urbanSTL

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Dina: Try to remember, older posts top, newer posts bottom. Try reading from the top of the page down and posts might make more sense to you. Then maybe you won't appear so obtuse when you post a reply.

JlBlues;



The information was provided linking Pinnacle to this project by Debaliviere.



Dina;



Please refrain to making direct personal attacks on any members in any thread.

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http://www.urbanstl.com/viewtopic.php?t=2036



For more information and updates, contact:



www.rodgers-group.com

Rodgers Group

Real Estate Development

7401 Maryland Ave.

Saint Louis, MO 63130

314.862.7921 voice

314.862.7922 fax



or



Pinnacle St. Louis

999 N. 2nd St.

St. Louis, MO 63102

314-881-7777



Construction Headquarters:

702-784-7777

Las Vegas, NV

jlblues wrote:

DeBaliviere wrote:

jlblues wrote:Do you have some information that would indicate that the Port St. Louis project is to be part of Phase II?

I remember hearing that Pinnacle committed to doing that project.

They "committed" to investing $25 million in the project, over 2 years ago, if the Rodgers brothers were to proceed with the project. That was their only "commitment", other than the theoretical $50 million residential investment "commitment" to the city. These "commitments" are simply contracts which expire and/or are renegotiated all the time, and that commitment was long before Pinnacle announced their expanded Phase II plans. I haven't seen or heard anything since, other than the occasional blurb in the PD or BJ that is just a review of old information. And nowhere did they say that Port St. Louis was to be part of Phase II of Lumiere Place.



From the BJ article on page 4 of this thread:

Mark Rodgers said, "At that point, (the project) was almost 40 percent pre-sold. One thing led to the next, and we signed a joint operating agreement," with Pinnacle taking on half the risk of the project. The deal was announced Dec. 8.

That was Dec. 8, 2005.



So, again, does anyone have any recent info on this project that would indicate it is still alive? If not, why are people discussing and/or critiquing it?

Looks like the project is terminated. From MSN Money.com:



Port St. Louis Condominiums. In 2005, an affiliate of the Company entered into a joint venture agreement with local developers to develop a 10-story luxury condominium project in Laclede's Landing, near Lumiere Place. The joint venture then designed the building, arranged a $19.0 million financing commitment and solicited bids for the building's construction. The estimated costs of construction turned out to be higher than was originally estimated, while the overall market for residential housing has deteriorated in the interim. As a result, the partners determined that the project would not achieve sufficient returns and the affiliate has terminated the project. Through its affiliate, the Company had contributed approximately $1.3 million in expenses and its partner had contributed a portion of the project real property. The affiliate is discussing, with the partner and a construction lender, dissolving the partnership and the potential transfer of the property to the affiliate's partner, for reimbursement of $500,000 of the expenses plus the entire purchase price paid by the partnership for the remaining portion of the project real property.

It's nice to have resolution, thanks.

loftlover wrote:Port St. Louis Condominiums. In 2005, an affiliate of the Company entered into a joint venture agreement with local developers to develop a 10-story luxury condominium project in Laclede's Landing, near Lumiere Place. The joint venture then designed the building, arranged a $19.0 million financing commitment and solicited bids for the building's construction. The estimated costs of construction turned out to be higher than was originally estimated, while the overall market for residential housing has deteriorated in the interim. As a result, the partners determined that the project would not achieve sufficient returns and the affiliate has terminated the project. Through its affiliate, the Company had contributed approximately $1.3 million in expenses and its partner had contributed a portion of the project real property. The affiliate is discussing, with the partner and a construction lender, dissolving the partnership and the potential transfer of the property to the affiliate's partner, for reimbursement of $500,000 of the expenses plus the entire purchase price paid by the partnership for the remaining portion of the project real property.

