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PostFeb 17, 2006#26

JMedwick wrote: I have one concern and that is how much Pyramid has taken on with these new projects.


Their recent projects have been hugely successful. I think there's very little risk with this grouping of buildings. I wouldn't feel as strongly about the project (s) if it were one building, but together, I think it'll be a home run. Pyramid, historically, has not gouged buyers on loft prices and this corner on Washington is really a location of choice (Metrolink station, close to everything)!

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PostFeb 17, 2006#27

I can't help but to keep staring at my STL Business Journal. This is unbelievable! :D



I, also, had thoughts about Pyramid stretching a bit thin. However, this might actually help them with some of their other projects. One case in point: the STL Centre will no longer be competing for retail tenants with that of the Arcade Building. I'm sure there are others as well. Wow...I'm amazed. I need a nap.

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PostFeb 17, 2006#28

midcountyguy wrote:I can't help but to keep staring at my STL Business Journal. This is unbelievable! :D


Seriously, there is a lot of Downtown Development news in there. Most of it is what we already know about, but it is good to read up on.

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PostFeb 17, 2006#29

JMedwick wrote:
As for the remaining sky bridges, given the retail and parking they are talking about, it dones't sound like the mall will be a mall anymore, pretty much making the Famous connections worthless. I am sure when the work is done, the may even just block them off, so it would be in everyone's bes interest for them to be taken down. The one n 6th street I bet stays as i think it also provideds access to the garages across the street to the office tower. The US bank one looks like it is gone in the drawing above, besides, the only reason it would stay is if it offered access to parking.


(I know alot of people hate this skybridge, but I'm just saying.)

If they keep the skybridge over Washington they could turn it into the best lofts in the area. Imagine owning the views down Washington from those huge windows.

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PostFeb 17, 2006#30

I have faith that all skybrides will be addressed once this project gets going, or hopefully soon after it's started. Once the streetscape is restored, I think (and hope) it will be realized what value a city streetscape has and how skybrides can affect them, thereby calling for their dismantling.

That said, I can only say this project is like a dream come true.

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PostFeb 17, 2006#31

They should auction off chances for people to be the first to start the demolition of the skybridge. They could make bricks with their logo on them and the ten highest bidders would get to throw them at the windows on the skybridge. :D

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PostFeb 17, 2006#32

SoulardD wrote:
JMedwick wrote:
As for the remaining sky bridges, given the retail and parking they are talking about, it dones't sound like the mall will be a mall anymore, pretty much making the Famous connections worthless. I am sure when the work is done, the may even just block them off, so it would be in everyone's bes interest for them to be taken down. The one n 6th street I bet stays as i think it also provideds access to the garages across the street to the office tower. The US bank one looks like it is gone in the drawing above, besides, the only reason it would stay is if it offered access to parking.


(I know alot of people hate this skybridge, but I'm just saying.)

If they keep the skybridge over Washington they could turn it into the best lofts in the area. Imagine owning the views down Washington from those huge windows.


Imagine the view of you from Washington.



This is a day that will live in infamy.

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PostFeb 17, 2006#33

SoulardD wrote:
If they keep the skybridge over Washington they could turn it into the best lofts in the area. Imagine owning the views down Washington from those huge windows.
TheWayoftheArch wrote:
Imagine the view of you from Washington.


ACK! Talk about living in a fishbowl (or hampster tunnel ... ) !! :lol:



But in all seriousness, the proposed redevelopment of StLCentre is great news. I keep looking at the rendering and thinking, "How can this even be the same place?" Amazing!

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PostFeb 17, 2006#34

Does anyone get a "Hanging Graden" vibe from this. I think this is goig to be awesome, and really bring the street to life. It even has a Link stop under it!



The connection to the Landing just got 100x stronger.

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PostFeb 17, 2006#35

new-to-STL wrote:
SoulardD wrote:
If they keep the skybridge over Washington they could turn it into the best lofts in the area. Imagine owning the views down Washington from those huge windows.
TheWayoftheArch wrote:
Imagine the view of you from Washington.


ACK! Talk about living in a fishbowl (or hampster tunnel ... ) !! :lol:



But in all seriousness, the proposed redevelopment of StLCentre is great news. I keep looking at the rendering and thinking, "How can this even be the same place?" Amazing!


I was just thinking about owning that view, and you have to admit it'd be awesome. I'm sure there are some people who wouldn't mind the high profile location, and there could be lighting tricks to obstruct the view inside. OK, good point, I give up. It'll probably be better to tear it down anyway.

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PostFeb 17, 2006#36

SoulardD wrote:
new-to-STL wrote:
SoulardD wrote:
If they keep the skybridge over Washington they could turn it into the best lofts in the area. Imagine owning the views down Washington from those huge windows.
TheWayoftheArch wrote:
Imagine the view of you from Washington.


