You hit the nail on the head! The corporate leaders in this region are deluding themselves if they think we can have a strong region without a strong downtown Saint Louis. They need to step up and invest in the core even if their short term returns on investment are not as high as they would be in other locations within the region.roger wyoming II wrote:^ Besides building bottom up, I just think the corporate community can do a better job of making more investments in downtown and the city.... if we can get a a faster pace of re-investment in the core from existing biz we'll fare much better as a region and everyone will win as a whole.
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Looking at One AT&T Center is all that needs to be said about the need for companies to be downtown.. property tax was $5.5 million in 2009 and now it's $2 million less. We're desperate to keep NGA and its $2 million payroll (half of which I think will have to go back to paying off infrastructure costs for the site) and have even mortgaged the CIty Hall Annex building to try and keep it here. If we can't get our corporate community to help build a strong core and support the tax base of the region's most important city we're only going to be able marginal progress as a region.
I think part of the point of T-REX, Cortex, etc. is to try and build a new corporate community with a different attitude toward the city. Hopefully it is successful and can serve as an inspiration/persuasion to the existing corporate community. It's great that so many of the executives of companies with headquarters in the burbs like to donate to Forest Park Forever, City+Arch+River, etc., but I think many of them don't see their civic responsibility extending any further than philanthropy to institutions in the city.roger wyoming II wrote:If we can't get our corporate community to help build a strong core and support the tax base of the region's most important city we're only going to be able marginal progress as a region.
^ I think you also have to look at the greater context of what is happening in the corporate world when comparing ATT one center and CORTEX as of today. The reality is that at one time SBC, ATT and Bell One (or One Bell) were three distinct companies with their own distinct workforces and offices, etc. SBC as part the of the telecommunication consolidation gobbled up ATT among others and took on the brand that was most commonly known. It didn't take long for the consolidation as well as the outsourcing to hit downtown St. Louis. Just as consolidation in retail meant that Macy's gobbled up regional department store chains like Famous Barr and then promptly downsized & closed their regional office once the old regional name brand was gone. Consolidation of traditional industries whether it be the railroads to retail to telecommunications have not been easy on St. Louis just as St. Louis, Memphis, Cinci among others have taken big hits in airline consolidation.
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Where as CORTEX reflects where their is truly some real growth in jobs, the tech and bio/life science. Unfortunately a vast majority of that job growth is still based in Silicon/Bay Area and a few select cities like Seattle that had a big anchor companies such as Amazon, or Chicago with Groupon, or even the few places like Indy & Austin where the biggies like Apple, Google and Salesforce have made large commitments beyond their home.
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So I have to give city business leaders for putting together CORTEX and some other avenues & vehicles. Otherwise, it would truly be gloomy in St. Louis taking hits from corporate consolidation while at same time having no means to attract the tech/life science jobs secured.
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Where as CORTEX reflects where their is truly some real growth in jobs, the tech and bio/life science. Unfortunately a vast majority of that job growth is still based in Silicon/Bay Area and a few select cities like Seattle that had a big anchor companies such as Amazon, or Chicago with Groupon, or even the few places like Indy & Austin where the biggies like Apple, Google and Salesforce have made large commitments beyond their home.
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So I have to give city business leaders for putting together CORTEX and some other avenues & vehicles. Otherwise, it would truly be gloomy in St. Louis taking hits from corporate consolidation while at same time having no means to attract the tech/life science jobs secured.
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Am I alone in thinking something like CORTEX is the possible gamechanging breakthrough for the region? Its still early on but it could be something that does it in the next decade or so. As what someone mentioned one of the big things CORTEX and similar things like it could be how it has a strong chance of changing the political, social, and business culture of the region which is where a lot of the problems are. New blood is desperately needed due to how its obvious how discredited the status quo is.
There also seems to be large macroeconomic and societal forces on a national level that may change things, since it seems there is a significant change period present since they way things are has been the same paradigm since around 1980 or so and there is a shift every 40 years or so. I could see a shift in migration patterns and other areas have problems arise that could make things get better here. Since some places could have real issues with cost of living (particularly housing) and also environmental issues and stressors causing problems.
