This weeks Business Journal noted the developer was suppose close on financing in March for a tune of $100 million. However, It was unclear to me if this was the full funding needed to complete the garage and Cityside. Seemed very vague how they worded it. I believe they stated 20% pre sales for Cityside
I have seen them removing debris from the inside, so it seems that they will be completing parkside first befroe construction of cityside.
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My understanding is that the Parkside and parking garage will be done first, then Cityside. And I believe completion/first residential move-in's are targeted for early 2009. And I think the commercial tenants may be moving in even prior to that, though the garage has to be complete before they move in. It's a great project and I'm still hoping to get in!
I really hope they don't over saturate the rental market in DT.
http://www.stltoday.com/stltoday/busine ... enDocument
http://www.stltoday.com/stltoday/busine ... enDocument
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It is funny, their website is still showing a rendering of the original project. Not a well coordinated press release.
http://www.parkpacificstl.com/main.html
http://www.parkpacificstl.com/main.html
And does that garage include the infinity pool, poolside bar, hot tub, fire pit, etc. that all those "Parkside"residents were promised? I guess they are going to have to change the building name since it's going to be the ONLY SIDE!!
This is awful. Downtown is becoming garage city. I don't own the property, but I'd rather have the lot vacant versus another garage downtown. Unless this structure allows for a tower to be developed on top, I think this is a bad idea. Downtown needs more density.
I think people are overreacting a bit. The fact that they're still building a new component to this project on the vacant lot is good news. And nine stories is nothing to sneeze at. I also don't believe the fact that these will be rental units is so terrible, either; after all, they can always go condo in the future. And despite what some people are saying, the new structure is not just a garage; the southern half is office space, and there is retail all around on the ground level. Seems like a good compromise to me, given the state of the economy. I can't believe anyone would prefer a surface parking lot to this alternative!
At this point a new building is a new building, condo or apartment, it does not matter we are still building density downtown. Rental units downtown have been blazing hot the last 3 or 4 months. Syndicate apartments were fully rented as soon as they were finished. This is a positive treatment of what could have been another abandoned project. Density is density. Renters are still residents!
STL63101 wrote:At this point a new building is a new building, condo or apartment, it does not matter we are still building density downtown.
But...there will be no new condos or apartments in the new building at all anymore.
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I hate the rendering of the new construction part. Why cant they hide the garage? Are you certain that the new construction will not have rental units?
However I do not think it is a bad idea to change the development from condo's to rental units. Its currently a rental market with the sad state of the housing sector and economy. 4 years ago this project probably would have happened but they didnt come out with plans early enough before the bust. This is better than the building sitting vacant for another 10 years and adds some much needed density. Hopefully they will market them to the 20 to 30 years olds that want to spend some money on Wash Ave. Now only if the Jefferson Arms can get their act together and with the addition of the Wash Ave Apts we have the opportunity to add some density and vibrancy to the area.
However I do not think it is a bad idea to change the development from condo's to rental units. Its currently a rental market with the sad state of the housing sector and economy. 4 years ago this project probably would have happened but they didnt come out with plans early enough before the bust. This is better than the building sitting vacant for another 10 years and adds some much needed density. Hopefully they will market them to the 20 to 30 years olds that want to spend some money on Wash Ave. Now only if the Jefferson Arms can get their act together and with the addition of the Wash Ave Apts we have the opportunity to add some density and vibrancy to the area.
Did I read that wrong, or are all of the condos for the entire project now out? What happens to the people that had deposits down? I just lost a lot of excitement for this project. I know rental is a very important market component, but I would rather see a mix like the Syndicate. Hopefully the office tenant is still in.
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Hopefully the office tenant will be located in the new construction part.
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This news actually seems quite positive. I think downtown can handle additional rentals, as they seem to move relatively quickly. And this building will have some nice views. A lot of people are renting until the economy and credit situation improves; I think quite a few of these new downtown residents will eventually buy.
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And if done right hopefully they can still convert them into Condo's down the road.
They will likely convert after 5 years, since I assume they will now be using the 20% Federal Historic Tax Credit for the whole project since it is income producing.
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No bankruptcy for the developers.
No developers going to prison.
No tearing down buildings and then abandoning the site.
No half-finished site left to sit incomplete.
No Larry Rice attempt to move into the site.
While it's not as big as before, at least it's something. If not great, at least good.
No developers going to prison.
No tearing down buildings and then abandoning the site.
No half-finished site left to sit incomplete.
No Larry Rice attempt to move into the site.
While it's not as big as before, at least it's something. If not great, at least good.
^That's great, it really is, but sometimes you have to look at it outside of an economic lense. Doing that, You will realize that the project in it's current state is not as good as it could possibly be. That will always be disappointing. It is still a good project, just not as good as it was.
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^ I agree that it isn't as good as it was. I also don't like the exposed garage at the Northeast corner. Further, I was hoping for non-rental units still being available, and we still have no knowledge of the quality of retail sites being shopped for the lower level. However, given the choice between this and the large pile of rubble at the corner of Washington and 14th, I'll take the nine stories of new construction.
No doubt. If they are smart, they will build the garage so that it can be built on top of.
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I never thought we'd see the new buidling as shown in that first rendering, but I never thought the end result would be another parking garage so starkly designed. I'd hope a better design can come out of this. The low-rise form isn't bad. We can't have tall buildings everywhere.