urbanSTL

Got off the phone with Kelli from the Syndicate sales office. She said that after the sales center party on Thursday, the prices would increase 3%, and then another 3% after Friday....so a total 6% increase by this weekend. Hmmm...

mbow76 wrote:

ZORA97 wrote:Does anyone know what the condo fees are? Are the property taxes abated?

I know that the fees are reasonable, but I don't know the price per sq. ft. off hand. I do know that the property is not tax abated and the few properties that I checked out said that is becoming a thing of the past. I might be wrong about that, but you only seem to read about a property being tax abated if it is up for resale.

The property is not tax-abated because they are using a TIF. You can't have both. The property taxes are funnelled to pay off the TIF.

bywayofSTL wrote:Got off the phone with Kelli from the Syndicate sales office. She said that after the sales center party on Thursday, the prices would increase 3%, and then another 3% after Friday....so a total 6% increase by this weekend. Hmmm...

Did she give you an idea how many were reserved?

No, she didn't. However I forgot to ask. She did tell me that the condo-fees were going to average $225 give or take....but once again I forgot to ask what exactly was included in that fee. Wow....I'm such a big help!

No big deal. I plan to be at the party tonight, but of course I like to hear any updates and I am just anxious.

mbow76 wrote:No big deal. I plan to be at the party tonight, but of course I like to hear any updates and I am just anxious.

I'm anxious too as think this will be an awesome project. Ran into someone last night that said the sales center looks amazing. I think there are around 20 reserves so far and bet they get another 20 or so tonight.



I took one of the bigger units that has a private outdoor patio which will look out over the community patio one floor below. I'm very excited about this one. Location is prime! and like the fact that all for sale residential start on higher floors and like the fact that it is off Wash Ave. but only a couple of blocks walk to it.

Not sure if you want to answer this in the open forum, but I also have a reservation and I think we have 60 days from tonight to come up with the remainder of the money. Do you know if it is 5% of the sale price or what the amount is? I can't find it anywhere in my papers.

mbow76 wrote:Not sure if you want to answer this in the open forum, but I also have a reservation and I think we have 60 days from tonight to come up with the remainder of the money. Do you know if it is 5% of the sale price or what the amount is? I can't find it anywhere in my papers.

I do not think it is 60 days, I think it is 120 days. And not sure what remainder will be. At Printer's it was around a total of $5,000 due at contract (that included your intitial deposit). At Moon it was a total of $6,000 due at contract. So think The Syndicate would be in that ballpark. I'm sure you can get that answered tonight though.

I've already bought at Ely, but usually go to the grand openings to see the other projects and the price ranges...and I must say, the Syndicate display tonight was one of the nicest yet.



Great development to anyone that buys here.

It's 120 days. It was a great event - good food, great wine. Kelli said she was hoping for 20-25 reservations, and I'm sure she got those by 8 o'clock. I did some quick calculations and the average price for corner units was 200 sq ft, and 190 sq ft for units with fewer windows. It sounds expensive, but really, considering the finishes and location, I think it's a bargain. My only reservation was that half the building will be rental units. I have the price list and standard feature sheet if anyone is interested.

The thing that I LOVE about this development, and all other eastern-ish developments (Marquette, Paul Brown, etc.) is the area. You just feel comfortable around the Olive and 10th area...City Grocers, JPs, SBC, etc. That area is already built up and has character.



I'm hoping by the time the western loft district (Ely, Ventana, Windows, etc.) is said and done, it will have the same feel...only with newer stores and venues.

My only sense of uncertainty is the washer/dryer. I wasn't there long, but they were telling me that it has to be a special type of washer/dryer with some kind of vent system that will probably cost around $2300. It is fine that I would have to buy it myself, but I couldn't believe the price. If anybody has any additional info or can clarify this for me that would be great. Other than that I hope they got a ton of reservations and start working.

mbow76 wrote:My only sense of uncertainty is the washer/dryer. I wasn't there long, but they were telling me that it has to be a special type of washer/dryer with some kind of vent system that will probably cost around $2300. It is fine that I would have to buy it myself, but I couldn't believe the price. If anybody has any additional info or can clarify this for me that would be great. Other than that I hope they got a ton of reservations and start working.

