urbanSTL

Any TIF proposal that benefits the developer and holds the tax payers accountable for any failures cannot be a good idea.

That said, since the owner of the building REFUSED to sell this unless his "minimum" offer was met, I do not know what else could have been done about it. I agree that staus quo on that was NOT the answer.

In this partiular case, I would say I think I too would back this bad idea, cause the alternative was worse.

What else could be done?



First off, what about redeveloping the mall independently of the office tower?



Second, what about Pyramid seeking more private partners?



Lastly, what about Pyramid selling its other properties to invest more of their own money into such an ambitious project?



As a new downtown resident, I now daily endure the dead streets about this shuttered mall. I completely agree that redeveloping St. Louis Centre is key to downtown's health. However, I don't want desperately stretched City tax dollars exploited for special deals, especially when it appears such special treatment is fattening the deal for favorite mayoral donors (John Steffen of Pyramid) and out-of-town speculators (current One City Center owners).



I sincerely think TIF is an essential tool within the kit of redevelopment incentives. But backing future bond obligations for this one project with general revenue is an absolute deal-breaker for a rather fiscally liberal individual like me.

I think the reason given was that the two share easements. Separating the two may have been something akin to separating conjoined twins.

southslider wrote:As a new downtown resident, I now daily endure the dead streets about this shuttered mall. I completely agree that redeveloping St. Louis Centre is key to downtown's health. However, I don't want desperately stretched City tax dollars exploited for special deals, especially when it appears such special treatment is fattening the deal for favorite mayoral donors (John Steffen of Pyramid) and out-of-town speculators (current One City Center owners).

Speaking of the dead zone surrounding the mall, what will ever become of the Mercantile Library Building, which if I'm not mistaken, is also owned by Pyramid and slated for redevelopment? One could argue that it's as much if not more of a cancer in that stretch of downtown than One City Centre. Pyramid has had this property for some time, and AFAIK, has no immediate plans to develop it. Let me guess, a city-backed TIF might help? Yeah, I thought so.

I'm overly optimistic, but what are the chances this project will fail and the City stuck with the bond payments? Not very likely at all. This is awesome mixed used project in a fantastic location. There's always risk, but in this case its mitigated by a lot of positives including Pyramid's sound track record downtown.

If there's no chance at 600 Washington failing, why aren't multiple lenders and other private developers lining up for the project? Believe me, I have greater faith in 600 Washington than St. Louis Marketplace or even more faith in this downtown project than the nearby convention hotel, which obligated CDBG funds against its debt service. You think after failed strip malls and empty hotels, that the City would learn not to gamble against future revenue. So why is our City so willing to put its eggs in one basket? Oh yeah, that basket is held by an influential campaign donor, John Steffen.



Nearby Mercantile Library and Arcade-Wright do show one thing-- Steffen's Pyramid is over-extended. At least the City had the foresight to not award the Syndicate-Trust to Pyramid, when the City finally got around to issuing an RFP (after what was left from Stogel/Schnuck's insider deal). Steffen should find another partner for St. Louis Centre, forget One City Center, and/or sell Pyramid's other vacant-sitting properties to finance this project.



This generally fiscally liberal fellow has no doubt that public incentives often make the difference in projects that the private sector deems too risky. Still, you should never risk future revenue, unless of course, your judgment is clouded by campaign contributions.

^ If the Mercantile Library is being marketed as office space, did I miss something? Are there any tangible plans in place for its renovation? I haven't seen as much as a rendering of what the building would look like following renovation, and I can't imagine Pyramid attracting quality tenants without even the most basic information or a rough timetable.

I'm a little concerned about Pyramid's ability to attract tenants. The Paul Brown is filling up with stable, but generally unexciting tenants, the Railway Lofts has CityTan and ??, Dora and Bankers - no tenants.

It would be an interesting analysis to compare the Mercantile Library's circulation now as compared to when it was downtown.

^



From Explore St. Louis:

Besides being a research library with more than 300,000 books, 350,000 historical photographs, 1,000,000 manuscripts and 10,000,000 news clipping files, the Mercantile Library is a museum as well with notable paintings and sculptures by local and internationally-known artists.