There also seems to be large macroeconomic and societal forces on a national level that may change things, since it seems there is a significant change period present since they way things are has been the same paradigm since around 1980 or so and there is a shift every 40 years or so. I could see a shift in migration patterns and other areas have problems arise that could make things get better here. Since some places could have real issues with cost of living (particularly housing) and also environmental issues and stressors causing problems.
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Not at all. It's one of the few examples we have here in STL in which everyone is pulling in the same direction. When we do that, great things can happen.imperialmog wrote:Am I alone in thinking something like CORTEX is the possible game changing breakthrough for the region?
I liked how in his presentation, Gabe Lozano recommended that downtown become the IT/software hub for STL, with Cortex as the hub for bioscience/life science and Creve Coeur as the hub for ag tech. The clearer an identity each district has, the easier it is to continue pulling in the same direction.
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This sure was a shocker to me. Great news.
Startup growth flat across U.S. — but not in Missouri
New analysis from the Kauffman Foundation shows that startup growth in the United States has stalled. But that’s not the case for the Show-Me State.
According to the analysis, which used recently released Census data, only 11 states reported growth in new businesses between 2013 and 2012, and Missouri came in on top of that list with a 16.7 percent growth rate.
By almost all measures, 2013 was a banner year for St. Louis startups. Funding for early-stage companies rose to $380 million, with more than 30 companies raising more than $1 million in a single round. Meanwhile, more than 50 new startups were founded, more than any other year dating back to at least 2007, according to research from the St. Louis Regional Chamber.
read more here
http://www.bizjournals.com/stlouis/blog ... souri.html
Here is the link to the original WSJ report
http://www.wsj.com/articles/level-of-ne ... 9569?alg=y
Startup growth flat across U.S. — but not in Missouri
New analysis from the Kauffman Foundation shows that startup growth in the United States has stalled. But that’s not the case for the Show-Me State.
According to the analysis, which used recently released Census data, only 11 states reported growth in new businesses between 2013 and 2012, and Missouri came in on top of that list with a 16.7 percent growth rate.
By almost all measures, 2013 was a banner year for St. Louis startups. Funding for early-stage companies rose to $380 million, with more than 30 companies raising more than $1 million in a single round. Meanwhile, more than 50 new startups were founded, more than any other year dating back to at least 2007, according to research from the St. Louis Regional Chamber.
read more here
http://www.bizjournals.com/stlouis/blog ... souri.html
Here is the link to the original WSJ report
http://www.wsj.com/articles/level-of-ne ... 9569?alg=y
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It seems that there is the building blocks for wholesale change happening in the region. This startup environment is important not just for growth but to change the business and social mindset of the region which have been the stumbling blocks. How much of this startup and new business activity a function of local development and how much is people from outside coming here? And if the latter are they coming from any particular places?
Another trend I get the feeling that has or shortly will happen is a job crunch in the region due to the age breakdown. There are many nearing retirement that many job fields will have worker shortages and there may be an influx of people moving here or those returning here who lived elsewhere for some time.
Another trend I get the feeling that has or shortly will happen is a job crunch in the region due to the age breakdown. There are many nearing retirement that many job fields will have worker shortages and there may be an influx of people moving here or those returning here who lived elsewhere for some time.
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Here is more good news for Missouri startups.
Missouri firms gather largest venture capital haul since 2001
Missouri startups raised more than $100 million of venture capital in this year's third quarter, the largest amount in any quarter since 2001 according to the authoritative MoneyTree report.
Nearly all of the money went to firms based in St. Louis. They included medical device firms Veran Medical Technologies, which raised $41.7 million from funds led by 3G Capital, and MediBeacon, which received $22.4 million from undisclosed investors.
more here
http://m.stltoday.com/business/columns/ ... 77bcb.html
Missouri firms gather largest venture capital haul since 2001
Missouri startups raised more than $100 million of venture capital in this year's third quarter, the largest amount in any quarter since 2001 according to the authoritative MoneyTree report.
