I like that they’re actually taking a block and trying to make it a genuine mixed use concept. And also good to see that SLU isn’t just sitting on their master developer rights in the area (although granting them the right to offer tax abatements was kind of a stretch).
All that said, SoulardX is right. Where are all the tenants, residents, workers, etc. coming from to fill all this space? This specific site may have a leg up on other new developments in the city because it’s got a built in daytime population with SLU medical and the hospitals next door, but it adds to a massive amount of space to fill in that area. If it’s just shuffling the same group of tenants from one place to the next, it makes the tax incentives even more of an issue b/c the properties on the tax roll are usually the ones struggling to backfill space.
From a pure development side, credit to Cullinan for trying to replicate the success they’ve had at Streets of St. Charles. This is a different animal though. Streets of St. Charles has worked because that area is so void of anything replicating an urban walkable environment that a “lifestyle center” continues to be shiny and new.
I’m not sure the same formula works in Midtown where there are viable urban environments basically surrounding the area. More specifically related to this plan, 140,000sf of retail space, with a big chunk of it having minimal exposure to Grand or Chouteau, will be hard to fill. 8,000sf restaurants are notoriously difficult to lease as is inward facing retail. 26,000sf retail facing Grand will be a challenge too as there aren’t many big box users targeting urban St. Louis. We would all love City Target, but they’ve been extremely picky about where they put their city concepts and St. Louis probably isn’t on their short list – population numbers aren’t high enough and incomes are too low.
I’d love to see it succeed and for the Central Corridor continue to rack up wins, but the supply is probably outpacing the demand at this point.
All that said, SoulardX is right. Where are all the tenants, residents, workers, etc. coming from to fill all this space? This specific site may have a leg up on other new developments in the city because it’s got a built in daytime population with SLU medical and the hospitals next door, but it adds to a massive amount of space to fill in that area. If it’s just shuffling the same group of tenants from one place to the next, it makes the tax incentives even more of an issue b/c the properties on the tax roll are usually the ones struggling to backfill space.
From a pure development side, credit to Cullinan for trying to replicate the success they’ve had at Streets of St. Charles. This is a different animal though. Streets of St. Charles has worked because that area is so void of anything replicating an urban walkable environment that a “lifestyle center” continues to be shiny and new.
I’m not sure the same formula works in Midtown where there are viable urban environments basically surrounding the area. More specifically related to this plan, 140,000sf of retail space, with a big chunk of it having minimal exposure to Grand or Chouteau, will be hard to fill. 8,000sf restaurants are notoriously difficult to lease as is inward facing retail. 26,000sf retail facing Grand will be a challenge too as there aren’t many big box users targeting urban St. Louis. We would all love City Target, but they’ve been extremely picky about where they put their city concepts and St. Louis probably isn’t on their short list – population numbers aren’t high enough and incomes are too low.
I’d love to see it succeed and for the Central Corridor continue to rack up wins, but the supply is probably outpacing the demand at this point.
















