urbanSTL

I hope we hear something soon about this project. This one is about as important as there is. With the Alexa stalling, the Arcade and Sky house going under, and Park Pacific turning into apartments, we need a boost to public opinion about the future of downtown.



We were suppost to get word on this at the end of summer but have not heard anything yet. The skybridges have to come down. It really has an effect on the openness of downtown. Washington Avenue can be completed and Pine can start to get some life.



Is this going to happen or not?

aj2cb2000 wrote:Is this going to happen or not?

Good question. The sales office itself is not looking too good these days - bird droppings on the awnings, dying plants out front, etc.

Another question directed at The Laural at the MX, You still got a job?



My understanding is that Spinnaker was still clearing some hurdles on securing legal ownership of the property. First and foremost, I'm sure the bankers will only open a construction loan if ownership is written in stone at this point. Stephen has nothing to more lose if he his trying to get a few more dollars wringed out of it. No loss for him if the project is delayed. Second, my concern is what's happening with the Embassy Suites deal. I got a lot more confidence in this project then any other loft project because of the hotel arrangement.



Too add a question while I'm thinking about it, what is the Mayor's office up to? They have been quiet. Hopefully they are not backing his old pal/campaign contributor. The city really needs someone like Spinnaker to move forward with the pieces in a big way.

Another question directed at The Laural at the MX, You still got a job?

Any news?

I just got an email from the Syndicate (about movie night) with a distribution list of my sales rep. from the Laurel. myLaurelRep@loftworks-stl.com

That can't be a good sign.

Also, he hasn't answered my emails asking about the progress of the construction loan and "Is the skybridge down?" (I'm from out of town).

My reservation check hasn't been cashed.

I'm starting to get a little worried.

I wonder if this maybe means that loftworks is going to work with Spinnaker to develop this project???

Why doesnt someone just walk into their sales office and ask them whats going on?

Why doesnt someone just walk into their sales office and ask them whats going on?

That would be much appreciated ( I'm out of town ). Someone take a walk down Washington and I'll treat for a pizza slice (one total). The phone number gets the "Out of service" message but maybe they just haven't updated the web site. Or maybe I'll in advanced denial.



Laurel

Phone: 314-241-3900

Fax: 314-241-3901



Hours:

Monday & Friday: 11am — 5pm

Saturday & Sunday: 12pm — 4pm

Sad to say.



The sales center and entire first floor of the building were dismantled and moving trucks were there today. What is going on with this project now?

Does anyone know whats going on here?

Very, very, very disappointing, although not altogether surprising for the reasons AC mentioned.



Damn, I want to see that stupid skybridge come down so bad.

As much as I'd like to live in the Laurel, I wouldn't pay what they were asking, which from what I've seen, was basically the former market rate with a good, but not huge, discount. Why would anyone, when, if they have enough cash in hand and great credit, there are sooooo many foreclosed properties on the market that can be had for a song?



Unfortunately, that is going to be the case for awhile until all of those properties are absorbed.

Arch City wrote:^The economy is in the tank (i.e. AIG, Lehman, Merrill, GM, Fannie, Freddie, Bear Stearns, failed banks etc.) largely because of the housing mess. The housing market is abysmal and it appears that it will get worse before it gets better.

Yes, it's going to be tough if not impossible to get any big-ticket project off the ground these days. (Ahem- Ballpark Village, anyone?)

I am proud of what downtown St. Louis has been able to accomplish housing-wise before the credit crunch. And trust me, the Dillard's/St. Louis Centre complex will be renovated sooner or later.

Dumb question- I assume the Mercantile Exchange is every bit as dead as The Laurel?



I agree with you about downtown progress and the inevitability of bigger and better things for the SB&F/Dillard's building and St. Louis Centre. However, I cannot think of a worse possible fate for this part of downtown. I believe this project, more than Ballpark Village, Lumiere Place, or any other major proposal, had the potential to transform downtown St. Louis, attract more residents, workers, shoppers, and tourists, and shift perceptions about what St. Louis can be. Instead, a set of buildings in the heart of downtown that are arguably the most significant eyesores will stand vacant, probably for several more years. Macy's, which now resides in a mostly empty Railway Exchange Building, may be in jeopardy as downtown development grinds to a halt. Then what?



I hate to be a pessimist, but this is a HUGE setback IMHO.



And we're still stuck with that blasted skybridge for who knows how long.

I've been wondering why Sherman would want to take on the Jefferson Arms as opposed to this project. You'd think having the Embassy Suites and some pre-sales lined up would make it easier to accomplish, and the location of the Laurel is better, IMO.

It seems to me that it will be a lot easier/less expensive/less time to convert the Jefferson Arms into updated apartments than it will be to rehab The Laurel into apartments.

^^Overall, I suspect it is because the Jefferson Arms presents a much better ROI. It will be less costly to convert the Jefferson Arms from below-market rate to a mix of market-rate and affordable apartments, plus a bit of ground floor retail.



True, The Laurel is in a more desirable location, but they are converting a former department store and space that has been empty for a long time into a mixed-use property. That isn't going to be easy. Plus, they have to deal with two huge and expensive issues:



First, is the very difficult and expensive demolition of the skybridge, which may have to be renegotiated between the new owners of the two properties. That includes the very touchy and expensive issue of how they are going to restore The Laurel facade, and the potential impact on historic tax credits.



Second, is the potential set of issues surrounding the former renovation attempt which created the atrium and cut massive holes in floors. It is going to take quite a bit of inspection and document review to determine whether or not it meets current code requirements and to determine that existing construction docs accurately represent the work performed.



The JA is large enough to be done in phases, requiring significantly less equity and capital upfront. That would be impossible with The Laurel. It would also be much easier to close off streets around the JA for construction staging purposes.



If The Laurel is dead, though, I wonder what other properties Embassy Suites might consider?

^

Good points.



With regards to the skybridge, a few years back, Downtown Now! was willing to pay Barry Cohen $400k to tear it down before he eventually sold St. Louis Centre and the Dillard's Building. I wonder if that offer still stands.

How 'bout all of us Urban St. Louis Forum members get together and tear the damn thing down, Downtown Now gives us the $400,000, and we use the dough to fix the slow-speed problem on the Forum?

Project: The Laurel

$150 million, Downtown



Developer: Connecticut-based Spinnaker Cos.



Status: 212-room Embassy Suites, 190 residential units planned. Financing in flux, construction tentatively set for next Spring.



What They’re Saying:



“It’s an uphill battle,” Spinnaker’s Amos Harris said. “Getting financing, period, is tough. People are less willing to lend.”

http://stlouis.bizjournals.com/stlouis/ ... tml?page=1

Sounds like it's not dead! Dying, maybe, but not dead.

DeBaliviere wrote:Sounds like it's not dead! Dying, maybe, but not dead.

++



I think that's as positive as we're gonna get given the current economic situation.



-RBB