on related news- the developer of [the Butler Brothers] has toured the Railway Exchange building this week.
That's great news.dbInSouthCity wrote: ↑May 03, 2023on related news- the developer of this project has toured the Railway Exchange building this week.
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they are very interested, there is bit of a credit crunch now with getting loans (same issue Chemical isnt moving forward yet) but it will get there.
Please, please, please, please, please....dbInSouthCity wrote: ↑May 03, 2023on related news- the developer of this project has toured the Railway Exchange building this week.
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This would be huge for downtown St. Louis. Hope it happens.
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I chuckle at the left-wing/socialists on this site whose hopes and prayers for a downtown revitalization fall squarely on old-fashioned entrepreneurs and capitalists who are willing to take risks on DT projects…..funny.
GodSpeed to the O’Loughlins and Taylor’s of our region.
GodSpeed to the O’Loughlins and Taylor’s of our region.
I chuckle at the right-wing/nazis who will inevitably support these “old-fashioned entrepreneurs and capitalists” getting millions in government money to support their risks taking.whitherSTL wrote:I chuckle at the left-wing/socialists on this site whose hopes and prayers for a downtown revitalization fall squarely on old-fashioned entrepreneurs and capitalists who are willing to take risks on DT projects…..funny.
GodSpeed to the O’Loughlins and Taylor’s of our region.
Do we need to create a Fox News section so you can politicize everything and own the libs from a safe distance?
I chuckle at the left-wing/socialists on this site whose hopes and prayers for a downtown revitalization fall squarely on old-fashioned entrepreneurs and capitalists who are willing to take risks on DT projects…..funny.
GodSpeed to the O’Loughlins and Taylor’s of our region.
Isnt that all spam?? LOL
GodSpeed to the O’Loughlins and Taylor’s of our region.
Isnt that all spam?? LOL
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Safe distance? I’d crave nothing more than we all meet face to face. Also, stop giving these developers tax credits and government handouts. I’m all for it.
Instead of spamming this forum, go and do the math yourself in regards to financing before saying “stop handing out tax credits”. These deals are complicated and expensive. Try making it work without a tax credit, then get back to me. ThankswhitherSTL wrote: ↑May 03, 2023Safe distance? I’d crave nothing more than we all meet face to face. Also, stop giving these developers tax credits and government handouts. I’m all for it.
Agreed. Deal couldn't get done without tax credits.chriss752 wrote: ↑May 03, 2023Instead of spamming this forum, go and do the math yourself in regards to financing before saying “stop handing out tax credits”. These deals are complicated and expensive. Try making it work without a tax credit, then get back to me. ThankswhitherSTL wrote: ↑May 03, 2023Safe distance? I’d crave nothing more than we all meet face to face. Also, stop giving these developers tax credits and government handouts. I’m all for it.
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Deals can get done if the demand is there! Sad it isn’t and hasn’t since 1958.
I really don't think anything is "sad" about tax credits IMO. This is not a unique "action" done only in St. Louis.whitherSTL wrote: ↑May 04, 2023Deals can get done if the demand is there! Sad it isn’t and hasn’t since 1958.
Nashville: https://eu.tennessean.com/story/money/2 ... 535801007/
KC
https://www.kcur.org/housing-developmen ... k-in-limbo
Indy
https://www.ibj.com/articles/developer- ... aNycGzNC5A
Minneapolis
https://www.google.com/amp/s/www.twinci ... nists/amp/
Austin
https://www.austinmonitor.com/stories/2 ... ax-breaks/
It's reality everywhere.
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I think its fair to question why the taxes are there just to give them away to larger developers when you could hypothetically lower the burden overall and skip the giveaways. Of course that is starting from a sort of a naïve idealized perspective and should be tempered with a healthy dose of realism. The fairest society is not necessarily the most prosperous society.
Also certain giveaways exist not simply to 'get the deal done' but instead to ensure they are done in ways that we as society prefer. Specific aspects of a project can be socially beneficial in less tangible ways like brownfield credits, historical credits and low income housing credits and are therefore worth the investment of tax revenues.
Also certain giveaways exist not simply to 'get the deal done' but instead to ensure they are done in ways that we as society prefer. Specific aspects of a project can be socially beneficial in less tangible ways like brownfield credits, historical credits and low income housing credits and are therefore worth the investment of tax revenues.
Tax credits are available for projects of all size as long as the neighborhood is in a qualified historic district or the building is on the national historic registry. About the only additional criteria is that you invest 50% of the cost basis (purchase price) into the property. For example, if you buy a building for 100k you would need to invest an additional 50k of qualifying costs into the rehab. Several South City neighborhoods in large part we redeveloped utilizing Historic State Tax credits. Shaw, Lafayette Square, Soulard, and Benton Park being the most notable.STLEnginerd wrote: ↑May 04, 2023I think its fair to question why the taxes are there just to give them away to larger developers when you could hypothetically lower the burden overall and skip the giveaways. Of course that is starting from a sort of a naïve idealized perspective and should be tempered with a healthy dose of realism. The fairest society is not necessarily the most prosperous society.
