urbanSTL

Everything that is slowing or completely stopped downtown is a result of the credit crunch and this is happening all over the country. I know its so St. Louis to blame a lot on incompetent leadership, but I am confident that downtown's revitalization is real and will continue to gain momentum when the economy gets back on track.

They probably just want to cut the cost of the sales center if they are not sure whether it will happen or not. I doubt they were getting much traffic. They have the building, so people are going to find them if they want to buy.

I hope something happens soon, because the Washington side is looking really shabby these days - lots of board-ups.

Yes it is. The pigeon poo is also getting very bad, from just bad.

I'm glad to hear that there's still some hope for this project. I know the tone of my last post was a bit heavy, but I remain convinced that of all the big ticket projects in downtown's recent past, present, and future, that Mercantile Exchange (of which The Laurel is a crucial component) will be a real game changer for downtown.



Unfortunately, with the economy the way it is, we're probably going to have to wait quite awhile before we see any evidence of rebirth here. And I'm a little skeptical about how The Laurel will continue to sell condominiums without a sales center, although I understand why the developer did so given the lack of traffic at most residential developments these days. In the meantime, I'd just be happy if someone would clean the awnings and the sidewalks in front of the place. After the initial spruce-up, things look every bit as bad as the day that Dillard's locked the doors for good.

It's obvious that things aren't moving on this any time soon. So, what would it take to allow the shops and restaurants throughout downtown to use those street level windows for advertising? Let people know that there are things to see/do west of Tucker, and dress the vacant building at the same time.

For the scope of this project, this isn't an unrealistic timeframe. The demolition and subsequent environmental remediation alone will take 3 to 6 months, and will very likely expose some new issues to address that will keep the target date in flux. Keep in mind that this project actually survived the Pyramid collapse, even while the flagship Arcade building project now sits empty for an unknowable extent of time. We'll get there folks, but there is still so much work to do in our city. Run for office. Stop a demolition. Create or join an activism group with a plan for implementation of something civic. Get going.

Glad to hear there's still a plan. I hope it happens.

I get what your saying now John W. I'm just so used to people attacking the city, but now I see its constructive criticism. We should just be happy about how far the city has come in the past few years and realize that we have 4 times as much work ahead of us.

Exactly. I'm new to this forum (not blog, as I've been corrected) and looking for a consensus view and also for familiar names. I don't know why I've never come to this forum before, but there is very much work to be done, and we should do what we can to be a part of it.

^ there is work being done by the forum members. The regulars include shop owners, developers, architects, urban planners, financiers, and some who just go out of there way to support the city and it's local businesses. If you are doing more than just 'typing at your computer' please share, as you will be in good company with the rest of us.



in a new thread of course!

They still have my $2500 deposit.



Once again, I've reserved the first week in June (2009) to attend the "Skybridge Demolition Party". Just a hope, no evidence.

I know your unit plan intimately.

In an interview, Mayor Slay fails to mention condos for the Laurel.

I wonder if that was just an oversight?

Similarly, the Dillard’s Building, now renamed the Laurel, a former Pyramid project, is being retooled as apartments and retail space and an Embassy Suites hotel.

http://stlouis.bizjournals.com/stlouis/ ... 00^1755632

bobh wrote:In an interview, Mayor Slay fails to mention condos for the Laurel. I wonder if that was just an oversight?

^ Dunno, ask him.

Grover wrote:

Developer Amos Harris, head of Spinnaker’s St. Louis operations, said there was nothing to worry about.



“They’re rattling our cage,” Harris said. “They’re great guys. They have some issues on their end.”

100% classic. This project is toast.

In this case, I wouldn't be surprised if it was the bank with the issues. Not saying I know either way, but I would think Spinnaker would have enough cash that it could just pay that $1.8 million off and be done with Great Southern. Not that you ever want to spend cash like that as a developer, but if it means the difference between doing the project and not, I would spend the cash. With the hotel signed and the building going rental, this seems like a project that has as good a chance as any other right now.



And as a personal question, how exactly does a foreclosure work on a loan that is only for about 20% of the building?

MattnSTL wrote:


And as a personal question, how exactly does a foreclosure work on a loan that is only for about 20% of the building?

Pretty sure that means they get possession of the Skybridge and that's it.

Grover wrote:

Developer Amos Harris, head of Spinnaker’s St. Louis operations, said there was nothing to worry about.



“They’re rattling our cage,” Harris said. “They’re great guys. They have some issues on their end.”

100% classic. This project is toast.

Has to be. Not surprising considering the Renaissance is being auctioned off. Why the kabuki dance? Some developers fail to understand that some people actually know the economy is in the doldrums, so does Slay.

ttricamo wrote:

Grover wrote:

Developer Amos Harris, head of Spinnaker’s St. Louis operations, said there was nothing to worry about.



“They’re rattling our cage,” Harris said. “They’re great guys. They have some issues on their end.”

100% classic. This project is toast.

Has to be. Not surprising considering the Renaissance is being auctioned off. Why the kabuki dance? Some developers fail to understand that some people actually know the economy is in the doldrums, so does Slay.

What is the connection to the Renaissance?

^



Seriously? Well, the Renaissance is in foreclosure because it can't pay back it's long term debt. It can't payback it's long term debt because business is bad. "Business is bad" is the equivalent of "We don't have a lot of people staying at the hotel." So, considering business is bad for perhaps the premier downtown hotel, why would any business person decide to open up yet another downtown hotel? Furthermore, what bank would lend money out for a hotel when another hotel is in foreclosure and can't pay it's long term debt?



Seems pretty logical to me, but I could have missed something.



So, back to my original point, why the smoke and mirrors? Spinnaker says there is nothing to worry about. As long as nobody is worried about the project being completed, then I agree with Spinnaker's assessment. I would feel differently if this project were 50% complete.

I dont think business is that bad. If you take a look at the occupancy rates they are on par with the other hotels downtown. Their problem is the massive amount of debt incurred to start up the hotel which they are having a hard time overcoming.