The utility rooms are not vented to the outside so they tell you to buy a ventless dryer which is on the pricey side. BUT you can go down to Home Depot and buy a vent box for any standard dryer. It is about the size of a shoe box and has a removable vented top to it. You fill it with about an inch of water and attach your dryer to that. It cost like $15 and you're golden. Just crack the door to the utility room when in use to let a little of the humidity esacape.

So I can still buy a normal washer/dryer either stackable or not and then purchase this additional attachment and be fine?



I guess since I am a first time buyer of anything I want to make sure this is not them just trying to get around adding the vent system to cut costs.

mbow76 wrote:So I can still buy a normal washer/dryer either stackable or not and then purchase this additional attachment and be fine?



I guess since I am a first time buyer of anything I want to make sure this is not them just trying to get around adding the vent system to cut costs.

Yes you will be fine. I live in a loft and have the exact same set up.

State Tax Credits Will Be Used to Redevelop Syndicate Trust Building

ST. LOUIS, (SLFP.com), February 26, 2006



- Gov. Matt Blunt has announced the approval of state remediation tax credits that will help launch an $82 million rehabilitation of the Syndicate Trust Building into a mixed use facility that will house several new businesses and support at least 268 new jobs.



The Missouri Department of Economic Development approved up to $4.1 million in Brownfield Redevelopment Program remediation tax credits for the property located at 915-923 Olive St. The tax credits will help offset costs involved in the cleanup of environmentally hazardous materials at the site, which has been vacant for the past decade.



"The Brownfield Redevelopment program enables the state to facilitate the creation of new jobs and new businesses in places where structures exist, but have been neglected and no longer contribute to the local economy," Blunt said in an announcement. "The rehabilitation of the Syndicate Trust Building will further complement the strong, ongoing revitalization efforts in downtown St. Louis as it draws even more jobs and investment back into the heart of the city."



Syndicate Partners LLC plans to purchase and redevelop the building that was built in 1906. The turn-of-the-century, 16-story brick and stone structure has served as retail and office space. Once the project is complete, the new tenants will include two restaurants, a home furnishing store, an art gallery, a property management office. It will also feature residential housing units and a parking facility.



The property meets the under-utilization requirements of the Brownfield Redevelopment Program and was accepted into the Department of Natural Resources' Voluntary Cleanup Program in August.



The Brownfield Redevelopment Program provides financial incentives for the redevelopment of publicly owned commercial/industrial sites that were abandoned because of contamination caused by hazardous substances.



ST. LOUIS FRONT PAGE NEWS

http://www.slfp.com/stl-news.htm

Anyone have any updates or thoughts since the opening party?

I got a new price list in the mail today. The loft I was interested in at the opening is now $6K more. I guess this was previously advertised, but its still hard to swallow. From what I understand, this is the new price, and there's no going back.

mbow76 wrote:Anyone have any updates or thoughts since the opening party?

Some thoughts are this. I think it's going to be an awesome project but will take some time to sell. Prices may seem a bit high so might take some time for people to do their research and realize that you are getting a whole lot for your money.



The location is supurb. Blocks from the ballpark and bp village, blocks from The Bottle District, blocks from the landing and Pinnacle's new casino, right next door to the OPO and blocks from everything on Wash Ave.



I thing this building will appeal to a slightly older demo of which usually has more money, yet is still hip and cool enough to appeal to the younger demo too thus achieving a broader market. Basically I am very excited to see this starting to come together.

I recently was in St. Louis as I am moving there sometime late '06 and was very impressed with the work being done. Seems like it is everywhere. Talked to a bunch of people and I think that I plan to live downtown. The Syndicate seems to be right in the heart of it, but unfortunately it will not be ready for over a year. It looks like a great project, but again I am new to all of this so any advice would be great.



Kudos to St. Louis for even having a site like this to share ideas.

Pitt, welcome. It's a very exciting time to be moving to STL and to be downtown, so I think your choice to live there is a great one. Prices are still very reasonable and there are several awesome projects opening now through 2008. If you are moving later this year, I think there's only a couple of new developments that will meet your timeline. I think Lucas Lofts, and Bankers have a few lofts left as does Moon Bros (same developer as the Syndicate). I think the Meridian might work as well. Dorsa is opening early 2007. You may also want to give Jacob development a call about their projects - Ventana and Bogen as well as Orchard (Ely Walker) about their timelines. Good luck!

