In the construction business there is no such thing as low or mid-rise buildings. You either have a high-rise building or not. According to the code any building that has an occupyable finish floor level 75' above street grade is a high-rise building and must meet the code as such. Mid-rise is a term made up by the realestate industry that has no definable meaning.
Interesting. So which is right? The construction industry or the real estate industry? It doesn't seem too problematic, to me, that each industry has its own definitions.
What definition needs to be fine tuned - it seems - is what makes low, mid or high rise by the real estate industry.
Well, being an architect and having to follow the building code (sometimes i feel joined at the hip to IBC 2003), I'm going to stick with their definition.
This building is A LOT larger than I thought it would be. In the pictures it didn't look as if it would have such an imposing presence but after driving by the other night it appears it will really dominate the surrounding area.
St.Louis UAB alumni wrote:This building is A LOT larger than I thought it would be. In the pictures it didn't look as if it would have such an imposing presence but after driving by the other night it appears it will really dominate the surrounding area.
I'm also suprised by the size. Driving west on FPP it really is an interesting look.
If the development along Forsyth gets built this area of Clayton could be very very different from just a few years ago. Would prefer to see the construction downtown/midtown/CWE; but anything east of 170 is okay in my book.
Developers of Clayton ‘retail village’ ask for city funds
By Mitch Schneider
Posted Wednesday, December 20, 2006
The area of development around the Ritz Carlton in Clayton could be expanding, as the developer of one project currently under way in the area has presented a preliminary concept plan for another project in the area.
However, this one comes at a price that potentially could involve the use of tax increment financing.
On Dec. 12, the Clayton Board of Aldermen held a discussion session for the preliminary concept plan for a proposed development by Mark Mehlman Reality between Carondelet and Forsyth. The project would be located east of the Crescent, a condo complex that the developer is currently working on.
“The project has a new dynamic, which is the nearby new MetroLink stop,” said Tyler Stephens of Schwetye Architects, which is working on the project with Mehlman. “This sits in a key location where the two streets come together, and people will converge on the site. This is an outdoor retail village; it is not a mall. The main thing is that there are two legs to the design, along Carondelet and Forsyth, creating a pedestrian flow.”
The project is tentatively scheduled to include 100,000 square feet of street-level retail space, as well as 100,000 square feet of office space, a 100-room “boutique” hotel and a 750-spot underground parking garage. The project will approach a total of approximately 750,000 to 800,000 square feet.
Before the project can proceed, however, one issue to be addressed is its cost. Jim Mello, an attorney who is working with Mehlman on the project, said that cost is currently being estimated at $100 million.
“To make this project a reality, it can’t be done without a public-private partnership,” Mello said. “We feel that it is clear that it cannot occur without some assistance, like a TIF, and we felt that it was important to disclose that initially. It would be disingenuous for us to present the concept and not address that issue, but these are very preliminary numbers and not cast in stone.”
Mello said the developer currently would be able to obtain approximately 80 percent of the needed funds through private financing, leaving about $20 million that would have to be obtained through other sources.
He said several options were being considered. He said one option would be the creation of a Community Improvement District or Transportation Development District for the development area.
Mello said that a 1 percent sales tax from a CID would generate approximately $4 million. Another option that was discussed was a hotel sales tax applicable to room rentals in the new hotel. Mello said that for every dollar collected from the tax, 50 cents would go toward paying off the project. He said it is expected that this would generate approximately $1 million.
The $4 million collected from the possible CID or TDD, in addition to the $1 million from the hotel tax would leave approximately $15 million in TIF funds.
“TIFs have quite a long process, including the formation of a TIF commission, and we would like to get the discussions going to see if this is something the city would even consider,” Mello said. “TIF commissions typically take a minimum of four months [to consider a TIF request] but the first decision to be made is, ‘Is this something the Board [of Aldermen] would like explored at all?’” Mello said.
Mark Mehlman of Mehlman Realty contended that the development could be a major step for the city, saying that he wants to work with the city to take the next step forward in the process.
“We want to bring retail back to Clayton,” Mehlman said. “The Crescent was the catalyst and this is the clincher. You would have people walking up and down both Carondelet and Forsyth. It would be everything Forsyth needs to be.”
Clayton officials said they would consider the financing request and use it as an opportunity to look into financing options that the city has not yet used, including CIDs and TIFs, but added that it is too early in the process to form opinions about the proposal.
Went for a drive today. All the steel is up and they are beginning to lay the brick on the exterior. Headed toward the Ritz circle from hanley, the buildings are really quite imposing on the street. I like it.
^ Thanks for the pics UAB. That building has quite a presence on the circle drive, it kind of reminds of the new wider hotels in Vegas like the Bellagio. Does anyone know if this is sold out? I had heard Maryland Walk was not selling so fast so I wondered if this project is in a different echelon.
It was an inside joke. Il Bel Lago began its life as Cafe Bellagio, until a nice man in a dark suit showed up and served them papers regarding trademark rights of a certain property in Las Vegas.
bonwich wrote:It was an inside joke. Il Bel Lago began its life as Cafe Bellagio, until a nice man in a dark suit showed up and served them papers regarding trademark rights of a certain property in Las Vegas.
no no, I know, I ate there before they changed the name. Seriously - can they copyright a business name like that? I mean, I'm sure 'pasta houses' exist in more places than the STL area
I got the news letter from Pulaski Bank today, and in it they said
our new Clayton location is expected to open late fall 2007, and will be located at the Crescent, a mixed use residential and retail development currently under construction. The location is located adjacent to the Ritz-Carlton Hotel in the heart of Clayton at 175 Carondelet Street.
Our Expansion plans include opening a bank in downtown St. Louis with in the next year. We are currently engaged in negotiations for (an) appropriate location
-also-
On January 5, 2007, we will open the doors to our newest location, across the street from St Mary's Hospital on the corner of Bellevue and Clayton Roads
They are, according to their news letter, at near $1 billion in asset size with a goal of over $1.5 billion within 5 years. Looks like the bank is doing really good and is expanding inwards toward the urban core (3, soon to be 4, banks in the city of St. Louis and only 2 in St. Charles County).
Its funny how New Yorkers are fighting the expansion of retail banks in their neighborhoods. They feel banks are driving up rents by paying top dollar, taking the prime retail locations, and decrease pedestrian activity especially during off hours. Perhaps we should learn from them and take the long term view.
^^ if St. Louis (or any other city for that matter) had the "problems" that NYC had -- i would be greatful. They are worried about another million people living in the city within the next 10 - 15 years. DARN! They are complaining about top dollar businesses like banks (they have it so good they can pick and choose who develops - and I am not talking choosing the Sauget Ballet or a biker bar). NYC is 3 Neil Armstrong "giant leaps" ahead of any other city... All I want is another decent sized bank to be based here.
