urbanSTL

A few comments.



1. Good news. Regardless of how soft the residential market downtown might be, it is clear for downtown to make the next step in so many ways, new construction must proceed. Having another horse in that race (along with the BV, Park Pacific, and the Roberts Brothers) is a good thing. Given its location, I think this project almost immediately becomes the #2 favorite behind the BV to actually be constructed due to its location (over the Park Pacific because of rumors of poor sales and its isolated location).



2. Makes you wonder what else could be in that area if the City would ever take on the NLEC.



3. Miguel likes dogs just fine. Just not excitable ones that hump your leg. Those get put to sleep. Seriously, not to screw with B-12, but downtown only needs so many do parks. The idea of proposing one in many places is a ubiquitous as proposing a Starbucks, so his comments are very valid.



4.

Grover wrote:

According to a midyear 2006 study by the Downtown St. Louis Partnership, 1,275 new rental units and 6,088 for-sale units had been added downtown since 1988. The partnership also says there are now 7,400 rental and for-sale units available downtown, a number expected to grow by 1,300 units in 2007.

Is this true? There have been a total of 7,358 units added downtown since 1988 and there are now 7,400 total units available? I hope I'm missing something - or else the market is f***ed.

As I have said before, the Downtown St. Louis Partnership uses inflated numbers because it takes in areas north of Cole into such calcuations. So, while there is no doubt that a large number of residential units have been constructed since 1988 and many since 2005, the number above are high.

^ Not simply the views, but the enhanced feeling of saftey in the area. I am sure it would have a postive impact on sales (retail and loft) in the area and would even help sales at the Park Pacific.

Although I am surprised to see that a new residential tower could line Washington Avenue, I am not surprised that new residential towers are being planned for downtown.



I knew that new development was coming. Lawrence Group, The Roberts Brothers and Pinnacle - among others - sent that signal awhile ago. Most of downtown's old and historic buildings are either under rehab or rehabbed. There's still some untouched, but not many.



Also, I believe if the TIF, which I believe is appropriate, passes, this project will break ground within weeks. The Chicago-boys don't appear to play around.



BTW, SShoes is reporting that Lawrence Group's project will start at the end of month.

I said "weeks" because I don't think it will take "months" like so many other projects proposed for downtown.



Sure there will be a pre-sales period, but I don't think there'll be any problems meeting a 40-50% requirement for a new project along Washington Avenue unless it doesn't get marketed appropriately.

bpe235 wrote:http://www.metropolitan-us.com/index.html



doesn't appear they have any similar developments. What do we know about metropolitan?

Does it matter? It appears they have some quality developments.



Did we know about Pinnacle, Orchard Development, Silverstone when they marched into downtown? Yet, all of them and other out-of-towners have developed quality projects downtown.