I thought the peoples bank was going to close? I walk by to day the lights were on and it look open. Did I miss something?
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Paul Brown is being sold at auction. I believe it no longer has any affordable housing obligations left from its LIHTC award and occupancy is down to about 75%. Buyer will need to commit to moderate rehab.
https://www.bizjournals.com/stlouis/new ... lding.html
https://www.bizjournals.com/stlouis/new ... lding.html
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10 years later they did close....the buildings retail really went to sh*t....the bank, great clips, restaurant and another retail space all gone since covid, the donut shop remains.seanmcelligott644 wrote: ↑Dec 09, 2013I thought the peoples bank was going to close? I walk by to day the lights were on and it look open. Did I miss something?
Hopefully new ownership can attract new retail businesses.dbInSouthCity wrote: ↑Aug 29, 202410 years later they did close....the buildings retail really went to sh*t....the bank, great clips, restaurant and another retail space all gone since covid, the donut shop remains.seanmcelligott644 wrote: ↑Dec 09, 2013I thought the peoples bank was going to close? I walk by to day the lights were on and it look open. Did I miss something?
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I think this is actually a positive step for this building, looks like someone can get it relatively cheap and a modest investment. 75% leased its bad at all.
Not being encumbered by LIHTC restrictions on rent increases and expenses, will allow the building to be better managed and maintained after a potential renovation/rehab.
https://www.bizjournals.com/stlouis/new ... buyer.html
Paul Brown Lofts sells for $5.6M, $12M in improvements are a required part of the deal.
Paul Brown Lofts sells for $5.6M, $12M in improvements are a required part of the deal.
I wonder how the bill Kehoe just signed will affect the Fed requirements. On the one hand, the Paul Brown building was sold with the condition that there be non-discrimination against Section 8 certificate and voucher holders.
On the other hand, Kehoe signed a bill making it illegal for any municipality to enforce restrictions (like those that prohibit landlords from discriminating against people's sources of income if they have Section 8 vouchers). The Business Journal article covering this was a little hard to follow (a lot of double negatives written) so not sure I completely follow what Kehoe signed.
But still, will be interesting to see how that plays out. Excited it's in new hands for sure, this is pretty much in the middle of downtown so a pretty important property, in my eyes.
On the other hand, Kehoe signed a bill making it illegal for any municipality to enforce restrictions (like those that prohibit landlords from discriminating against people's sources of income if they have Section 8 vouchers). The Business Journal article covering this was a little hard to follow (a lot of double negatives written) so not sure I completely follow what Kehoe signed.
But still, will be interesting to see how that plays out. Excited it's in new hands for sure, this is pretty much in the middle of downtown so a pretty important property, in my eyes.