in this economy - bring it on!
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I keep reading other posts that say the ground floor is just going to be retail at St. Louis Centre. I thought somewhere I read that it was going to be a movie theater? I'm assuming that's not going to happen like I worried 
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Survivor147 wrote:I keep reading other posts that say the ground floor is just going to be retail at St. Louis Centre. I thought somewhere I read that it was going to be a movie theater? I'm assuming that's not going to happen like I worried
No official plans on the retail that I know of. The Post article from a late last year talked about the Movie theater, and I don't see why that would not still consider it. I hope a theater can be included as well as some street level shops. Just tear down the bridge already!!!!!
AFL-CIO invests $108M in 2 downtown St. Louis projects
by Lisa R. Brown
The AFL-CIO Housing Investment Trust, based in Washington D.C., is investing $108 million in two downtown renovation projects that will soon start construction: the Park Pacific and the Laurel.
Union leaders announced the investment at PRIDE of St. Louis Inc.’s Investment Summit this week.
The AFL-CIO trust is investing $63 million in the Lawrence Group’s planned overhaul of the Park Pacific building at 210 N. 13th St. The project includes 230 residential units, office and retail space. The Lawrence Group is the architect on the project, and a general contractor has not yet been announced.
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link: http://www.bizjournals.com/stlouis/stor ... ily34.html
by Lisa R. Brown
The AFL-CIO Housing Investment Trust, based in Washington D.C., is investing $108 million in two downtown renovation projects that will soon start construction: the Park Pacific and the Laurel.
Union leaders announced the investment at PRIDE of St. Louis Inc.’s Investment Summit this week.
The AFL-CIO trust is investing $63 million in the Lawrence Group’s planned overhaul of the Park Pacific building at 210 N. 13th St. The project includes 230 residential units, office and retail space. The Lawrence Group is the architect on the project, and a general contractor has not yet been announced.
link: http://www.bizjournals.com/stlouis/stor ... ily34.html
This is huge! Go unionized labor! Hopefully this means the pedestrian bridge over Washington will finally come down.
When I saw the story posted on the BizJournal website I was so happy. My condo bedroom and deck face straight at the Laurel and each day I hope for them to get started on reconstruction. It has so many windows that are broken out it saddens me, so this is a good day. I still just wish they could call it The Stix.
KDHX has been airing a short, interesting history of this building site, focusing on the days when the Lindell Hotel stood here (considered one of the premier hotels in the nation in it's day).
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The deal closed yesterday. Off we go!
Surprised this hasn't been picked up by PD or St. Louis Bizjournals yet. Been keeping an eye on the websites. Could the Kiel be next to close on financing?
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Lucas is closed off behind the building, and crews are demolishing the old concrete loading docks. Actual signs of progress!
If the financing fell through it would have.Dredger wrote:Surprised this hasn't been picked up by PD...
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Of course it would have. That's part of their master plan to destroy the city.shadrach wrote:If the financing fell through it would have.Dredger wrote:Surprised this hasn't been picked up by PD...
Didn't realize that this project was that big at $150 million. Could we see a hotel room building boom? My line of thinking is that their appears to be some momentum/confidence for a Dem Convention. I believe the one the we short on relative to other competing cities is hotel rooms.
http://interact.stltoday.com/blogzone/b ... -underway/
05.12.2010 5:42 pm
Update: Dillard’s project underway
By Tim Bryant
St. Louis Post-Dispatch
That’s the word this afternoon from developer Amos Harris, who adds that the unloved skybridge over Washington Avenue should be gone by the end of June.
Harris, head of Brady Capital, says financing for the $150 million project should be completed within days. But a tight construction schedule called for in the financing agreement means that the work can’t wait, he said. Interior demolition work is getting underway with the intent of having the project done by the end of 2011.
http://interact.stltoday.com/blogzone/b ... -underway/
05.12.2010 5:42 pm
Update: Dillard’s project underway
By Tim Bryant
St. Louis Post-Dispatch
That’s the word this afternoon from developer Amos Harris, who adds that the unloved skybridge over Washington Avenue should be gone by the end of June.
Harris, head of Brady Capital, says financing for the $150 million project should be completed within days. But a tight construction schedule called for in the financing agreement means that the work can’t wait, he said. Interior demolition work is getting underway with the intent of having the project done by the end of 2011.
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None of the recent articles about this development has mentioned this, but I assume the name of the development is still The Laurel?
While I appreciate the nod to early St. Louis history since (I think) Washington Avenue was once known as Laurel Street, I'd much rather see the building named The Stix (for Stix Baer & Fuller, the department store that occupied the building before the chain was purchased by Dillard's in 1983) or The Grand Leader Building (Stix's alternate name used in some of its advertising). If I remember correctly, there is at least one original nameplate (like the Famous-Barr and Macy's nameplates that are between the display windows at the nearby Macy's) at the Missouri History Museum. I'd like to see those restored or recreated if possible.
