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.
Paul Brown lofts are 80% occupied, which seems really good for a building being foreclosed on. Not sure if that 80% is including the top floor, which has been condemned, or not.
https://www.bizjournals.com/stlouis/new ... louis.html
SNOO St. Louis, a desert shop, is opening on the ground floor of the Paul Brown Lofts building at 208 N 9th St.
It will sell ice cream, snow cones, funnel cake, cake, and pie, among other sweets.
A 3 year lease was signed in April for about 1,072 square feet.
Additionally, an Indian restaurant is slated to open soon in one of the buildings' other commercial spaces, which was previously occupied by a Vietnamese restaurant Dao Tien, which closed in 2024.
The building is about 75% occupied and has been undergoing renovations and improvements since it was purchased a year ago by Oliver Properties.
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SNOO St. Louis, a desert shop, is opening on the ground floor of the Paul Brown Lofts building at 208 N 9th St.
It will sell ice cream, snow cones, funnel cake, cake, and pie, among other sweets.
A 3 year lease was signed in April for about 1,072 square feet.
Additionally, an Indian restaurant is slated to open soon in one of the buildings' other commercial spaces, which was previously occupied by a Vietnamese restaurant Dao Tien, which closed in 2024.
The building is about 75% occupied and has been undergoing renovations and improvements since it was purchased a year ago by Oliver Properties.
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Great news! Paul Brown is critical to the health of that core area in downtown. Oliver Properties is killing itStlAlex wrote:https://www.bizjournals.com/stlouis/new ... louis.html
SNOO St. Louis, a desert shop, is opening on the ground floor of the Paul Brown Lofts building at 208 N 9th St.
It will sell ice cream, snow cones, funnel cake, cake, and pie, among other sweets.
A 3 year lease was signed in April for about 1,072 square feet.
Additionally, an Indian restaurant is slated to open soon in one of the buildings' other commercial spaces, which was previously occupied by a Vietnamese restaurant Dao Tien, which closed in 2024.
The building is about 75% occupied and has been undergoing renovations and improvements since it was purchased a year ago by Oliver Properties.
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They are improving the Paul Brown Lofts and adding 2 retail tenants after it lost all but 1 over the last few years.BarryGlick wrote:Oliver Properties is killing it
curious how so?
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If the Chemical building refresh works out we could see OPO Plaza turn around quickly. It's all about vibes and momentum these days
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Just for the record, Oliver as in the Wash Ave Oliver, does not own Paul Brown. PB is owned by OLIVE properties out of Wyoming.