That blurb is from Pinnacle's Fourth Quarter/End of 2007 Results February 26 press release, under "Other Items":



http://www.pnkinc.com/press_room/



"Company" refers to Pinnacle. That last line is lacking in clarity, but it doesn't sound like Pinnacle wants the property, and it will be transferred back to Rodgers Group, assuming they can come up with the cash. What they will do with it then is anyone's guess. A 5 or 6 story building with retail facing 1st Street and condos or offices above would be nice, but that might not be any more viable in the current market than Port St. Louis.



I suspect that the cost of having to design any building to withstand floods is the biggest issue with this site, which would be tough to bear even in a solid market. If it has a mostly solid wall, and the river is flowing into/through it, that would be a hell of a lot of force, especially with the chance in a really high flood (like the one in '93) for a large log or some other debris crashing into it.



As much as I'd hate to see it, they may end up having to build something on the western half of the site and then build a garage on the river side, like the block to the south.

I know there's a specific thread about the ferris wheel, but I figured it was worth posting here as well, seeing as the wheel plans have replaced PSL. The wheel could be a decent addition to the Landing, but I would much prefer if the original plans were still being pursued.

Brothers plan a Ferris wheel on the Landing

When the bad economy handed lemons to John and Mark Rodgers, killing plans for their 10-story luxury condo development, the twin brothers turned to thoughts of lemonade. Or, less figuratively, a plan to erect a 175-foot tall Ferris wheel amid the 19th-century warehouses on Laclede's Landing.



"The only bad thing about it is, well, it wasn't my idea," said John Rodgers.



A friend proposed it to him over dinner after plans for the Rodgers' $25 million Port St. Louis development fell apart. Talk had turned to what the brothers should do with their half-acre riverfront property just south of the Martin Luther King Bridge.



(click the title for more)

So I guess Pinnacle isn't bound to build anything but the LP? I sure thought they were.

^

Moorlander wrote:So I guess Pinnacle isn't bound to build anything but the LP? I sure thought they were.

I thought they were contractually obligated to build residential units on the Landing, or at least to make some sort of additional investment.



They should have rehabbed the old warehouse they tore down for parking.

DeBaliviere wrote:


I thought they were contractually obligated to build residential units on the Landing, or at least to make some sort of additional investment.

that's what I thought, maybe city hall forgot?

Maybe all of the surface parking they built where buildings used to be is considered residential because cars live there.

Moorlander wrote:

DeBaliviere wrote:


I thought they were contractually obligated to build residential units on the Landing, or at least to make some sort of additional investment.

that's what I thought, maybe city hall forgot?

Before you all start getting carried away, perhaps you can source the contract for us. You seem like fair people.

^As part of the original development agreement between Pinnacle and the City of St. Louis, Pinnacle was required to build $50 million worth of residential within x number of years. I am not going to waste my time digging up the deal right now.

innov8ion wrote:Before you all start getting carried away, perhaps you can source the contract for us. You seem like fair people.

I was able to find this from the Port St. Louis web site:

The $25 million project represents half of the development investments to which Pinnacle committed in an agreement with the city of St. Louis. Pinnacle agreed to invest a total of $50 million within five years of breaking ground on a nearby hotel-casino complex.

From the contract itself:

Residential/ Retail: $50 million commitment to construct luxury condominiums, market-rate residential, retail and/or mixed-use developments located within an area bounded by the Mississippi River, Biddle Street, Interstate 70 and Eads Bridge (including Qualified Improvements constructed pursuant to the Second Amendment).

anyone remember what date they broke ground. Seems like 5yrs from that date is closely approaching. maybe Publiceye has some info...

DeBaliviere wrote:I was able to find this from the Port St. Louis web site:

The $25 million project represents half of the development investments to which Pinnacle committed in an agreement with the city of St. Louis. Pinnacle agreed to invest a total of $50 million within five years of breaking ground on a nearby hotel-casino complex.

From the contract itself

Thanks. So they have until 2012-3?

Seriously, guys, considering the economy, I think we can cut them some slack on this (at least for now).