Jefferson Arms back on the market - http://www.stltoday.com/business/column ... 29977.htmldowntown2007 wrote:Could someone post the content of the article where the Jeff Arms was discussed?
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From the Business Journal:
http://www.bizjournals.com/stlouis/prin ... opers.htmlOthers see opportunity for stalled projects, including the Jefferson Arms, which is on the sale block for $6.5 million, after McGowan Brothers Development failed to obtain New Markets Tax Credits financing last year for a planned $106 million makeover. Investor David Jump, who bought the 500,000-square-foot building …
McGowan Brothers still hoping for New Markets award this April...
http://www.stltoday.com/business/column ... e8fec.html
http://www.stltoday.com/business/column ... e8fec.html
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Did they receive the tax credits this time or is it still too soon to know?
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After seeing this about the Gold Room, I'm thinking this screams Peabody Hotel brand...
http://blog.preservationnation.org/2014 ... vEVMD1dXp1
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http://blog.preservationnation.org/2014 ... vEVMD1dXp1
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Out of the possible sites mentioned in this thread - Millenium, BPV, Jeff Arms, Railway Ex - I think the best in terms of the way the building matches the brand is Jeff Arms. I hope someone is looking into making it happen.
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I'm not sure if McGowan's plan for a Teach for America mixed-use project has any potential life in it, but apparently a Baltimore-based firm has done one in Baltimore and is now doing one in Philadelphia.
The $40 million, 114-unit apartment project also includes 40,000 square feet of office space for nonprofits, including Teach for America. The model is similar to Seawall’s Miller’s Court complex in Remington and Union Mill in Hampden. The company in 2012 announced that Teach for America had approached the company about expanding its model to other cities in 2012
The article mentions other cities that have been looked into, but it doesn't mention Saint Louis so I'm not sure if this company was part of the McGowan effort or not... the JA tab I think would dwarf this project. Anyway, I think teacher-based housing -- whether for TFA or in general -- is a good concept and hopefully the JA plan still has some life.
Here is the Philly project:
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The $40 million, 114-unit apartment project also includes 40,000 square feet of office space for nonprofits, including Teach for America. The model is similar to Seawall’s Miller’s Court complex in Remington and Union Mill in Hampden. The company in 2012 announced that Teach for America had approached the company about expanding its model to other cities in 2012
The article mentions other cities that have been looked into, but it doesn't mention Saint Louis so I'm not sure if this company was part of the McGowan effort or not... the JA tab I think would dwarf this project. Anyway, I think teacher-based housing -- whether for TFA or in general -- is a good concept and hopefully the JA plan still has some life.
Here is the Philly project:
http://www.stltoday.com/business/local/ ... d1588.html
Some info about the jeff arms and why we had not heard much about it.
Some info about the jeff arms and why we had not heard much about it.
I hope this gets resolved. I feel like getting the Jefferson Arms back online would have a bigger impact than the Arcade.
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I've been hearing some rumors about this one... Hopefully we'll get some good news fairly soon.
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^ would be great if it moves forward along with LaSalle and Chemical, which also have buzz.
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With the new "1,000 new innovative businesses and 10,000 new creative workers downtown by 2025" initiative they better start quickening the pace of residential development if they want those workers to have the opportunity to live downtown.
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^ yeah, we've had a decent number of market rate units come online in past few months but with the bigger projects pretty much completed (except for Alverne) we need a new wave of announced projects to keep the pipeline going.
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Mr. Jump is not in the middle of a legal battle over the building and he is not obligated to sell to the McGowan Brothers or go with their development plan.
Unless I'm misunderstanding something, he could sell it to someone else. Are we to assume that there are no other buyers? I'm sure it is steadily climbing in value as buildings around it get refurbished, but taxes on a building like that without rental income should be a heavy burden. What's the use of sitting on it?
Unless I'm misunderstanding something, he could sell it to someone else. Are we to assume that there are no other buyers? I'm sure it is steadily climbing in value as buildings around it get refurbished, but taxes on a building like that without rental income should be a heavy burden. What's the use of sitting on it?
