One Hundred on the Park - 100 N Kingshighway at West Pine

urbanitas · PostOct 24, 2020#12762020-10-24T07:11+00:00

SeattleNative wrote: ↑
Oct 24, 2020
https://www.bizjournals.com/stlouis/new ... amily.html

https://www.bizjournals.com/stlouis/new ... ments.html

A couple intriguing titles. Curious if there's anything of value in either.

Also, there was this head-scratcher of a quote:

"Matt Bukhshtaber, vice chairman of commercial real estate firm CBRE in St. Louis, said he can count on two hands the number of multifamily projects that have broken ground in St. Louis over the past year.

Some attribute the shortage of new multifamily construction activity to a lack of available desirable land for new ground-up projects.

"The (Interstate 64) corridor has some of your strongest pockets of employment but the land opportunity there is very challenging. Past Clayton, through Ladue, Town & Country and Chesterfield, municipalities there in general don't have multifamily," Bukhshtaber said."That naturally keeps the stock low.""

Um, ok...

GoHarvOrGoHome · PostOct 24, 2020#12772020-10-24T13:20+00:00

Make some of these central corridor surface lots unprofitable through a use tax and the supply issue will take care of itself handily

Sent from my iPhone using Tapatalk

quincunx · PostOct 24, 2020#12782020-10-24T14:01+00:00

Only 364 apts? Expo 287, Hudson 150, Chelsea 150 = 587.

PostOct 24, 2020#12792020-10-24T14:44+00:00

"Some attribute the shortage of new multifamily construction activity to a lack of available desirable land for new ground-up projects."

LOL. I guess there's wiggle room with the word "desirable" but come on.

SeattleNative · PostOct 24, 2020#12802020-10-24T14:59+00:00

quincunx wrote:"Some attribute the shortage of new multifamily construction activity to a lack of available desirable land for new ground-up projects."

LOL. I guess there's wiggle room with the word "desirable" but come on.

I guess there are only so many spots for apartment buildings along the highway within a mile of a shopping center that has no pedestrian infrastructure so you’ll have to drive anyway.

Sent from my iPhone using Tapatalk

framer · PostOct 24, 2020#12812020-10-24T16:04+00:00

I question their numbers. How can anyone describe One Hundred as "one of the few new apartment buildings to be delivered in the St. Louis market"?

Sure, we're not Dallas or Atlanta, but there's been a lot of apartment development the last few years, and much more in the works.

sc4mayor · PostOct 24, 2020#12822020-10-24T16:12+00:00

^ I sometimes wonder if the Business Journal's reporters have ever even entered the city limits before.

quincunx · PostOct 24, 2020#12832020-10-24T16:36+00:00

quincunx wrote: ↑
Oct 24, 2020
Only 364 apts? Expo 287, Hudson 150, Chelsea 150 = 587.

I missed the "according to a second-quarter report from Berkadia." bit. Hudson, Expo, 4545 Leclede (200 units), 1500 S 7th (300 units) hadn't broken ground yet

SeattleNative · PostOct 24, 2020#12842020-10-24T19:48+00:00

Sent from my iPhone using Tapatalk

chriss752 · PostNov 04, 2020#12852020-11-04T06:43+00:00

Sent the drone up here...

PostNov 14, 2020#12862020-11-14T04:07+00:00

Of the 306 apartments, 237 are available (69 are leased, or 23%). Pretty slow if you ask me.

addxb2 · PostNov 14, 2020#12872020-11-14T05:55+00:00

Based on the offers buildings are making here in Chicago, I bet they’re happy to have any leases signed right now.

Nice buildings on north side of Chicago are giving 3 to 4 months free.

EssTeeEll · PostNov 14, 2020#12882020-11-14T17:59+00:00

^ I was going to say, is it a sign of the times or is this possibly indicative of future leasing numbers here? Is the rent just "too damn high?"

sc4mayor · PostNov 19, 2020#12892020-11-19T13:27+00:00

Stunning shot from One Hundred’s Facebook page:

quinng234 · PostNov 22, 2020#12902020-11-22T20:26+00:00

Does anyone know what's going on with the retail space?

chriss752 · PostDec 14, 2020#12912020-12-14T03:52+00:00

From the BJC Laclede Garage.

PostDec 15, 2020#12922020-12-15T09:28+00:00

According to the website, this is 25% leased (230 apartments remain of the 305 total in the building). 75 units leased. An increase of 6 units leased in a month.

Truly...

EssTeeEll · PostDec 15, 2020#12932020-12-15T15:03+00:00

I wonder how long before they cave and lower rent prices (if ever). What if, for example, by summer they are still at or below 50% occupancy? Either way, if it doesn't pick up soon, I can't imagine it bodes well for future developments of this kind.

sc4mayor · PostDec 15, 2020#12942020-12-15T15:10+00:00

We are in the middle of a pandemic that has decimated the job market and earnings for a lot of people. Are we really that surprised that the most expensive building in the region is taking some time to fill up in our current environment?

It just opened a few months ago...let’s not write it off yet lol.

EssTeeEll · PostDec 15, 2020#12952020-12-15T15:52+00:00

^ Why do that when it's more fun to panic and be an alarmist?

Truthfully, I'm not sure of the "normal" occupancy infill rate, but this did seem a little slower (but like you said, consider the time ). This may have been expected, and yes we are under...special circumstances. Let's see where they're at this time next year. Anecdotally, I actually know two people that have moved into a couple of the units.

quincunx · PostDec 15, 2020#12962020-12-15T15:55+00:00

Isn't this the worst time of year for apt leasing?

brianadler6545 · PostDec 15, 2020#12972020-12-15T15:58+00:00

quincunx wrote:Isn't this the worst time of year for apt leasing?

Almost always, yes

Sent from my SM-G973U using Tapatalk

Black02AltimaSE · PostDec 15, 2020#12982020-12-15T19:32+00:00

I agree with the idea that a pandemic is not a time to be looking for trends but the people who would have considered moving into 100 were probably not as highly impacted in terms of job loss/economic hardship as the economy in general.

Laife Fulk · PostDec 16, 2020#12992020-12-16T17:10+00:00

Contrastingly, it's also possible that many people who would have looked at units here instead purchased homes instead. The insanely low mortgage rates have made the home buying market insane in the city right now. I think that when things return to normal it'll lease up again. Especially since some of the rental market comes from students at WashU & SLU who were able to stay home this year.

dbInSouthCity · PostDec 16, 2020#13002020-12-16T17:15+00:00

sc4mayor wrote: ↑
Dec 15, 2020
We are in the middle of a pandemic that has decimated the job market and earnings for a lot of people. Are we really that surprised that the most expensive building in the region is taking some time to fill up in our current environment?

It just opened a few months ago...let’s not write it off yet lol.

That’s just not true tho- the entire decimation has been under $50,000 a year a job market, majority under $30,000. People making over $100,000 (the target group for the building) are doing just fine.

One Hundred on the Park - 100 N Kingshighway at West Pine

Choose Display Mode