ACK! Talk about living in a fishbowl (or hampster tunnel ... ) !! :lol:



But in all seriousness, the proposed redevelopment of StLCentre is great news. I keep looking at the rendering and thinking, "How can this even be the same place?" Amazing!


I was just thinking about owning that view, and you have to admit it'd be awesome. I'm sure there are some people who wouldn't mind the high profile location, and there could be lighting tricks to obstruct the view inside. OK, good point, I give up. It'll probably be better to tear it down anyway.
You could make it a one-way mirror looking out. Not that I would condone anything that keeps that awful skybridge in existence.

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PostFeb 18, 2006#37

Glad to see a concrete plan on the table, at last.



Even so, this project leaves me feeling a bit, well, flat.



The rendering shows a rebuilt facade that looks nice enough. It might even seem bold in a place like Clayton. For downtown, however, it's not bold enough. I wonder how lively this development will look in real life with all that garage space on the first and second floors.



And condos? Okay, I guess. That's par for the course downtown these days.



I'm not sure how One City Centre will be "reoriented" towards Washington Avenue, especially with the Edison Bros. building in the way, but I guess that will become clear over time.



I just hope Pyramid delivers on the heavy hints it's apparently been dropping about prospective tenants like Borders and Whole Foods. Retail should really be the driver of this project; despite the failure of St. Louis Centre, this city block still has a chance to be the retail hub of downtown's core. The condos are just an added bonus.



I fully expect to get flamed for this post. Gentlemen, start your blowtorches.

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PostFeb 18, 2006#38

I wouldn't expect to get torched, because I think most people were praying for a tear down and rebuild. However, given that isn't the case, this looks to be a solid project, by a reputable, and consistently high quality company.



As far as feeling flat...Turning the beast inside out to engage the street, along with the removal of the skybridge and completion of the Dillards buildig and its retail, will really put an entirely new face on this end of Wash Ave. Lets face it, the action section has been west of tucker. There is now a bonifide retail cluster being developed on the east end. I think this is going to be great.



And as far as being par for the course...hell I'll take it any day. Seeing as how we used to bogey everything. Lamenting the addition of more condos is a GREAT problem to have.

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PostFeb 18, 2006#39

Wheeeee!! I literally just got up and did a little dance by my computer when I read this. Amen!



But after reading some of the posts and just my initial thoughts, I am too a little worried about Pyramid streching themselves too thin with all these projects. I don't think they are that big of a firm and it wasn't that long ago they were rehabbing houses in the city one-by-one. And fresh of the Novus implosion we can see that sometimes companies bite off more than they can chew.



That being said I am 100% excited that there is a real tangible plan in place to redevelop this eyesore that has been hindering Downtown for too many years. Even if it just turns out to be an unexciting Clayton-esque condo building, that will be 100 time better than what is there now. I think the successful completion of this project will do more than any other single project in changing the perception of downtown St Louis.

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PostFeb 18, 2006#40

Nice! This is a good thing to see after a long day of work.

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PostFeb 18, 2006#41

^Agreed. I read the beginings of the thread this morning, but I have been dieing all day to get home and hopefully see a rendering. What an improvement.

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PostFeb 18, 2006#42

A new vision for St. Louis Centre

By Martin Van Der Werf and Tavia Evans

ST. LOUIS POST-DISPATCH

02/17/2006





St. Louis Centre opened in 1985, filled with sparkling shops and fueled by predictions that it would be the rebirth of a struggling downtown. Instead, it became a high-profile symbol of decline.



Now there are plans for a rebirth, but not with shopping. As with most of the rest of downtown, developers say housing is the answer.



Pyramid Cos., one of the leading developers of downtown lofts, has agreed to purchase St. Louis Centre, as well as the former Dillard's department store across Washington Avenue linked to the mall by a skybridge. Pyramid also has agreed to buy One City Centre, a 25-story office building attached to the mall, and the Jefferson Arms, an 11-story apartment building, mostly occupied by the elderly, on Tucker Boulevard.



In all, Pyramid plans to spend more than $260 million.



City officials have called the mall the albatross of downtown, blocking redevelopment near the central business district. It advertised "shopping" on outside walls near the convention center, but out-of-town visitors arrived to find abandoned stores and broken escalators.



"It's highly visible and has received a lot of complaints," said Mayor Francis Slay.



Pyramid plans to keep retail on the first floor of the St. Louis Centre building, but turn the second through fourth stories into condominiums at price tags up to $900,000. The plans call for removing the green-and-white aluminum cladding and making the walls mostly glass, with a series of terraces on the upper floors. Many of the condos would look onto an open-air courtyard with a swimming pool.



"Retail doesn't work here," said John Steffen, owner of Pyramid. "The only way you can have an inward-facing mall is because it is so busy on the streets, there is nowhere to go but inside. That's not the problem in downtown St. Louis."