I wonder how that compares to its downtown days. Sure would be nice to have a cultural amenity like that downtown. It's a crazy thought, I know.

The Mercantile Library site: http://www.umsl.edu/mercantile/



I understand that the library moved to UMSL, in part, for more space (or more space like they wanted). The next campaign for the UMSL campus will seek money to greatly expand the Mercantile Library.

Any St. Louis Centre news out there? Anything?



It's already the end of January, and there's nary a trace of any progress at St. Louis Centre and the former Stix Baer & Fuller.



I went to the Auto Show twice this week, and walking past this mess made me cranky. It seems like every time I pass the old SB&F/Dillard's building, I notice more broken windows in the upper levels, not to mention the mess that usually plagues the ground level. I can only imagine what the average out-of-towner thinks as these sad-looking buildings continue to deteriorate.



Any progress cannot come soon enough IMHO. This is easily downtown's worst eyesore.

ThreeOneFour wrote:Anything?

Walking home from the office (I'll never get tired of saying that) I noticed flyers posted under the Washington skybridge noting that location as discontinued for one of the bus routes, as of 1/29. Metro has details of the detour between now and Fall 2009.



Once construction starts, I suppose I'll *have* to walk around past (into) the Starbucks each morning (for some chai).



Man, that's construction's gonna screw up the cars. That's too bad.

janit0r wrote:Walking home from the office (I'll never get tired of saying that) I noticed flyers posted under the Washington skybridge noting that location as discontinued for one of the bus routes, as of 1/29.

I walked under the skybridge twice on Sunday since I attended the auto show at America's Center and parked in the main level of the Centre garage, where Woolworth's used to be. The cold wind on Sunday afternoon turned the skybridge into a wind tunnel, so I didn't even think to stop and see if any of the fliers on the buildings had anything to do with the forthcoming demolition of the skybridge.



I still wonder how long we'll have to wait to see the skybridge demolished, just because I would imagine that the Metro detour is the first of many steps that need to be taken before demolition work can begin. It will also be interesting to see if Washington Avenue is closed just long enough for demolition work...because I cannot imagine what traffic flow in the immediate area would be like if it was closed until fall 2009. Even if that happens, it seems like a price worth paying just to see downtown's worst eyesore transformed into one of its more distinctive properties.

I heard February was the most likely time since that's the month that least conflicts with events at the America's Center.

The bus detours, as shown on Metro's PDF, would be for construction of the Roberts Tower and/or maybe rehab of the Arcade-Wright. That's because the detours only affect routes using 8th Street, so it must be construction activity on 8th Street. Routes like 04-Natural Bridge, 10-Gravois, 93-Midtown-South County, and 97-Delmar, all of which use Washington, including the piece under the skybridge, but not 8th Street, are unaffected by this lengthy detour.

The detours are for the rehab of the Arcade-Wright Building? They'd better extend them beyond 2009 if that's the case...



IIRC, that's a Pyramid development as well. I'll probably be ready to welcome my first grandchild into the world by the time Pyramid finishes everything they have claimed that they will renovate in downtown...

Skybridge



Anyone have any updates? Pyramid people? Can we get a countdown going?

As I said in another thread on another Urban STL forum, I heard the skybridge demolition would begin in January. Then, I heard February. Now that the beginning of March is upon us, when will we get some news and/or see some progress on this front?



If there's one development in limbo that I would like to put into motion, it's getting rid of this God-forsaken eyesore.

I heard February from one of the high-ups at Pyramid, but then again that was the day that they closed on the St. Louis Centre. One of his concerns with bridge demo was to not disrupt events at the Convention Center since Washington would have to be closed for an extended period of time. As of now I see no permits have been issued for demolition of the bridge at that address. IIRC the NCAAs are playing here this month and the Cards start in April so the window is getting smaller.

^If they did it as an implosion, they could turn it into a fundraiser!

bonwich wrote:^If they did it as an implosion, they could turn it into a fundraiser!

I know I'd pay to hit the plunger. Heck, I'd pay to just take one hack at it with a sledgehammer.