^ No matter whether the tower is in a historic district or not, the city Planning Board will have to pass off on the site plan for the site.
With the way interest rates are moving and gas prices rising (thus making materials more expensive) I would not be surprised if they are scaling down this project.
In my neighborhood Mills is converting A LOT of buildings and right now they aren't selling the way they used to. I bought my condo from them at this time last year and they offered no incentives and offered no customization of the units. Now they are offering customization and buyer incentives.
Thanks to their large inventory in my area I am having difficulty selling my condo.
In my neighborhood Mills is converting A LOT of buildings and right now they aren't selling the way they used to. I bought my condo from them at this time last year and they offered no incentives and offered no customization of the units. Now they are offering customization and buyer incentives.
Thanks to their large inventory in my area I am having difficulty selling my condo.
I have heard from a very reliable source that this project will be cancelled.
St.Louis UAB alumni wrote:I have heard from a very reliable source that this project will be cancelled.
Some posters had warned of Mills being small time.
St.Louis UAB alumni wrote:I have heard from a very reliable source that this project will be cancelled.
Does that mean that the Doctors Building will not be demolished?
- 209
If this project doesn't happen, I'm sure that the Doctor's Building will be demolished anyway, as Mills will probably just sell the building, and the valuable land to another developer.
I agree with appraisalman. That site is too good for just the Doctor's building. And Mills has already done some of the leg work, even if they don't develop it. The good news would be that there would probably be some sort of redesign if the project went forward with another developer.
Of course, this is all just speculation untill we hear something official.
Of course, this is all just speculation untill we hear something official.
- 182
Is this the same Mills company that built the mall in the flood plain? If it is then it should be no surprise that this project is in trouble.
ArchMadness wrote:Is this the same Mills company that built the mall in the flood plain? If it is then it should be no surprise that this project is in trouble.
No, it is the same Mills company that owns most of the (formerly) rental properties in Skinker/DeBaliviere hood, plus a few other projects scattered around the region. They are small and very local.
It appears the Subway is close to moving next door. They have been working on the new space for awhile and the new sign was recently hung.
I'm sure the owner of the Doctor's building has other plans for the property if he/she lets a national chain move out...
I'm sure the owner of the Doctor's building has other plans for the property if he/she lets a national chain move out...
JUST AN UPDATE:
I just received a card in the mail stating that construction on the Renaissance on Euclid will begin Fall 2006. Move in dates will be approximately one year later.
I also called and was reconfirmed that this project has never been cancelled, just construction postoned from Summer 2006. This was confirmed by the realty company handling inquiries and reservations. He told me that home floor plans will soon be available for prospective buyers.
Mill Properties Inc. has it listed as their #1 Development under Developments on their website to date as well.
http://www.millsproperties.net/2F-mills ... pments.php
I just received a card in the mail stating that construction on the Renaissance on Euclid will begin Fall 2006. Move in dates will be approximately one year later.
I also called and was reconfirmed that this project has never been cancelled, just construction postoned from Summer 2006. This was confirmed by the realty company handling inquiries and reservations. He told me that home floor plans will soon be available for prospective buyers.
Mill Properties Inc. has it listed as their #1 Development under Developments on their website to date as well.
http://www.millsproperties.net/2F-mills ... pments.php
Thanks for the update. Any word on how the reservations stand, as that might give us an idea if the construction would be postponed again untill say Spring 2007. I would think they are going well, assuming people know about the project, which might be the wrong assumption, since it doesn't seem to be well advertized.
Not sure if it was a "selling" issue or an issue on getting tenants moved out of current bldg. or what...
I would say it's more of a selling issue. Mills has a large inventory on the market right now and are finally offering incentives for buyers to move their inventory.
Of course there is also the risk of making sure the demand is there for another large tower in that area at this time. Housing markets, particularly condo markets, are cooling off across the country as interest rates continue to rise along with the cost of living.
It will be very interesting to see if they get this thing off the ground, even more so if they do a high quality job equal to the cost of what buyers will be paying.
Of course there is also the risk of making sure the demand is there for another large tower in that area at this time. Housing markets, particularly condo markets, are cooling off across the country as interest rates continue to rise along with the cost of living.
It will be very interesting to see if they get this thing off the ground, even more so if they do a high quality job equal to the cost of what buyers will be paying.