Nearly all of the money went to firms based in St. Louis. They included medical device firms Veran Medical Technologies, which raised $41.7 million from funds led by 3G Capital, and MediBeacon, which received $22.4 million from undisclosed investors.
more here
http://m.stltoday.com/business/columns/ ... 77bcb.html
This is all great news, of course, but the problem is, and always has been, keeping the companies in the STL area after they have grown up.
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I'd be curious to see the raw numbers on startups. Raising your % is great but If we were starting way fewer businesses before then other states a great percentage change isn't a huge deal.
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Office space in St. Louis is really, really cheap
BOMA’s data found that St. Louis, with an average office rental rate of $18.80 per square foot is the fourth cheapest in the nation, trailing only Fort Worth, Texas ($18.12 per square foot); Columbus, Ohio ($18.11 per square foot); and Detroit ($17.85 per square foot).
read more
http://www.bizjournals.com/stlouis/blog ... cheap.html
BOMA’s data found that St. Louis, with an average office rental rate of $18.80 per square foot is the fourth cheapest in the nation, trailing only Fort Worth, Texas ($18.12 per square foot); Columbus, Ohio ($18.11 per square foot); and Detroit ($17.85 per square foot).
read more
http://www.bizjournals.com/stlouis/blog ... cheap.html
Here is the link to the market research report mentioned in the link above.
http://www.ngkf.com/Uploads/FileManager ... Report.pdf
http://www.ngkf.com/Uploads/FileManager ... Report.pdf
PD had good article on region's industrial/warehouse strength, low vacancy and regions central location. Noting additional space coming online at Aviator Park (Old Ford Plant in Hazelwood) and speculative space for Chrysler space.
But like all good things, the article cautions against the incentive war, TIFs for warehouses within the regions boundaries.
http://www.stltoday.com/business/local/ ... 686ff.html
But like all good things, the article cautions against the incentive war, TIFs for warehouses within the regions boundaries.
http://www.stltoday.com/business/local/ ... 686ff.html
Well here's some good news. We seem to be doing (relatively) well in office leasing:
"The St. Louis region has had the third-most office leases so far in 2020, underscoring the stability of the metro area, according to new Cushman & Wakefield data.
The region ranked No. 3 out of 36 major U.S. markets for the most year-to-date absorption, or how much office space was leased as of the second quarter of 2020".
https://www.bizjournals.com/stlouis/new ... -2020.html
"The St. Louis region has had the third-most office leases so far in 2020, underscoring the stability of the metro area, according to new Cushman & Wakefield data.
The region ranked No. 3 out of 36 major U.S. markets for the most year-to-date absorption, or how much office space was leased as of the second quarter of 2020".
https://www.bizjournals.com/stlouis/new ... -2020.html
"Hand sanitizer manufacturer Vi-Jon will spend $70 million to expand plants in St. Louis and Smyrna, Tennessee, and create about 400 jobs, the company said in an announcement on Tuesday". (not sure how many of these jobs are coming to STL)
https://www.stltoday.com/business/local ... 92e58.html
https://www.stltoday.com/business/local ... 92e58.html
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They are on Page/Route D in Vinita Park. That industrial park wedged between 170 and Midland
I can't get this article to open. Anything interesting? Can anyone give some highlights?
"What developer Larry Chapman thinks St. Louis needs to do to grow"
https://www.bizjournals.com/stlouis/new ... arket.html
"What developer Larry Chapman thinks St. Louis needs to do to grow"
https://www.bizjournals.com/stlouis/new ... arket.html
^ I read it yesterday...I didn't really find anything interesting about it, just the usual BJ dreck with an old business man. Chapman says there isn't anything here for young single people...which as a young single person who just moved here I find that to be baffling and pretty much par for the course coming from an old St. Louisan. Then he says it's "really hard to do anything in the city" because of the "crime climate" and "all the things people are worried about down there." Completely ignoring the billions of dollars that other developers are successfully pouring into the city apparently...and then right in the next paragraph he says this:
At least the BJ got us to click on it I guess...Everybody here is more about being safe than they are about doing bold things. As long as that’s the case, then you aren’t going to see a lot. I tell leaders all the time, just do things boldly.