On their site, they list Flexcar availability. Is this just for residents in the Syndicate Trust building or is Flexcar going to come to St. Louis with multiple locations? I've heard of City Carshare in San Francisco and the idea intrigues me.



This is something that interests me because I'd like to move somewhere in the city (I'd love to be in this building, but I doubt I'll be able to) after high school if I stay in St. Louis for college. I'd love to not have to own a car but I would still be coming out to west county a couple times a week. This could be a very viable option for me. It would be awesome if the only time in my life I owned a car was the last couple years in high school!

I think that is a great option. Not exactly sure how it works, but sounds interesting.



I heard that they were up to 23 reservations. Anybody know anything different or if this is a high/low number at this point in time? I also understand that this does not necessarily mean that these people will buy.

The following is an article about the developer Sherman Associates. It goes into some detail about the Mpls market, but it gives a great description of the developer and his path to success.



A quiet approach

By Burl Gilyard, F&C Real Estate Writer

May 25, 2006



Thousands of people drive by the headquarters of Sherman Associates every day without even knowing it. That?s just fine with George Sherman, president of the Minneapolis-based multi-family housing developer and owner.



Even as he has built his company into a large player in local development circles and beyond, Sherman prefers to stay behind the scenes, below the radar. You won?t see Sherman rubbing elbows or slapping backs at local real estate trade association meetings. That?s not his style. Sherman figures that his track record is his calling card.



?Do a good job, let your product speak for itself and let your reputation speak for itself,? Sherman said in a recent interview in his office.



Sherman says Sherman Associates develops $250 million to $300 million in projects every year, including 400 to 500 units of for-sale housing and 400 to 500 rental units. Sherman Associates owns 5,000 apartment units in the upper Midwest; Sherman developed approximately half of those units. The firm employs 130 people, including 20 who work in development. Sherman, 52, is the sole owner of the company.



Sherman?s track record is increasingly prolific. His firm has no shortage of work in the pipeline, with 25 projects in various stages of development.



?We do everything from affordable housing to million-dollar, for-sale condos,? Sherman said. ?Our projects are all different. None of them are cookie-cutter.?



Locally, the list includes the Zenith condominium project near the new Guthrie Theater, which will combine 150 to 160 condo units with a new 150-room hotel. Near Uptown, Sherman has plans to redevelop a portion of the Bennett Lumber site for 150 to 170 condo units.



In New Brighton, Sherman will build 200 condos and executive townhomes as part of The Landings at Long Lake in New Brighton, where Sherman is the co-developer with the Rottlund Co. The planned Central Avenue Lofts at 24th Street and Central Avenue in northeast Minneapolis will combine a new U.S. Bank branch and other commercial space with 70 apartments, both market-rate and affordable units.



At the former Sears site in south Minneapolis ? now known as Midtown Exchange ? Sherman Associates recently completed 221 apartments and 88 condominium units as part of the mixed-use project.



?That?s been a tremendously successful project for everyone involved,? Sherman said.



A formal grand opening for the project is scheduled for Saturday, June 3.



In recent years, Sherman has branched beyond the Twin Cities. The firm has current development projects in Milwaukee, St. Louis, Kansas City, Des Moines, Duluth, La Crosse, Wis., and Palm Springs, Calif.



In St. Louis, the firm has partnered with a St. Louis firm on the $85 million redevelopment of the historic Syndicate Trust Building into 175 units of for-sale condos and rental apartments. In Duluth, Sherman Associates is developing 311 Superior, which combines a 147-room Sheraton hotel with 33 luxury condominium units. In Kansas City, Sherman is part of a development team that will redevelop a 12-block area, adding nearly 1,200 housing units.



Not bad for a guy with a biochemistry degree from the University of Minnesota. Sherman worked as a biochemist for a few years after college, until he heeded the advice of a college friend to pursue real estate.



At first blush, there would appear to be no natural connection between the discipline of biochemistry and the intricacies of the real estate business, but Sherman notes that both require attention to numbers and detail.