Also certain giveaways exist not simply to 'get the deal done' but instead to ensure they are done in ways that we as society prefer. Specific aspects of a project can be socially beneficial in less tangible ways like brownfield credits, historical credits and low income housing credits and are therefore worth the investment of tax revenues.
Benton Park West and Gravois Park are the next two neighborhoods in my opinion that will be turned around via small tax credit projects. The best part is you have tons of non union options on the smaller projects !STLEnginerd wrote: ↑May 04, 2023I think its fair to question why the taxes are there just to give them away to larger developers when you could hypothetically lower the burden overall and skip the giveaways. Of course that is starting from a sort of a naïve idealized perspective and should be tempered with a healthy dose of realism. The fairest society is not necessarily the most prosperous society.
Also certain giveaways exist not simply to 'get the deal done' but instead to ensure they are done in ways that we as society prefer. Specific aspects of a project can be socially beneficial in less tangible ways like brownfield credits, historical credits and low income housing credits and are therefore worth the investment of tax revenues.
If N-S Metrolink gets built. I'd imagine all of the neighborhoods alont South Jefferson will see a great amount of infill are rehabs.STLAPTS wrote: ↑May 04, 2023Benton Park West and Gravois Park are the next two neighborhoods in my opinion that will be turned around via small tax credit projects. The best part is you have tons of non union options on the smaller projects !STLEnginerd wrote: ↑May 04, 2023I think its fair to question why the taxes are there just to give them away to larger developers when you could hypothetically lower the burden overall and skip the giveaways. Of course that is starting from a sort of a naïve idealized perspective and should be tempered with a healthy dose of realism. The fairest society is not necessarily the most prosperous society.
Also certain giveaways exist not simply to 'get the deal done' but instead to ensure they are done in ways that we as society prefer. Specific aspects of a project can be socially beneficial in less tangible ways like brownfield credits, historical credits and low income housing credits and are therefore worth the investment of tax revenues.
It might have been posted somewhere on here, but the city government paid for the removal of the sky bridge. They then placed a lien against the owner of the property. It was found that all the burglaries were happening through that sky bridge.
Stltoday - Lender wants out of Railway Exchange fight
https://www.stltoday.com/business/local ... 5f046.htmlAn auction is scheduled for July 24 through July 26, with bids starting at $3.5 million.
Is this a good thing? Does it help the building get a fresh start by getting rid of a holdover from the failed attempt? I'm not well enough versed in the real estate/finance world to tell if this is one less string attached to any new effort.quincunx wrote: ↑Jun 15, 2023Stltoday - Lender wants out of Railway Exchange fight
https://www.stltoday.com/business/local ... 5f046.htmlAn auction is scheduled for July 24 through July 26, with bids starting at $3.5 million.
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someone wants a bidder to pay them $3.5M to take over $41M in debt and for a chance to get the building via the courts.
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Up for bid via costar officially (been on since June 14), ending July 24. 191,000 online views of the property.
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Sent from my iPhone using Tapatalk
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Buyer beware: Old subsidies complicate redevelopment of Railway Exchange Building in downtown St. Louis
https://www.bizjournals.com/stlouis/news/2023/07/10/old-subsidies-complicate-redevelopment-railway.html?cx_testId=40&cx_testVariant=cx_5&cx_artPos=0#cxrecs_sNew York-based Gamma Real Estate Capital, a lender to the building's current owner, HH St. Louis Railway LP, an entity tied to Florida-based Hudson Holdings, plans to auction the note secured by Railway July 24, with a starting price of $3.5 million. A new holder of the note could move to foreclose on Hudson, giving the building, located at 615 Olive St., a new owner.
But a tax-increment financing note on the property, issued in 2010, is held by Invesco, giving the Atlanta investment management firm rights to new, or incremental, sales and real estate tax proceeds involving the property, though what's currently being generated isn't substantial. A TIF note secures the right to receive those revenue streams and is usually held by developers, but can be sold to third parties, typically accredited investors. An Invesco predecessor, OppenheimerFunds, in 2010 bought the note for $4.5 million.
A listing marketing Gamma's July 24 auction doesn't mention the TIF note. So a buyer who acquires the building would have to negotiate with Invesco to buy the TIF note or face the prospect of trying to redevelop the 1.2 million-square-foot structure without accessing the full spectrum of subsidies likely needed to complete the task, said Amos Harris, a longtime downtown developer who has been providing security at Railway for Hudson and has studied the property for a client, Good Developments Group, that's interested in redevelopment.
Harris said Invesco has rejected his offers to buy its TIF note position for $500,000. Invesco didn't respond to a request for comment.
"We're concerned that if someone else buys (Gamma's) note, we'll have X number of more years of being stuck," Harris said.
The Railway Exchange building, the St. Louis region's second-largest office building by square feet, has been vacant since 2014.