Here is some more Business Journal dreck haha.
St. Louis (and Chicago) were the only two big cities in Missouri or Illinois to make the list for top cities for millennials. Someone tell Larry Chapman!
https://www.bizjournals.com/stlouis/new ... nials.html
St. Louis (and Chicago) were the only two big cities in Missouri or Illinois to make the list for top cities for millennials. Someone tell Larry Chapman!
https://www.bizjournals.com/stlouis/new ... nials.html
New luxury units are driving apartment rents higher in St. Louis, despite COVID-19
https://www.stltoday.com/business/local ... afea7.html
https://www.stltoday.com/business/local ... afea7.html
Tenants' monthly payments rose $15 in metro St. Louis between February and August, according to Zillow estimates, compared with a $10 increase nationwide. The pandemic seems to be upending the bloated rental markets of New York City and San Francisco, where rents have declined, while creating demand in places like Memphis and St. Louis. Add in dozens of top-shelf, highly "amenitized" apartments — like one-bedrooms for $3,100 a month and two-bedrooms for $4,900 a month — and the St. Louis area's rental market is surprisingly strong during COVID-19.
Rents were already climbing here, according to the data. In the past year, rents increased $32 in St. Louis and $27 nationally. That's a reversal from the previous three years, when rent increases in St. Louis never matched or exceeded the national amount. Between 2016 and 2019, annual rent increases averaged $51 nationally and $26 in metro St. Louis. A mass of new, rather immodest spaces coming online created competition, said Michael Hamburg, owner and founder of Pier Property Group.
"Luxury markets have been ignored here," Hamburg said. "And it's not getting ignored now."
A 28% increase in the combined cost of the St. Louis region's 20 largest construction projects this year compared with last year is driven by new projects on the 2024 list.
Alan Schein | Getty Images
By Maddy Simpson – Data Reporter, St. Louis Business Journal
Oct 25, 2024
Updated Oct 25, 2024 2:13pm CDT
Listen to this article10 min
The St. Louis region's 20 largest construction projects have a combined estimated cost of $20.3 billion, a 28% increase over the combined cost of the largest construction projects in 2023.
In previous years, the biggest changes on the List of the region's biggest construction projects were adjustments to the estimated costs for existing projects — upward adjustments of costs as the project unfolded.
This year, however, the increase was driven by new projects on the List, projects that were announced in 2024 and those previously announced that have now disclosed costs.
The new projects include updates to roads and utilities, like the $629 million Martin Luther King Bridge Replacement and Missouri American Water's $360 million upgrades to the water treatment and distribution centers that serve St. Louis County and parts of St. Charles County. They also include private company construction projects, like the $500 million updates to a facility owned by East Alton-based copper component manufacturer Wieland Rolled Products North America.
The only commercial real estate development added to the List was Olia Village, a project set to create a main street with multifamily, single-family, retail and office space at the site of the old Bayer West campus. The project has an estimated cost of $985 million. The development joins other large-scale commercial development projects like the $2 billion Chesterfield Mall Redevelopment from The Staenberg Group and the $1.2 billion Gateway South Project from Good Developments Group.
The largest project on the List is also a new addition, but it's not a new project — a new terminal at St. Louis Lambert International Airport, a project initially introduced in 2022, disclosed an estimated cost of $2.8 billion in late 2023.
Besides the new airport terminal, five other projects are part of the St. Louis Regional Freightway's 2025 Priority Projects, which encompasses projects meant to improve the region's freight infrastructure, including roads, bridges, railways, etc. These projects include work on Interstate 270, Interstate 70, Stan Musial Veterans Memorial Bridge and Martin Luther King Bridge, and together have an estimated cost of $3.78 billion (excluding the cost of the terminal addition).
The proposed new terminal at St. Louis Lambert International Airport. Construction would not start for at least four years, according to airport officials.
City of St. Louis
Rank 1: New terminal for St. Louis Lambert International Airport
Project cost: $2.8 billion
Status: In planning
Estimated completion: N/A
Owner/developer: St. Louis Lambert International Airport
Description: A new linear concourse totaling 1.57 million square feet with 62 gates by 2040 that would replace the 54 scattered across the two current terminals, and allow for far more post-security retail options
A rendering of the Downtown Chesterfield development that will replace Chesterfield Mall.