My memory of Stix Baer & Fuller doesn't serve me well, as I was only 9 years old when Stix was acquired, and following that, the downtown store closed temporarily as the upper floors were gutted, Dillard's downsized the store from several levels (7 or 9, I can't remember exactly) to three floors with smaller floorplates (the Seventh Street entrance was moved back and shoppers had to pass through a long hallway to get to the store after it reopened as Dillard's). Anyway, I think there was a mezzanine level, and the original ceilings were very high as well. I always thought part of the store would make a great space for an urban Target or a bookstore like Barnes & Noble or Borders. The former is very unlikely for now, and the latter probably isn't in the cards either, but hopefully some of the original features will be revealed, and it will certainly make an interesting space for restaurants and/or retail. It should also make for an interesting lobby space for the hotel and residences above!
So yeah, I'm really looking forward to seeing this building complete. Hopefully this and the adjacent conversion of St. Louis Centre will make a positive impression for our city's efforts to secure the 2012 Democratic National Convention!
And, hopefully, Railway Exchange Building, you're next!
While I appreciate the nod to early St. Louis history since (I think) Washington Avenue was once known as Laurel Street, I'd much rather see the building named The Stix (for Stix Baer & Fuller, the department store that occupied the building before the chain was purchased by Dillard's in 1983) or The Grand Leader Building (Stix's alternate name used in some of its advertising). If I remember correctly, there is at least one original nameplate (like the Famous-Barr and Macy's nameplates that are between the display windows at the nearby Macy's) at the Missouri History Museum. I'd like to see those restored or recreated if possible.
My memory of Stix Baer & Fuller doesn't serve me well, as I was only 9 years old when Stix was acquired, and following that, the downtown store closed temporarily as the upper floors were gutted, Dillard's downsized the store from several levels (7 or 9, I can't remember exactly) to three floors with smaller floorplates (the Seventh Street entrance was moved back and shoppers had to pass through a long hallway to get to the store after it reopened as Dillard's). Anyway, I think there was a mezzanine level, and the original ceilings were very high as well. I always thought part of the store would make a great space for an urban Target or a bookstore like Barnes & Noble or Borders. The former is very unlikely for now, and the latter probably isn't in the cards either, but hopefully some of the original features will be revealed, and it will certainly make an interesting space for restaurants and/or retail. It should also make for an interesting lobby space for the hotel and residences above!
So yeah, I'm really looking forward to seeing this building complete. Hopefully this and the adjacent conversion of St. Louis Centre will make a positive impression for our city's efforts to secure the 2012 Democratic National Convention!
And, hopefully, Railway Exchange Building, you're next!
This could become one of the most transformative projects for downtown. The location, next to the convention center and the Edward Jones Dome is perfect. The addition of an Embassy Suites hotel should not be seen as direct competition for the Renaissance Grand Hotel. They cater to a different clientèle, as they will not be large enough to go after large convention groups like the Renaissance does. (At least that's what an insider told me).
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I'm a little disappointed the entrances will be on 7th, and not Washington.
Old Dillard's is Ready for its Makeover
Old Dillard's is Ready for its Makeover
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I imagine that there will be a pedestrian entrance on Washington. Let's just hope that it's very prominent - an entrance that will be used by hotel guests to come and go. I have no problem with a car entrance/check-in located on 7th instead.
I really hope the building is lit up at night like it is in the rendering once all is said and done (sans spotlights of course!) I'd love to see more buildings downtown lit up like this.
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Ah yes, the ever so popular search lights. Why must EVERY rendering include those ridiculous spot lights?
That was my first thought when I saw the rendering. I think there is a whole class dedicated to the proper use of searchlights in renderings when you go to architecture school.Moorlander wrote:Ah yes, the ever so popular search lights. Why must EVERY rendering include those ridiculous spot lights?
The searchlights are scanning the skies for STLtoday commenters.
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It's official.
Source: http://stlouis.bizjournals.com/stlouis/ ... rround=lfnWednesday, May 19, 2010, 8:12am CDT | Modified: Wednesday, May 19, 2010, 10:14am
Laurel closes on financing for $142M project
St. Louis Business Journal - by Lisa R. Brown
The $142 million Laurel hotel, apartment and retail redevelopment has closed on financing, one of several sizable downtown developments that finally have the money in place to move forward after long delays.