Pyramid is asking for $34.3 million in tax-increment financing for the St. Louis Centre and Dillard's buildings, and hopes to get another $34 million in state and federal tax credits. For the Jefferson Arms building, Pyramid is seeking another $8.75 million in tax-increment financing.



Pyramid hopes to start the project this spring by tearing down the skybridge that links St. Louis Centre with the Dillard's building. It may take up to three months to tear it down, said Matt O'Leary, Pyramid's senior vice president.



"It's very difficult to tear the bridge down if the mall is still operating," he said. The mall will close no later than January, when the last lease expires. Of the current tenants, only Walgreens and a recently relocated Gold's Gym figure in the post-construction plans submitted by Pyramid to the city.



The adjoining Famous-Barr, soon to be a Macy's, will remain open, said Sharon Bateman, a spokeswoman for the store's new owner, Federated Department Stores, Inc. Her company hasn't seen the plans, she said, but is supportive of any effort to revitalize downtown.



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PostFeb 18, 2006#43

sounds exciting, and that rendering looks cool. hard to make out details, but it looks a lot cooler than what's there now.



One concern that comes to mind is how they plan to incorporate the parking facilities. Not only for the St. Louis Centre building (for which they say they will be building new parking), but particularly for the Dillard's buildng :


Former Dillard's building, 601 Washington



The old Stix, Baer & Fuller store; two buildings totaling 580,000 square feet - one built in 1906 with 11 stories, another in 1919 with nine stories



Proposed: 135 condos, 150 apartments, 50,000 square feet of retail, 47,000 square feet of office space; indoor parking for 417 vehicles


Hopefully they don't mess the building too much when cramming those spaces in.



I'll echo the over extension concern as well..... any one of these four projects that have been simultaneously announced would probably be a sizable commitment for any mid-size developer, the fact that they are saying they are doing all 4 at the same time (in addition to whatever other projects the company already has on its plate) is a bit disconcerting. One of the leading reasons for developers going under is over extending themselves, and my understanding is that Pyramid already ran into these kinds of problems once before when it started acquiring properties..... but developers, much like gamblers, can't resist going all in (in this case cause there seems to be a rush to get to the demand before other developers get to it). The problem is that when developers crap out, glossy renderings and multi-million dollar projects go up in smoke.



edit: in other words, i would rather Pyramid focus its energy on the St. Louis centre portion for now, and worry about the other buildings later. one at a time.

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PostFeb 18, 2006#44

DeBaliviere wrote:I'm looking forward to hearing what MayorSlay.com has to say about this project!


From MayorSlay.com:



St. Louis Centre



"This is a note to every developer hoping to be able to make a deal in the City and to every citizen hoping for redevelopment: John Steffen has announced ambitious plans to turn St. Louis Centre and the One City Centre office building into a mixed-use development.



These plans are possible because a public/private team, including Barb Geisman, Rodney Crim, Rollin Stanley, and Tom Reeves, kept their eyes on the goal line ? not the headlines.



Not every real estate transaction can be negotiated in a blog.



I congratulate Barb, Rodney, Rollin, and Tom for their discipline ? and I wish John good luck in getting this done."



I'm not sure what the blog reference is to?

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PostFeb 18, 2006#45

The proposal for 417 parking spaces doesn't concern me much as long as they go into where the loading docks for the mall are currently(entrance on 7th Street). I've looked inside of it a couple of times when there was still activity at the mall and it seems large enough to support parking. Perhaps they are going to install those nifty car elevators to double up the number of spots...

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PostFeb 18, 2006#46

I'm a a little confused, they're going to put all this new parking in the structure, but isn't place surrounded by parking garages? Where did the customers park back when this place still had customers?

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PostFeb 18, 2006#47

^Customers for the old mall could park in the garage on 6th street or the Famous garage.



Speaking of the garage on 6th street I really hate how there is no retail on the ground floor, it's pretty sad to walk by the cars on ground level. I think Woolworths used to be located there, but they converted it to parking when they closed.

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PostFeb 18, 2006#48

Not every real estate transaction can be negotiated in a blog.


How interesting that the PR people who write mayorslay.com felt a need to slip this in.



I think they might be paying a backhanded compliment to people like Steve Patterson at Urban Review St. Louis.



And, of course, it's a compliment to all of us humble souls here at Urban St. Louis. Nice to know the mayor's office is keeping a very public eye on our opinions.

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PostFeb 19, 2006#49

This is truly wonderful news. I saw the rendering and just smiled. Good-bye St. Louis Centre...you will not be missed.

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PostFeb 19, 2006#50

LouLou wrote:Nice to know the mayor's office is keeping a very public eye on our opinions.


I had a nice laugh at that sentence.

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