City of Chesterfield
Rank 2: Chesterfield Mall Redevelopment ("Downtown Chesterfield")
Project cost: $2 billion
Status: Construction in progress (demolition began October 2024)
Estimated completion: N/A
Owner/developer: The Staenberg Group
Description: Redevelopment of mall and surrounding areas into apartments, condominiums, office, retail and other amenities
A map of a planned $1.8 billion Project Voyager expansion for Boeing on land leased at St. Louis Lambert International Airport.
MAPCREATOR.IO
Rank 3: Boeing Expansion ("Project Voyager")
Project cost: $1.8 billion
Status: In planning
Estimated completion: N/A
Owner/developer: St. Louis Lambert International Airport/The Boeing Co.
Description: Construction of multiple buildings totaling 1 million square feet to support new aerospace programs
A rendering of the National Geospatial-Intelligence Agency's new western headquarters being constructed in North City's St. Louis Place neighborhood.
Rank 4: National Geospatial-Intelligence Agency Headquarters
Project cost: $1.7 billion
Status: Construction in progress
Estimated completion: 2026
Owner/developer: National Geospatial-Intelligence Agency
Description: New 200-acre headquarters to replace existing facility in Soulard
The Missouri and Illinois state transportation departments are planning $1.35 billion in I-270 Improvements from I-70 to Illinois Route 157.
MAPCREATOR.IO
Rank 5: I-270 Improvements from I-70 to Illinois Route 157
Project cost: $1.35 billion
Status: In planning
Estimated completion: N/A
Owner/developer: Missouri Department of Transportation, Illinois Department of Transportation
Description: Improve safety, enhance efficiency and meet future freight demands
This rendering shows what the Gateway South concept plan for a $1.2 billion redevelopment project along the Mississippi River in downtown St. Louis could look like. The area next to the river is heavily industrial.
Good Developments Group
Rank 6: Gateway South Project
Project cost: $1.2 billion
Status: In planning
Estimated completion: 2026
Owner/developer: Good Developments Group
Description: Redevelopment project along the Mississippi River with manufacturing facilities, residential and public spaces
A new proposed route for north-south MetroLink.
Bi-State Development
Rank 7: MetroLink Expansion
Project cost: $1.1 billion
Status: In planning
Estimated completion: 2030
Owner/developer: Bi-State Development
Description: In-street route running from Jefferson Avenue at Chippewa Street North to Natural Bridge Avenue, with a new transfer station connecting to the existing MetroLink system
Stan Musial Veterans Memorial Bridge
Cathy Morrisson - MODOT
Rank 8: I-70 Improvements from Wentzville to Stan Musial Veterans Memorial Bridge
Project cost: $1.03 billion
Status: In planning
Estimated completion: N/A
Owner/developer: Missouri Department of Transportation
Description: Provide more capacity to enhance east-west freight mobility and reduce congestion
The John Cochran VA Center, 915 N. Grand Blvd.
Flickr user Veterans Health. Used under https://creativecommons.org/publicdomain/mark/1.0/
Rank 9 (tie): John Cochran V.A. Medical Center Expansion
Project cost: $1 billion
Status: In planning
Estimated completion: N/A
Owner/developer: Veterans Administration
Description: New 30-bed specialized spinal cord injury unit, new emergency department, intensive care unit and pharmacy, central utility plant, parking garages
CRG is nearing completion of site work and has launched development at Wildhorse Village, an 80-acre mixed-use urban community that will offer residential, retail and commercial office space situated around a 15-acre lake. This rendering shows a view of the project from above.
CRG and Lamar Johnson Collaborative
Rank 9 (tie): Wildhorse Village
Project cost: $1 billion
Status: Construction in progress
Estimated completion: N/A
Owner/developer: CRG / Tegethoff Development
Description: 80-acre walkable community with apartments, single-family houses, office, retail and restaurant space
This aerial rendering shows the mixed-use Olia Village development planned for part of the Bayer campus the company sold in 2022.