?Real estate, at least in my world, is a lot of numerical, financial analysis. Biochemistry includes a strong understanding of mathematics,? said Sherman, adding that both fields also require an ability to track numerous elements simultaneously. ?In biochemistry you may have 10 or 20 things going on at once. I think you have to be able to keep track of numerous components at one time.?



Sherman believes that one of his firm?s fortes is its knack for working through complex financial deals that involve myriad sources of public and private financing. He cites the Sears project and the St. Louis redevelopment as two examples.



?It involves very, very complicated tax credit and tax increment financing. I think it?s one of the things that sets us apart,? Sherman said. ?Every development company has to have some sort of a niche. You do what you can do.?



Sherman began his real estate career quietly.



In 1978, he bought a 14-unit apartment building at 27th Street and Humboldt Avenue South near Uptown in south Minneapolis. A year and a half later, Sherman converted the building into condos.



?It was kind of the heyday of the first condominium rush in the Twin Cities,? Sherman recalled. ?Back then, condominiums were selling for $35,000 to $40,000. Back in those days, I was doing the work myself.?



The units sold, and Sherman found himself with a new career.



?We were always involved in urban development,? Sherman said, recalling his earliest work in the Lake of the Isles area and on the north side of Minneapolis.



Since he first got into the business, Sherman says that construction costs have tripled.



?We could actually build a townhome in the ?80s for $70,000 and make a little bit of money,? Sherman said.



Throughout the 1980s, Sherman and partner Nick Boosalis ran the firm Sherman-Boosalis. They parted ways and Sherman launched Sherman Associates in 1991.



?I think we wanted to go in different directions,? Sherman said. ?Partnerships are not the easiest things. You either have to agree on everything or nothing.?



In the apartment business, Sherman hasn?t sold a building since the mid-1980s, taking a long-term view of the market. He sees the rental market rebounding after several years in the doldrums. But even in recent years, Sherman kept up the pace of developing about 500 rental units annually.



?It tends to be counter-cyclical to the for-sale market,? Sherman said. ?It?s improving.?



Through a joint venture with Minneapolis-based Lander Group ? Lander Sherman Urban Development ? Sherman has developed the Midtown Lofts in Minneapolis and more than 450 units in various projects such as Printer?s Row in the emerging Wacouta Commons area of St. Paul.



?I think it?s kind of winding down,? Sherman said of the joint venture. ?It?s always been on a case-by-case basis.?



Michael Lander, president of the Lander Group, says the joint venture has been a good fit.



?It?s gone great, it?s a tremendous partnership,? Lander said. ?I think that the market is changing here. We are separate companies. As we made a plan at Lander Group about where we?re going, I do imagine we?ll be doing a lot less things with them.?



Lander says Sherman has a knack for the financial intricacies of complex deals.



?His forte is in the nexus of public-private development. He?s willing to go into development situations that require public support,? Lander said. ?He?s taught multiple cities how to do this stuff and use the various tools. He goes where others will not.?



Sherman?s aforementioned headquarters? The firm is based on the second floor of the building best known as home to The Old Spaghetti Factory restaurant at 233 Park Ave. S. The building sits within blocks of the new Guthrie Theater and an explosion of new condominium development, including his firm?s own Zenith project.



Sherman bought the 55,000-square-foot building, which dates to 1906, in 2001 for $1.95 million and later bought the adjacent parking lot.



?It was a very classic building, and our staff very much wanted to be downtown,? Sherman said. Sherman praises his staff as talented and hard-working. ?This is not a golfing crowd,? Sherman said.



Sherman Associates owns more than 500,000 square feet of commercial buildings.



?It?s less than 10 percent of our business,? said Sherman, but he predicts doing more commercial property in the future.



?I think we?re getting more experience with it, and it is fitting into more of our mixed-use projects. Our portfolio is growing. More and more cities are asking us to do commercial as part of our development,? Sherman said.



As the condo market shifts and slows down, Sherman has some advice for would-be developers.



?Don?t go out there thinking you can sell anything,? Sherman said. ?Number one is go with location in today?s adjusted market.?



?I think there?s going to be a number of projects that don?t happen. There needs to be and will be a slowdown,? Sherman said.