Im surprised they didnt put solar panels on this.
Thanks for the correctionmattonarsenal wrote:^ They have tax abatement and a CID that covers just the property. So it's not really old school.
Agree that it doesn't mean your making a good decision just because you can self finance. My point is that things are less likely to happen if someone is footing the bill. In other words, this could easily have been on the long list of stalled projects and another empty lot next to the new Post Office Plaza if banks were financing the project. I believe some projects would be a success in a time if more self financing played a role, Mills building mixed used on Euclid Ave in CWE is one spot on my mind or Stifel taking some speculative chance in adding more Class A space, additional floors, to BPV's first office tower.ttricamo wrote:^ and it really doesn't matter either way. Operating "old school" and using your own money as opposed to financing doesn't necessarily mean you know how to spend it wisely. Conversely, financing a project is a well accepted business practice and definitely can improve the liquidity of a company, as long as financing is with discipline and sound judgement.
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Updates on Roberts Tower from the latest PD article summarizing their recent bankruptcies and general business problems.
The tower is currently moth-balled.
They are attempting to transition the building from condos to apartments, which will consist of doubling the amount of units. The building is no longer a condo building. They are looking for an investor and another $15M (
) to complete this transition. (That makes this an $85M building...That could have resulted in a MUCH bigger building that this. These apartments will have to be PLUSH and WAY more expensive that most other things downtown to recoup the investment.)
Most important item (at least to me): Real estate agents have gotten tons of interest in the property from clients but get no return calls from the Robert's side. This IMO bodes very well for future towers downtown. If someone does something reasonable and cost effective, I think they could be VERY successful with NEW purpose built modern condos. I LOVE seeing rehab projects of older buildings, but IMO the NEW CONSTRUCTION condo market is entirely different and attracts a much wider set of buyers.
The tower is currently moth-balled.
They are attempting to transition the building from condos to apartments, which will consist of doubling the amount of units. The building is no longer a condo building. They are looking for an investor and another $15M (
) to complete this transition. (That makes this an $85M building...That could have resulted in a MUCH bigger building that this. These apartments will have to be PLUSH and WAY more expensive that most other things downtown to recoup the investment.)Most important item (at least to me): Real estate agents have gotten tons of interest in the property from clients but get no return calls from the Robert's side. This IMO bodes very well for future towers downtown. If someone does something reasonable and cost effective, I think they could be VERY successful with NEW purpose built modern condos. I LOVE seeing rehab projects of older buildings, but IMO the NEW CONSTRUCTION condo market is entirely different and attracts a much wider set of buyers.
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Did the Roberts spend $70M on what stands now, or was that the initial finished project estimate? Small point, but just curious.
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From my understanding, 70M has been spent on the building to date. For reference, there is a project just underway here in Minneapolis that will house a Whole Foods and 265 "luxury apartments" that is 70M. This would project to around 100 apartments with only a restaurant retail portion with a cost that is 85M total. Going to be a stretch to make this work.
I do love the building though. An excellent addition to the downtown streetscape and skyline. Just wish it would be utilized to get that many more people into the city.
I do love the building though. An excellent addition to the downtown streetscape and skyline. Just wish it would be utilized to get that many more people into the city.
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I would be happy if the Roberts Bros sold all their properties downtown. The ones they bought and operated before the recession started are completely underutilized. Downtown would be better if they were inthe hands of reputable owners.
^ They are selling. They just sold the "Roberts Vista" building on the corner of 4th and Washington, which now has been turned into apartments for students. Their properties on Locust, where they had planned an Indigo Hotel, are for sale as well. It's likely we'll see more of their buildings coming up for sale soon.
I was told they went "way over" $70M.Alex Ihnen wrote:Did the Roberts spend $70M on what stands now, or was that the initial finished project estimate? Small point, but just curious.
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Great news! With the Park Pacific and MX filling up this could be the next building to come online. Considering the market, SLU Law, and the projects developers have been executing, apartments seems like the logical choice (over condos).
