urbanSTL

^ Its competitive. So I don't see it as the city being screwed but not having some hard proposals in the pipeline with backing behind it. Much like the much smaller scale TIGER grants through DOT. I think it would be a different story if McKee had something behind Northside or if some headway can be made in finding an anchor tenant or two for Railway.

Guys- Pace would probably develop the second phase at the Boulevard if it didn't have an institutional partner who is the majority owner and doesn't want to spend any more money on the site which they spent a huge amount of money on the land (plus cost to build phase 1).

Also, some of you are upset that Midtown Crossings isn't more dynamic. Pace is in the business of making money. If there is market demand to build a bigger retail project on that site with tenants willing to pay the amount of rent for them to make the ROI they need on the deal, I could 100 percent guaranty that they'd be doing a bigger retail project.

By the way, Pace brought IKEA to their site.

And by the way, Pace is our biggest competitor and I love when people say less than positive things about them -- but only when such is a legitimate complaint. The griping about them on Boulevard and Midtown Crossings is not legitimate. Some people (not everyone) on the UrbanStL message boards need to take a step back, think about reality of the market, and take their St Louis blinders off.

KBS

^what fun would this forum be if everyone was realistic!?

Btw, who is the "institutional Partner?"

K, thanks for some info on The Boulevards. You would think an institutional investor would want to move forward to generate more revenues. At same time, institutional investor would have the resources to sit on it to avoid what it considers might be a bigger loss if they over payed on property. Simply been confused why The Boulevards phase II doesn't happen when you got at least residential projects breaking ground in downtown Clayton and now Manhasset Village getting the financing it needs.

I think everyone understands that Pace is in the business of making money. Heck my employer is in the business of making money. What I don't buy is because your in the business of making money means that your making good decisions all the time or businesses are not willing to alter business plan in a significant way if opportunity presents itself. To make my point. I think every new development in the immediate area of CWE and CORTEX has been multi residential with our without retail component and even a hotel across the freeway, from the new Union Apartment for one or a Whole foods anchoring residential on Euclid from Opus to student directed housing on Pine. Pace made its play on retail and obviously it didn't generate the interest or demand as you note.

So my impression is that Pace is falling back on out lot based idea solely on the proximity of freeway and expected traffic counts driven in part by Ikea because is what it knows best instead of working the potential of the Mogul site/Vande Ave frontage or even willing to wait. Which is a legitimate business decision if you don't have the resources to wait. But what would it hurt to throw out some mixed use residential renderings to market or gauge interest? Both from a lease perspective and a capital perspective. Certainly they took the time to do it for box store and now fast food/Starbuck drive thru crowd.

Moor - Prudential.

Dredge - the land where the Boulevard site exists was crazy expensive. The areas where you see other residential projects being built weren't as expensive. Also, no economic incentive money available to The Boulevard phase 2 to my knowledge. Some of the other projects you are referring to have received ED money. On the last part of your email, I can't speak for Pace but I'm pretty sure they looked at mixed use for the site and it was determined there wasn't the demand for it. Again, if they felt they could make money doing it -- they'd do it. There is a TON of new student housing and apartments that have been built, are being built, and planning to be built from SLU to Clayton. A ton. With all that being built, St Louis has no population growth -- so they probably felt more residential there wasn't a good investment.

The elevator shafts (or maybe the stairwell columns) are up. This building will be very noticeable from the highway.

Walking to Metrolink from there sounds miserable.

^It'll be better and easier when the Brentwood I-64 station improvements are complete.... but yeah, still pretty miserable.

The shell of the building appears to be reaching completion.

Pics of the senior living facility Roger Rainbow 2 almost ran into.





The massive apt building

Noise, pollution, added heat from all the cars and asphalt, typical questionable construction. No thank you.

hebeters2 wrote:Noise, pollution, added heat from all the cars and asphalt, typical questionable construction. No thank you.

They have million dollar views though.

The new apt complex is called EVO and parts of it are open for move-ins.

http://us7.campaign-archive1.com/?u=ed2 ... 3d90b7a8d5

Toured Evo Apartments Today: We were interested in this building due to its proximity to tranist. We asked about public transit accommodations and suggestions, and their response was "mmm we don't really look into that. If you want to get to a metro I guess you should take an Uber. I don't think there are any buses around here."

HOW CAN YOU BUILD AN APARTMENT BUILDING WITHIN 0.5 MILES OF 2 TRANIST STOPS AND NOT INFORM YOUR CUSTOMERS! Also their website incorrectly states that they are a premier option in DOWNTOWN ST. LOUIS. Since when is Richmond Heights considered Downtown St. Louis?

^adxb2

Wow! That'd be funny if it weren't so sad.

They called it EVO Apartments
From 2015 https://nextstl.com/2015/07/281-unit-th ... d-heights/

102 Townhomes