I too can't wait to see if there is enough interest to precipitate the construction of both this tower and the Opus tower on Lindell. That will be a lot of apartments on the market all at once. While this strategy seems to be working downtown, the latest projects in the CWE don't seem to be moving as swiftly. Is the CWE slowing down? And, if not, where are all these new buyers going to come from? As someone who is moving into the Park East Tower soon, I definitely want the CWE to boom. But I worry sometimes that the CWE doesn't have enough "new stuff" to attract county people like the downtown area has. Do you think CWE and downtown are competing for county people? Has anyone compared who is moving downtown vs who is moving into the CWE, or Clayton? I think it would be an interesting study, given the general fear that we are just relocating city people vs attracting new people.
I think the CWE ought to market itself as a great place for students and post graduates to live, both for Washington and SLU. Easy commute by metrolink to either and a nice urban area to live in to boot.
I think part of the issue with the CWE is that the natural fits for the area, such as the high end retailers, already have locations either in the county (Frontenac) or relativly close to the CWE in Clayton. Moreover I sometimes wonder if the current crop of Clayton residents in tall towers are similar to th crop that the CWE would like to attract, meaning that the two are competing much more than say downtown and Clayton. All in all, the best thing for the CWE is Barnes growing. More doctors and specialists in an urban setting mean more high income individuals to pruchase the types of high-rise units that OPUS and Mills are proposing. Also, CORTEX would also be a boon to the area. However, neither area area really good post grad spots as i don't think the incomes and economics will work out. the Loop is better for post grad.
It's a great place for students, especially Wash U. or SLU, but some of these new developments are a bit pricy. Will condos help or hurt the rental market? Assuming some condos are actually replacing rental units, one could argue rents should increase? Can anyone tell us if rents have been increasing at a higher rate lately? If rents are increasing, that might make students look elsewhere.
^My point with that last post is that there should definatley be more small scale infill units that are more affordable for students and they can market them as such.
I remember when I was at Wash U. undergrad that a lot of students lived off campus in housing that was owned by the University. They were small apartment buildings maybe 4 or 5 stories with around 20 units. The housing that I knew of was located between Wash U and the CWE. I wonder if they own anything similiar around the medical school. I would think that it would benefit the university to offer housing to their student body at affordable prices. When you consider how well Wash U is doing on the national scale and how many more applications they are getting, it would make sense to me to see to it that their students have somewhere affordable to live. On the otherhand, I can see why a university does not want to be in the landlord business.
Separately, I have been surprised by how many recent grads are looking to buy apartments vs rent. When I graduated from school the majority of us never thought of owning a home until years (many years) down the road. It's impressive to me how smart (or crazy) some of these recent grads are to make such an investment so early on in life.
Separately, I have been surprised by how many recent grads are looking to buy apartments vs rent. When I graduated from school the majority of us never thought of owning a home until years (many years) down the road. It's impressive to me how smart (or crazy) some of these recent grads are to make such an investment so early on in life.
- 8,912
Tax Guru wrote:
Separately, I have been surprised by how many recent grads are looking to buy apartments vs rent. When I graduated from school the majority of us never thought of owning a home until years (many years) down the road. It's impressive to me how smart (or crazy) some of these recent grads are to make such an investment so early on in life.
As a recent grad who purchased a condo within 6 months of graduating, I can help explain this. I feel like it is a combination of many factors that are pushing young people to buy instead of rent. First of all, I feel that throughout high school and college my professors hammered me with facts about how renting is like throwing your money away. Secondly, with interest rates so low and discounts for first time home owners, home ownership is much more feasible now than for generations past. Also, I moved back in with my parents for 6 months after graduation and saved many thousands of dollars over that period (almost enough for a down payment). And the last reason was just because I had tons of friend who needed a place to stay...so basically my friends pay half my monthly payments...
^ Well, then kudos to your professors for showing you the benefits of home ownership. One question though--did you have any worries about commiting yourself to St. Louis (or any place for that matter). Obviously, if real estate prices continue to rise, it's a non-issue because you can always sell and buy somewhere else, but what if the real estate market were to go down. One of the most cited benefits of renting is that you are not locked in so you can move (at least within a year) if a new job opens up or if you decide to go to school etc. I don't think it's a coincidence that a lot of people wait to buy until they have settled into a career etc. Regardless, good for you. I wish I had been that smart!
So I questioned my source about their bad info and now they are telling me that the project is going to be scaled down. They are expecting maybe 15 stories now with not as many amenities.
I'm about to fire my source. Sorry about the bad info.
I'm about to fire my source. Sorry about the bad info.
