I just saw in the STL Business Journal a note about the Alverne being under contract. Does anyone know anything more about this? The last I'd seen about it was that it had gone into foreclosure.
- 8,155
^ not sure. but I did just see a pic somewhere this week of work being done to restore the facade of the Bride's House, so something definitely seems to be in the works.
- 2,940
Pardon the hyperbole, but I think this could be the most significant redevelopment in Downtown right now. Noting location, history, condition of the structure, and the state of market demand for both housing and office space - if this is going forward with a productive development, then that bodes very well for Downtown and STL in general.
It's really the last big building to not be redeveloped in the core of Downtown. If this is underway... Good times indeed.
It's really the last big building to not be redeveloped in the core of Downtown. If this is underway... Good times indeed.
- 252
^ I agree. With the Bride's House Building moving forward, and the Roberts Brothers buildings & theatre (hopefully) moving forward, then this quiet street could really come alive.
Does the article say there is a plan, or just being bought?
Could be great student housing for SLU law
Could be great student housing for SLU law
- 11K
^ just states it's under contract - while student housing makes sense, it seems that every building is suggested for student housing these days.
The reason I thought this one might be better for student is the small windows - that would be a hard sell in market rateAlex Ihnen wrote:^ just states it's under contract - while student housing makes sense, it seems that every building is suggested for student housing these days.
- 3,235
Could someone post the article or a blurb talking about this development?
downtown2007 wrote:Could someone post the article or a blurb talking about this development?
The adjacent Alverne is under contract.
- 1,320
Not many details...
http://www.bizjournals.com/stlouis/prin ... opers.htmlIn October, Dr. Daniel Cook and his wife, Anne Leners, bought the vacant Bride’s House at 1010 Locust and now are working on plans to renovate the building. The adjacent Alverne is under contract. “Those are two projects that were laying dormant for years ...
I know a Business Journal story in February stated that The Alverne was under contract. I'm not seeing evidence that the buildng ever sold. At the same time, I'm not hearing that it is being actively marketed to potential buyers, either.
The Alverne has been owned by Blue Locust Holdings LLC of Newport Beach, CA for the past six months. The listed street address in city records is that of Sabal Financial Group, which specializes in purchasing distressed real estate loans. I can only assume that this is the firm that ended up with the property after forclosure.
Incdently, a Blue Locust Holdings LLC was also also registered in Missouri last year by commercial real estate lawyer Michael Daming of The Wasinger Law Group of Brentwood. No indication of their client's real identity, or whether their client is still or ever was involved with the Alverne.
Anyone know the rest of the story? Any updates that (unlike this one) actually contain relevant information?
The Alverne has been owned by Blue Locust Holdings LLC of Newport Beach, CA for the past six months. The listed street address in city records is that of Sabal Financial Group, which specializes in purchasing distressed real estate loans. I can only assume that this is the firm that ended up with the property after forclosure.
Incdently, a Blue Locust Holdings LLC was also also registered in Missouri last year by commercial real estate lawyer Michael Daming of The Wasinger Law Group of Brentwood. No indication of their client's real identity, or whether their client is still or ever was involved with the Alverne.
Anyone know the rest of the story? Any updates that (unlike this one) actually contain relevant information?
Good news for the Alverne. Think he'll make the windows bigger?
StlToday.com - Apartments planned for vacant Alverne building
StlToday.com - Apartments planned for vacant Alverne building
http://www.stltoday.com/business/column ... bb93a.htmlDeveloper Brian Hayden bought the 15-story building on Thursday for $550,000. He said today that the bargain price and the good location made the purchase a good deal.
Wow...that's amazing. I really thought that building was finished.
Those plans sound amazing.
Those plans sound amazing.
- 1,320
I'll be interested to see finishes and plans. This will be his third building downtown. The first was disappointing. We haven't seen a lot of specifics on the second.
Great news; sounds like an interesting project. I love this developer's "just do it" attitude.
- 933
This and the Bride's House building finally becoming residential should really help make this block a lot more lively. Maybe the added residential will encourage some retailers to lease the space in the 2 vacant corners at 10th. The hotel project should help too.
- 8,155
I could be wrong.... but the decision to forego htc may be b/c he doesn't really do historic renovation? As Presby said above, his first project at the "W" was rather cheesy; his second was a modern tower so I don;t know if htc was even an option.... hopefully this one will be true solid.framer wrote:Great news; sounds like an interesting project. I love this developer's "just do it" attitude.
- 933
Hopefully this will bring some families downtown. Maybe it can attract some retail to the nearby vacant storefronts.
roger wyoming II wrote:I could be wrong.... but the decision to forego htc may be b/c he doesn't really do historic renovation? As Presby said above, his first project at the "W" was rather cheesy; his second was a modern tower so I don;t know if htc was even an option.... hopefully this one will be true solid.framer wrote:Great news; sounds like an interesting project. I love this developer's "just do it" attitude.
Maybe the developer finds the requirements of using the historic tax credits prohibitive. Especially if he has to make significant changes to the building in order to make it marketable. The tax credit requirements might make it difficult to alter the unattractive small windows, for instance. Hopefully it'll turn out to be a creative re-use of the building. But even simply making this building occupied would be a definite improvement over its current condition or its likely fate (demolition for surface parking) without his redevelopment.
- 933
Any kind of renovation would be good for this building. You can practically smell it as you walk by. When I worked on 10th street I would walk past the Alverne all the time on my way to the White Knight and wonder what it would be become and when. It's wonderful that they're finally making something out of it.
- 118
putting aside the design/finishes discussion a great positive of a developer like Hayden is that he is broadening the developer market for downtown projects, showing that its not a requirement to have an army of lawyers, accountants to manage the tax credit development projects, rather he is taking a market based approach and largely self funding (as far as i know...could be wrong).
the nice thing too is he is at risk for his design choices based on how the market responds and is also demonstrating to other developers (local and national) that there is not a single shotgun approach to projects downtown (ie: historic tax credit funded loft condo/apartment). What i think that means is that the playing field is being opened up even more for developers of various types and could suggest that residential new construction may be closer than ever.
the nice thing too is he is at risk for his design choices based on how the market responds and is also demonstrating to other developers (local and national) that there is not a single shotgun approach to projects downtown (ie: historic tax credit funded loft condo/apartment). What i think that means is that the playing field is being opened up even more for developers of various types and could suggest that residential new construction may be closer than ever.
- 252
It looks like they are already starting to gut this building. I saw workers filling a dumpster in the alley this morning.