According to the CBRE listing for the property: "Current apartment floor plans call for 82, 1-2 bedrooms units ranging from 1,225-1,515 SF."
If the Roberts Tower (I suppose it's likely to be renamed) and MX Apartments can get traction and solid rent rolls, it makes a great case for redevelopment of the Chemical Building (and perhaps the Renaissance Suites building on Washington? But I'm not sure what the status/ownership of that building is).
According to the CBRE listing for the property: "Current apartment floor plans call for 82, 1-2 bedrooms units ranging from 1,225-1,515 SF."
If the Roberts Tower (I suppose it's likely to be renamed) and MX Apartments can get traction and solid rent rolls, it makes a great case for redevelopment of the Chemical Building (and perhaps the Renaissance Suites building on Washington? But I'm not sure what the status/ownership of that building is).
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Out of town investors have swooped in. Sounds encouraging but what about the Orpheum?
http://www.bizjournals.com/stlouis/news ... ?full=true
http://www.bizjournals.com/stlouis/news ... ?full=true
Wow, bargin price, hopefully that translates into putting some serious money into the properties.
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Correct, Alex.
I am just happy that this will get up and running. I imagine this will be a very hot property and will fill up extremely fast if the prices are reasonable which should add some significant momentum to this area as well as downtown.
Major potential plus - if this goes well, two out of town development companies will have immediate first hand knowledge of potential returns for new projects in St. Louis. Hopefully this is just the beginning for these companies in StL.
I am just happy that this will get up and running. I imagine this will be a very hot property and will fill up extremely fast if the prices are reasonable which should add some significant momentum to this area as well as downtown.
Major potential plus - if this goes well, two out of town development companies will have immediate first hand knowledge of potential returns for new projects in St. Louis. Hopefully this is just the beginning for these companies in StL.
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Units were 1,200 to 4,000 sq ft. I'm not sure how many of each were planned.
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How many studios are there on the market right now? I feel like the majority of downtown apartments that I have seen are large. This makes sense as the majority are rehabs and lofts. This is virtually the only new construction.
Could be a slightly under-served market. Anyone have additional perspective on this theory?
Could be a slightly under-served market. Anyone have additional perspective on this theory?
Just a little reminder of what we are talking about here 
From Jive and Gasm's instagram thread on SSP.
From Jive and Gasm's instagram thread on SSP.
floors 3-25 will be built out. Floorplates are roughly 5k sqft. Figure 5 units per floor. Total 110 units. Squeezing in another 22 units could be difficult. But they want to charge a higher end price for the units so they will find a way to get to 132 units. My guess is that they'll charge $1.50 per sqft (similar to Park Pacific) for rent which would be difficult for large units so they'll probably average 700-900 sqft.moorlander wrote:From 55 units to 132. Sounds like studios.......
Roberts Tower 132 units
Chemical Bank 120 units
Arcade 250+ units
That could be 500+ new units in a two block area. That would certainly change the feel around the Old Post Office. If the old Mercantile Library could be rehabbed, I think all the larger buildings east of Tucker would be in use.
Chemical Bank 120 units
Arcade 250+ units
That could be 500+ new units in a two block area. That would certainly change the feel around the Old Post Office. If the old Mercantile Library could be rehabbed, I think all the larger buildings east of Tucker would be in use.
Exciting news! The Roberts Tower is my favorite new building in St. Louis, and while I don't defend the Roberts Brothers' business practices, we owe them a thanks for having the ego to build something so bold. It's such a refreshing departure from the status quo, and downtown desperately needed a tall, narrow, sleek tower-- it reminds me of something you'd see in Center City Philadelphia. I am also excited that it will likely be re-named, because Roberts Tower just doesn't have the sex appeal it deserves.
Totally agree.stlgasm wrote:while I don't defend the Roberts Brothers' business practices, we owe them a thanks for having the ego to build something so bold. It's such a refreshing departure from the status quo, and downtown desperately needed a tall, narrow, sleek tower