Connecticut-based Spinnaker Real Estate Partners secured the last piece of financing necessary for the redevelopment project at 601 Washington Ave. to start construction and set a target opening date of Jan. 1, 2012. Plans for the historic renovation of the 11-story building include a 212-room Embassy Suites Hotel, 205 apartments and 30,000 square feet of street-level retail space.
The retail space will face Washington Avenue and Sixth and Seventh streets. “If we get it right with the retail, it enhances all the properties around it,” said Amos Harris, Spinnaker’s representative in St. Louis. “The Laurel can have a transformative impact on that quadrant of St. Louis.”
The hotel will occupy floors two through five, and the apartments will be built on the upper floors. Monthly rents will range from $900 for a one-bedroom unit to $2,200 for the largest two-bedroom apartment, a corner unit overlooking Washington Avenue.
The financing includes more than $77 million in federal New Markets Tax Credits from four sources: Baltimore-based Urban Action Community Development LLC, Washington, D.C.-based National Trust for Historic Preservation, New York-based Morgan Stanley, and Central Bank of Kansas City. Combined, the tax credits will provide $19 million in equity for The Laurel.
A loan insured by the federal Department of Housing and Urban Development proved critical to moving the project forward. As credit markets froze in 2008, many projects, including The Laurel, stalled due to lack of financing. Spinnaker closed on a $44.5 HUD-insured loan for The Laurel on May 7, with the AFL-CIO Housing Investment Trust as the investor.
“Without this backing, these kinds of projects just won’t get done,” said James Heard, field office director for HUD’s St. Louis office.
Multiple banks are providing financing for the project, which is receiving state and federal historic tax credits. Bank of America is providing $9 million in bank debt and Southern Bank is providing $2 million in bank debt.
Additionally, U.S. Bank made tax credit equity commitments of up to $60 million on The Laurel, as well as two redevelopment projects in the area that also are moving forward: the former St. Louis Centre mall and adjoining One City Centre office tower, which has been renamed 600 Washington.
Trivers is the architect on The Laurel, and BSI Constructors is general contractor on the renovation.
The Laurel, which serves as an entrance to the Washington Avenue loft district, was set to be converted to condos, but those plans stalled when the developer at the time, Pyramid Cos., shut down operations in April 2008. Pyramid and Spinnaker acquired the building for $12.5 million in 2006, and the ownership has since been transferred solely to Spinnaker.
The Laurel building has been vacant since a Dillard’s department store there closed in 2001. The Laurel is connected to the former St. Louis Centre mall by a skybridge over Washington Avenue built in the 1980s that was set to be demolished beginning May 21.
Developers of the former St. Louis Centre mall at Sixth Street and Washington Avenue, shuttered since 2006, closed on financing this month for a $31 million conversion to a parking garage with 70,000 thousand square feet of street-level retail set to be completed in November. Stacy Hastie, CEO of environmental remediation firm Environmental Operations, and Bob Clark, CEO of general contracting and development firm Clayco, are co-developers on the garage portion of St. Louis Centre. Spinnaker is leading efforts to attract retailers to the site.
The new retail space at The Laurel and the former St. Louis Centre is being marketed as the “Mercantile Exchange,” a nod to the area’s historic past. The ground where The Laurel sits was once home to the 1,000-room Lindell Hotel, which hosted visitors to the 1904 World’s Fair.
The Lindell Hotel was razed to make way for the Stix, Baer & Fuller Dry Goods Co.’s Grand-Leader department store that opened with eight floors in 1906. An 11-story addition was built in 1919 on the building’s west side. A ninth floor was added to the lower portion of the property in 1948. In 1984, Dillard’s Department Stores acquired the Stix, Baer & Fuller department store chain, and the store was renamed Dillard’s.
The recession and credit crunch over the last two years halted many large-scale developments, but so far this year, several stalled projects are again moving forward in St. Louis in addition to The Laurel and St. Louis Centre projects. Financing closed April 30 for the $109 million historic renovation of the Park Pacific building, at the southeast corner of 13th and Olive streets. The Lawrence Group is converting the 450,000-square-foot, former Union Pacific building to 232 apartments, 45,000 square feet of office space and 35,000 square feet of ground-floor retail space. The AFL-CIO Housing Investment Trust is investing $63 million in the project, which also has a HUD-insured loan.
lrbrown@bizjournals.com
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Keep in mind that there will also be retail on the first floor - I'm guessing the retail space will open to Washington and 6th Street, while the hotel/apartment entrance will be on 7th Street. It makes sense, considering that 7th is a better location for the valet parking and cab station that the hotel will inevitably offer its guests.steve wrote:I'm a little disappointed the entrances will be on 7th, and not Washington.
Old Dillard's is Ready for its Makeover
EDIT: Just read the blurb about the retail space in the article GC posted.