deal together," he said. "It is what it is."
Krewson said exercising patience is prudent for a project considered critical to downtown.
"I'd like to see this project happen," Krewson said. "The longer the building sits, the worse shape it'll be in."
How many ideas can Alterra throw at this?
Hotel, apartments, turnkey restaurant with a hypothetical top-tier St.Louis chef, Starbucks concept, and incubator space for startups and entrepreneurs. Seems like a bit much.
I understand that this a pretty big building that needs to be mixed-use, but it kind of sounds like they don't know what is really going to work, so they are throwing ideas against the wall to see what sticks.
"Alterra envisions a mixed-use redevelopment comprised of a hotel, apartments and commercial space. Sarimsakci hopes to include a turnkey restaurant in the commercial space, believing it could incentivize a top-tier St. Louis chef to sign on. He also envisions a new Starbucks concept in the project as well as an incubator space for startups and entrepreneurs. That incubator space is part of what makes Alterra a different type of developer, he said. It's a non-traditional tenant, even risky given the nature of startups, but one that can change the energy of the building and surrounding neighborhood."
Hotel, apartments, turnkey restaurant with a hypothetical top-tier St.Louis chef, Starbucks concept, and incubator space for startups and entrepreneurs. Seems like a bit much.
I understand that this a pretty big building that needs to be mixed-use, but it kind of sounds like they don't know what is really going to work, so they are throwing ideas against the wall to see what sticks.
"Alterra envisions a mixed-use redevelopment comprised of a hotel, apartments and commercial space. Sarimsakci hopes to include a turnkey restaurant in the commercial space, believing it could incentivize a top-tier St. Louis chef to sign on. He also envisions a new Starbucks concept in the project as well as an incubator space for startups and entrepreneurs. That incubator space is part of what makes Alterra a different type of developer, he said. It's a non-traditional tenant, even risky given the nature of startups, but one that can change the energy of the building and surrounding neighborhood."