urbanSTL

Mark Groth wrote:

dredger wrote: A new public park would be added around that time.

They’re cleaning the Vanguard Truck site out now and hope to announce plans for that portion of the area soon, Odell said. 

Does anyone know if this park will be an official St. Louis park or maintained by the owners? Also will Vanguard truck move to another city location or are they calling it quits or moving to the burbs?

I believe they already moved to St Charles

Scout Real Estate Group has put up signs on the old Vanguard Truck site. I guess this means that they'll start pre-leasing retail/office space. There is a sign along Chouteau and Jefferson. I attached the Chouteau sign below (sorry for it being dark). Nothing on their website or other real estate listing sites yet but I'll keep my eye out.

Mark Groth wrote:

dredger wrote: A new public park would be added around that time.

They’re cleaning the Vanguard Truck site out now and hope to announce plans for that portion of the area soon, Odell said. 

Does anyone know if this park will be an official St. Louis park or maintained by the owners? Also will Vanguard truck move to another city location or are they calling it quits or moving to the burbs?

This is an important distinction.  If it becomes an official city park, it will then take a citywide vote in order to develop it later.  If the developers maintain the park, they can develop it later.

debaliviere wrote wrote:

ImprovSTL wrote wrote:Whats' the deal with that little factory up the hill from this. Always felt it would make amazing lofts. 2115 Hickory St.

The owner applied to demolish it back in 2016 but was denied.  Not sure what's happened with the property since then.

The ivy on the west side has flourished, but that is about it.

This building is shown at the top of the recent site rendering for this project, so I looked it up on Google streetview, from which its long-term vacancy is apparent.

It is owned by Jeffrey E. Smith Investment since 2001 (the developer of Lofts @ Lafayette to the east), and it has been vacant for at least the last 14 years.  Current on the property tax at $22k a year, but it doesn't look like he has put a dime into the building since he bought it beyond what the city made him; to secure it and clean up weeds, trash, graffiti.  Odd.

Of course, if all the infill happens to the west, I guess he will hit the jackpot.  (just kidding, I know who he is) 

I wonder what's going on here. The jackhammer thing was removed over a week ago and no site prep is ongoing like Bill Odell said would happen. I'm beginning to have my doubts about this but I know that a project of considerable size takes time. Anyone hear anything different?

chriss752 wrote:  no site prep is ongoing like Bill Odell said would happen. 

Real world 101. 

Of all the major projects in St. Louis right now, this is the one that I'd pick to go the way of the Bottle District.

KansasCitian wrote: Of all the major projects in St. Louis right now, this is the one that I'd pick to go the way of the Bottle District.

Not my choice for going the way of Bottle District for a couple reasons.  I think the project progresses in fits and stops and starts again.  Residential is a good mix of townhomes and phased mixed use that doesn't get too ambitious (no high rises), hotel would fit in well and proximity to downtown is a big plus for current market & demand, office and retail is there might minimal, and finally next too a very strong established neighborhood.

Instead, I put Iron Hill in the bottle district camp right now due to all the strong developments within central corridor, city and county, that it has too compete against.   Take your pick, Iron Hill is competing outright against CORTEX/CORTEX K/Foundry/Armory, Clayton CBD with Centene/Forsyth Point the lasts, The Boulevards/Sansone Brentwood ave tower, 39 North and so on

Iron Hill is another great contender for Bottle District status. 

urbanitas wrote:

debaliviere wrote wrote:

ImprovSTL wrote wrote:Whats' the deal with that little factory up the hill from this. Always felt it would make amazing lofts. 2115 Hickory St.

The owner applied to demolish it back in 2016 but was denied.  Not sure what's happened with the property since then.

The ivy on the west side has flourished, but that is about it.

This building is shown at the top of the recent site rendering for this project, so I looked it up on Google streetview, from which its long-term vacancy is apparent.

It is owned by Jeffrey E. Smith Investment since 2001 (the developer of Lofts @ Lafayette to the east), and it has been vacant for at least the last 14 years.  Current on the property tax at $22k a year, but it doesn't look like he has put a dime into the building since he bought it beyond what the city made him; to secure it and clean up weeds, trash, graffiti.  Odd.

