Developers are really underestimating the rental market downtown. Most of these new apartment developments fill up in less than a year.
They aren't underestimating the rental market. They're over leveraged (or broke, whichever word you choose to use).
Yeah but in downtown's across America rentals are booming, new and rehabilitated.stlien wrote:They aren't underestimating the rental market. They're over leveraged (or broke, whichever word you choose to use).
That has nothing to do with here.goat314 wrote: Yeah but in downtown's across America rentals are booming, new and rehabilitated.
Developers here are suffering from a lack of capital. Also local banks aren't providing necessary lending limits to complete projects such as the chemical building, jefferson arms, etc. Banks will start lending again when: 1. developers contribute necessary capital and 2. increase in housing demand brought by job growth.
Development will happen...just takes time.
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KMOX and other stations relocating to Park Pacific.
http://www.bizjournals.com/stlouis/news ... drive.html
http://www.bizjournals.com/stlouis/news ... drive.html
Well that's good for downtown west and Tucker! I'd like to think this is because of the potential created from the New bridge entrance into downtown, but it's a smart dollars-and-cents business move. Now, can we get a street-level window studio to really make KMOX's presence felt along Tucker?
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Interesting to read that Lawrence Group has designed studios for CBS in Chicago in the recent past. Overall this is good as presumably Memorial Alley One space can be rented, but filling up the Park Pacific enables the LG to continue building/renovating/attracting tenants.
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From the Business Journal:
http://www.bizjournals.com/stlouis/prin ... opers.htmlA year ago, the area around the new SLU Law building was in a different place. At Smith’s 23-story Park Pacific, the residential side was 66 percent full, as was the parking, and the first office tenant had just moved in. But the retail space was completely vacant. Now, Smith has 210 out of 230 units leased. His office space and parking are 100 percent full, and retail is 95 percent occupied.
It is interesting to have Mr Steven Smith of the Lawrence Group speak about what makes successful neighborhoods.
It wasn't very long ago that he stood up in a Preservation Board meeting to bad mouth the Pevely building. He had apparently looked up 'all' architecture publications and the Pevely was not featured anywhere hence it was useless, lacked urban context and was too ugly/run down to have a shiny new ambulatory care center built next to it.
It was a one sided, disingenuous argument. I was not surprised since the 'Devil of Midtown' was sitting behind him but I did loose respect for the guy at that point.
It wasn't very long ago that he stood up in a Preservation Board meeting to bad mouth the Pevely building. He had apparently looked up 'all' architecture publications and the Pevely was not featured anywhere hence it was useless, lacked urban context and was too ugly/run down to have a shiny new ambulatory care center built next to it.
It was a one sided, disingenuous argument. I was not surprised since the 'Devil of Midtown' was sitting behind him but I did loose respect for the guy at that point.
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^ Yes. He was testifying for a client, but it was ridiculous enough that we shouldn't forget. OK, ridiculous isn't really the right word. It was malpractice, disingenuous, conniving, dishonest...disgusting.
This should help the Old Muni Courts being developed.Presbyterian wrote:From the Business Journal:
http://www.bizjournals.com/stlouis/prin ... opers.htmlA year ago, the area around the new SLU Law building was in a different place. At Smith’s 23-story Park Pacific, the residential side was 66 percent full, as was the parking, and the first office tenant had just moved in. But the retail space was completely vacant. Now, Smith has 210 out of 230 units leased. His office space and parking are 100 percent full, and retail is 95 percent occupied.
The question in my mind, did he built the garage with a Phase II/new Residential Tower in mind as per the original proposals? I think he went cheap on the prefab garage to secure the financing. That would have been a huge missed opportunity in my mind and someone has to be kicking themselves over that decision.
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^ and the business journal likely didn't ask because they don't follow developments like this forum does
I did not know this:
Art St. Louis is moving their gallery from 555 Washington to the Park Pacific building in April. They are currently seeking volunteers to assist with the renovation and move.
Art St. Louis is moving their gallery from 555 Washington to the Park Pacific building in April. They are currently seeking volunteers to assist with the renovation and move.
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That's a major decision! Surely, they would not have done something like that if they were not confident this area will soon be packed and dense as well, given all the new developments in the area! That's a great sign.
framer wrote:I did not know this:
Art St. Louis is moving their gallery from 555 Washington to the Park Pacific building in April. They are currently seeking volunteers to assist with the renovation and move.
Awww, I liked the gallery where it was, tucked into that beautiful, super-slender 5-story. Park Pacific will work too, I guess...If only the Blues Museum opened up at 505 Washington next door...
Smoothie King sign is up on the south side of the garage facing the park/mall.
Appears all of the Tucker and Olive commercial space of the garage is still available.
Appears all of the Tucker and Olive commercial space of the garage is still available.
Art St. Louis moving from 555 Washington - like the addition of the coffee shop. Hopefully someone will pick up the old 555 space and transform it, I like Art St. Louis, but that space could be better utilized
The garage retail space facing Tucker no longer has For Lease signs. Hoping that means there is a tenant soon.
This time last year there was discussion of interest in downtown by Dollar Tree. I think the thread was The Dollar Store. This space was brought up as a logical site. Pure speculation though.
I remember that discussion as well but thought the Dollar Tree went to 7th street near Soulard instead.
Of course that doesn't mean there wouldn't be another one, since we now have two Family Dollars down the street from one another on Jefferson
Of course that doesn't mean there wouldn't be another one, since we now have two Family Dollars down the street from one another on Jefferson
With Smoothie King having a drive thru, this seems like a great space for a CVS or Walgreens with a drive thru pharmacy.
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Forgive me if this has already been mentioned elsewhere, but according to a post they made on their Facebook page, Alumni Saint Louis now offers validated parking for its patrons in the adjacent garage, with the entrance on Olive Street. I haven't had a chance to check it out yet, but hopefully I'll get that chance soon.