Might not be the correct thread but what do you think the population trends are looking like downtown? Obviously increasing but with potential projects like Jefferson Arms, what are you're 2020,2025, and 2030 projections? Just over 8,000 in 2014.
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^ at current trends we'd be a bit north of 10,000 in Downtown + Downtown West by 2020.... hopefully we can pick up the pace from the roughly 350 or so we've been adding in recent years. I think whether we can do so largely is dependent upon how many jobs are created downtown, whether from internal growth or more companies realizing the importance of being present downtown.
Things like adding more rapid transit, etc. will also help shape the extent of future growth in the longer term as well as demographic change.... in later 2020's e.g. we may need to count on more empty-nesters, families and immigrants for growth as I believe the number of young adults will be dropping nationally by then.
Things like adding more rapid transit, etc. will also help shape the extent of future growth in the longer term as well as demographic change.... in later 2020's e.g. we may need to count on more empty-nesters, families and immigrants for growth as I believe the number of young adults will be dropping nationally by then.
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^
The developer says the plan will be just like what they did to this building in Dallas:
http://www.bizjournals.com/dallas/news/ ... -gets.html
I like this quote:
“It’s ( dt STL) been on our radar for quite a while because it’s a stable market and doesn’t go up and down too much,” Sarimsakci said. “Downtown St. Louis is on the cusp of more redevelopment opportunities, and we see ourselves taking part in that overall effort.”
The developer says the plan will be just like what they did to this building in Dallas:
http://www.bizjournals.com/dallas/news/ ... -gets.html
I like this quote:
“It’s ( dt STL) been on our radar for quite a while because it’s a stable market and doesn’t go up and down too much,” Sarimsakci said. “Downtown St. Louis is on the cusp of more redevelopment opportunities, and we see ourselves taking part in that overall effort.”
^ City needs to do a lot to improve walkability and aesthetics in this area along Tucker.
Our Butler Brothers building is much better looking so maybe they can also take it on. Strange that a Turkish developer is in this market. What city are they based out of?moorlander wrote:^
The developer says the plan will be just like what they did to this building in Dallas:
http://www.bizjournals.com/dallas/news/ ... -gets.html
I like this quote:
“It’s ( dt STL) been on our radar for quite a while because it’s a stable market and doesn’t go up and down too much,” Sarimsakci said. “Downtown St. Louis is on the cusp of more redevelopment opportunities, and we see ourselves taking part in that overall effort.”
Great to see firm from outside the area seeing the potential of downtown!
^^ flipz, had same thoughts. Interesting developer by the looks of their website and somehow a Dallas connection is involved. Would be interesting to know if due to global downturn & commodity prices in dump if some of the global capital is seeking out or pursuing more aggressively US mid market regions considering how insane some of the real estate and buy in is for hot markets like San Fran, New York, Miami that essentially requires high end buyers.
The quote that Moorlander pulled out and posted from them says a lot and encouraging for the region. Espeically downtown and some the remaining building stock to be had and developed. Maybe tip of the iceberg from slay tweet was a fair statement to make. Jeff arms is a pleasant surprise.
The quote that Moorlander pulled out and posted from them says a lot and encouraging for the region. Espeically downtown and some the remaining building stock to be had and developed. Maybe tip of the iceberg from slay tweet was a fair statement to make. Jeff arms is a pleasant surprise.
That's nobody's business but the Turks.flipz wrote:Our Butler Brothers building is much better looking so maybe they can also take it on. Strange that a Turkish developer is in this market. What city are they based out of?moorlander wrote:^
The developer says the plan will be just like what they did to this building in Dallas:
http://www.bizjournals.com/dallas/news/ ... -gets.html
I like this quote:
“It’s ( dt STL) been on our radar for quite a while because it’s a stable market and doesn’t go up and down too much,” Sarimsakci said. “Downtown St. Louis is on the cusp of more redevelopment opportunities, and we see ourselves taking part in that overall effort.”
-RBB
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I'll be nervous until I see construction crews renovating the building, but this sure is encouraging.