City of Creve Coeur
Rank 11: Olia Village
Project cost: $984.9 million
Status: In planning
Estimated completion: N/A
Owner/developer: Jack Matthews Development and Fireside Financial
Description: A main street with multifamily and retail, a mixed-use subdistrict, an office area and a residential subdistrict with 65 single-family homes
State and local officials join American Foods Group in September 2022 to break ground on a new $800 million beef processing facility.
American Foods Group
Rank 12: American Foods Group Facility
Project cost: $800 million
Status: Construction in progress
Estimated completion: 2025
Owner/developer: American Foods Group
Description: 775,000-square-foot beef processing plant
A $629 million project to replace the Martin Luther King Bridge will create more lanes and wider shoulders.
KSDK
Rank 13: Martin Luther King Bridge Replacement
Project cost: $629 million
Status: In planning
Estimated completion: N/A
Owner/developer: Missouri Department of Transportation / Illinois Department of Transportation
Description: Bridge replacement will create more lanes, wider shoulders
A rendering of Wieland Rolled Products North America's $500 million product plant investment at its facility in East Alton.
Courtesy of Wieland
Rank 14: Product Plant Reinvestment
Project cost: $500 million
Status: In planning
Estimated completion: N/A
Owner/developer: Wieland Rolled Products North America
Description: Installation of a new hot rolling mill that will allow the company to increase production of copper and copper alloy components used in electric vehicles (EVs), EV charging infrastructure and renewable energy production
This aerial rendering shows the location of each of the three phases planned for the $400 million Brentwood Bound mixed-use redevelopment spanning Manchester Road.
City of Brentwood
Rank 15: Manchester Road Development ("Brentwood Bound")
Project cost: $436 million
Status: In planning
Estimated completion: 2026
Owner/developer: Halo Real Estate Ventures
Description: Redevelopment including office, retail, restaurant, entertainment, hotel and residential space
The Illinois Department of Transportation is planning $400 million in I-55/70 lane additions from I-255 to I-270.
MAPCREATOR.IO
Rank 16 (tie): I-55/70 Lane Additions from I-255 to I-270
Project cost: $400 million
Status: In planning
Estimated completion: N/A
Owner/developer: Illinois Department of Transportation
Description: Additional lanes that increase capacity by expanding a four-lane highway to a six-lane highway for approximately 10 miles from I-255 to I-270
This conceptual development plan shows the proposed location of three new buildings added to the Air Products and Chemicals factory campus in Maryland Heights.
City of Maryland Heights
Rank 16 (tie): Israel Chemicals Ltd. Battery Plant
Project cost: $400 million
Status: Construction in progress
Estimated completion: 2025
Owner/developer: Israel Chemicals Ltd.
Description: Battery materials manufacturing plant
The site plan for the Streets of Caledonia
Payne Family Homes
Rank 16 (tie): Streets of Caledonia
Project cost: $400 million
Status: Construction in progress
Estimated completion: N/A
Owner/developer: Fischer Homes
Description: 153 acres of residential development and 93 acres of commercial space
America's Central Port will get $371.2 million in regional rail and port improvements.
America's Central Port
Rank 19: America’s Central Port Intermodal Improvements
Project cost: $371.2 million
Status: In planning
Estimated completion: N/A
Owner/developer: America's Central Port
Description: Regional rail and port improvements to promote international and inland trade routes along the Mississippi River
A Missouri American Water crew works to replace a water main in St. Louis County.
Rank 20: Water Treatment and Distribution Center Upgrades
Project cost: $360 million
Status: Construction in progress
Estimated completion: N/A
Owner/developer: Missouri American Water
Description: Replacement of 60 miles of water main in St. Louis County and St. Charles County
St. Louis' largest construction projects
Project Cost
| Rank | Prior Rank | Project Name |
| 1 | 1 | New terminal for St. Louis Lambert International Airport |
| 2 | 2 | Chesterfield Mall Redevelopment ("Downtown Chesterfield") |
| 3 | 3 | Boeing expansion ("Project Voyager") |