Does anyone know when the TIF will be complete? How does the process work exactually? Thanks.
^ TIF Commission and meeting dates: http://stlouis.missouri.org/sldc/tif.html.
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General Growth, owners and operators of the Galleria in Richmond Heights as well as hundreds of other successful shopping malls across the country, is leasing and operating the Mercantile Exchange retail space for John, and has interested a number of mainstream retailers in the Laurel and 555 Washington spaces
There must be some mistake, Bill McClellan says nobody will shop downtown and retail won't work, and everybody knows it.
Who are these General Growth people? What do they know about anything?
There must be some mistake, Bill McClellan says nobody will shop downtown and retail won't work, and everybody knows it.
Who are these General Growth people? What do they know about anything?
I fail to understand how he has a job in journalism. I suppose he's just the result of all the cost cuts in the publishing industry...
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awrhodes wrote:There must be some mistake, Bill McClellan says nobody will shop downtown and retail won't work, and everybody knows it.
Who are these General Growth people? What do they know about anything?
I fail to understand how he has a job in journalism. I suppose he's just the result of all the cost cuts in the publishing industry...
He's not a journalist
People, people, BM is a columnist who deals in satire. He is not a urban planner. He is not an expert on urban design. So, lighten up folks. He writes nearly all his columns tongue in cheek. Ultimately, he is a friend of the city, not deserving of your vitriol
However, one thing BM is--a keen observer. He's right about retail downtown. I work in 555 Washington and walk the Wash Ave. daily, 7 days a week. Very very few people are shopping down here folks. I wish it weren't true, but alas, it is. Without subsidies, retail is a hard hard business in downtown STL. There's simply not enough foot traffic/population to make it very profitable.
Heck, even Schnucks is getting a 50% subsidy to open a store. Think about that. There's not one drug store in downtown, yet opening a grocery with a drugstore still needs a 50% subsidy. yikes.
However, one thing BM is--a keen observer. He's right about retail downtown. I work in 555 Washington and walk the Wash Ave. daily, 7 days a week. Very very few people are shopping down here folks. I wish it weren't true, but alas, it is. Without subsidies, retail is a hard hard business in downtown STL. There's simply not enough foot traffic/population to make it very profitable.
Heck, even Schnucks is getting a 50% subsidy to open a store. Think about that. There's not one drug store in downtown, yet opening a grocery with a drugstore still needs a 50% subsidy. yikes.
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SoulardX wrote:Very very few people are shopping down here folks.
Very very few places to shop.
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SoulardX wrote:People, people, BM is a columnist who deals in satire. He is not a urban planner. He is not an expert on urban design. So, lighten up folks. He writes nearly all his columns tongue in cheek. Ultimately, he is a friend of the city, not deserving of your vitriol
However, one thing BM is--a keen observer. He's right about retail downtown. I work in 555 Washington and walk the Wash Ave. daily, 7 days a week. Very very few people are shopping down here folks. I wish it weren't true, but alas, it is. Without subsidies, retail is a hard hard business in downtown STL. There's simply not enough foot traffic/population to make it very profitable.
Heck, even Schnucks is getting a 50% subsidy to open a store. Think about that. There's not one drug store in downtown, yet opening a grocery with a drugstore still needs a 50% subsidy. yikes.
Exactly.
DeBaliviere wrote:SoulardX wrote:Very very few people are shopping down here folks.
Very very few places to shop.
Exactly.
I wish I could pop out of the office and grab some daily necessities. Can't really do that downtown unless I need overpriced pillows or furniture.
I personally think a small Target or something similar would do really well down here.
BACK to the thread...
This is great news!
The Embassy Suites @ MX will be a nice addition along Washington Avenue. It will generate a nice flow of buisiness and tourist towards the retail here too.
Good to see this is going to break ground soon.
As for retial downtown...
More keeps coming online. We are far better than most cities (and I am not talking about Chicago or NYC people). I read some of the posts here and wonder how many of you really go downtown, much less shop downtown, or better yet have amnesia of what downtown was like just 5 years ago.
This is great news!
The Embassy Suites @ MX will be a nice addition along Washington Avenue. It will generate a nice flow of buisiness and tourist towards the retail here too.
Good to see this is going to break ground soon.
As for retial downtown...
More keeps coming online. We are far better than most cities (and I am not talking about Chicago or NYC people). I read some of the posts here and wonder how many of you really go downtown, much less shop downtown, or better yet have amnesia of what downtown was like just 5 years ago.
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Perhaps 5 years ago downtown was in worse shape. However any period more than about 10 years ago was much better with retail and dining options than it currently is. The only difference is that during that time period things were on the downward slide and now it is coming back up again.
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Will the number of lofts available remain the same, or will some lofts be taken out in order to accomodate the Embassy Suites?
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DeBaliviere wrote:Will the number of lofts available remain the same, or will some lofts be taken out in order to accomodate the Embassy Suites?
The Laurel will not have lofts, but will have 72 finely detailed condominiums
. We went on the market with 73 condos, but a change to the hotel elevators caused one to be eliminated from the plans.The plans for floors 2-5 were flexible, with market forces determining the final use. Other considered uses were a mix of more condominiums, apartments, and office space.
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The Business Journal is reporting today that Pyramid has received a cash infusion from its partner, Pinnacle. John Steffen says:
"The Laurel will go into production soon, despite the mess in the capital markets. June is the latest."
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jlblues wrote:I think you mean Spinnaker, not Pinnacle.
Ack! Brain cramp. Thanks.
Looks like a few more have been reserved...
23/72 - 32%
23/72 - 32%
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DeBaliviere wrote:Looks like a few more have been reserved...
23/72 - 32%
Therefore, with >30% of properties sold, and with the Embassy Suites committed to coming in, can we have assurance that the Laurel project will begin construction by June? Including the Sky Bridge's demise?
Laurel Rep, I'm looking to you for this one.
For all the delays endemic in these economic down times, I think it is all the more imporant for developers who are able to move forward to do so expeditiously. The risks of perceived lost momentum for Downtown redevelopment is out there, and I hope the majority of projects can still capitalize well on their target demographics throughout this recession and continue to build on the base population.
May the Laurel be followed by the Concord, the MX, and the Jefferson Arms at best speed.
On a side note, I love how our City's future high end retail development shares its moniker with a mobile intercontinental ballistic missile platform, known for multiply independent thermonuclear payloads, from the mid-1980s. Pyramid, I wish you great luck with your Star Wars.
^ I'm sure they'll get it! Everyone on different forums are freaking out, but as soon as the economy gets on track downtown St. Louis will continue were it left off. Especially with peripheral developments going on in ONSL and eventually Chouteau Landing. I really think this is the last failed "downtown revitalization" process, because it is not a gimmick anymore. People are moving down there and I think more St. Louisans are starting to realize what an asset the urban environment is to the region.
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MattnSTL wrote:They likely need 40%, so they are getting closer.
That's six more units - even less if they end up consolidating some units. I hope it happens soon.
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I have been assured that everything is on track for a June construction start.
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The Laurel at MX wrote:I have been assured that everything is on track for a June construction start.
That is excellent, and thank you for responding to the inquest.