Of course, if all the infill happens to the west, I guess he will hit the jackpot.  (just kidding, I know who he is) 

This property (2115 Hickory St.), and the 4 story apartment building and parking lot to the east (2101 Hickory St.), were purchased by Emerald Equity Group last month.  Emerald Equity is the NYC real estate investor that owns the Westmoreland / Congress / Senate / Annex complex in DeBaliviere Place.

I'm guessing more acquisitions are to come since the lot provides parking for Lofts @ Lafayette, and the 4 story building is part of / attached to it.

Killeen Studio Architects is going to the Board of Adjustment to appeal the denial of a zoning permit for 2300 LaSalle. The meeting is August 14th. 

^I think it's ok if he abstains from voting on his own project. Many Killeen Studio projects have come up at the Preservation Board but I don't know if he voted on any of them. 

From the Preservation Board agenda:

Address: 2201-45 HICKORY STREET
Project Description: Construct 14 detached and attached townhouses.
Jurisdiction: Lafayette Square Historic District
Ward: 6 Owner: LSNW Hickory LLC
Applicant: Lafayette Reserve, LLC 

BTW, here's the website for Lafayette Reserve, with renderings: https://lafayettereserve.com/

pattimagee wrote:Is this still Bill Odell's project? Or is this another project just in the Mackay Quarter? 

Hope Bill's project is still getting the green-light. 

These are the 14 detached townhomes mentioned in the April P-D article linked above on this page (quote below).  Not sure yet whether it is the Odell group specifically that is developing it, or a partner.  In any case, the elevation looks promising, better than what I was expecting.  The devil is in the details though.  A rendering would be nice.  Cute that they named the models after old NHL Divisions / Conferences.

Odell said an additional 14 detached town homes will be constructed as part of the first phase. But much of the initial work requires upgrading the old utilities and other infrastructure in the former industrial area. Odell said the group hopes to begin a 150-unit apartment building on the Praxair site early next year, but timing will depend on the infrastructure work. A new public park would be added around that time.

pattimagee wrote:Is this still Bill Odell's project? Or is this another project just in the Mackay Quarter? 

Hope Bill's project is still getting the green-light. 

I checked and I'd say the Odells are still involved, as the contact address for the property owner, LSNW Hickory LLC, is their home address...lol 

Interesting that they acquired this property from the LRA two decades ago, and the only thing developed was a forest growing up through the cracks in the asphalt... 

TWO DECADES AGO?!

Fully understand supply and demand but...wow.

^I should mention that the property borders the Praxair site, which blew up in June 2005.  So, it's a good thing that it wasn't occupied then, as anything built there would have been toast, and in any case development of the site for residential would have been unrealistic until at least 2006.  That said, it's Lafayette Square, and it's been 13 years...

I am also tired of seeing instances of this same story repeated all over the city:  Well-connected  developer accumulates properties from the LRA for nothing, and then sits on them for a decade or more doing little to no maintenance, whilst accumulating adjacent properties at reduced value, until large-scale development becomes low-risk and profitable...

^Probably extremely controversial, but the way the city is assessing property seems completely F'd. Those that actually invest in the city and live here get hammered with massive increases while the people with property directly adjacent investing nothing and not benefiting the city's tax base remain at the same rate. It encourages idle property accumulation and punishes those with active property who are also likely paying city income tax/contributing to sales tax receipts/etc etc.

I don't care if you hold a POS property across the street from me, if my property tax increases yours should increase proportionately. There's a cognitive dissonance there. Either theirs is worth more or mine is worth less. It can't be both at the same time. We have property tax going up 15% annually on owner occupied homes while it is increasing 1% on land banked properties. What the hell are we doing. It's idiotic.

newstl2020 wrote:^Probably extremely controversial, but the way the city is assessing property seems completely F'd...  ...There's a cognitive dissonance there... ...What the hell are we doing. It's idiotic.

Yep, you pretty much summed it up.