urbanSTL

The only CWE apartments I know of in the $400s have price controls and income restrictions due to federal funding. (Hampden Hall used to be that way at one time.) To compare like to like, a market-rate, 1-bedroom, fully updated apartment with high-end finishes in a CWE hi-rise will start over $1000/mo. Even the newer low-rise buildings like Metro Lofts, Cortona and 3949 Lindell all start well over $1000.

Presbyterian wrote:The only CWE apartments I know of in the $400s have price controls and income restrictions due to federal funding. (Hampden Hall used to be that way at one time.) To compare like to like, a market-rate, 1-bedroom, fully updated apartment with high-end finishes in a CWE hi-rise will start over $1000/mo. Even the newer low-rise buildings like Metro Lofts, Cortona and 3949 Lindell all start well over $1000.

There is a 1960's high rise on Lindell, I can't remember its name, where a studio is $500, the same as Gentry's Landing on 4th Street Downtown. I wouldn't pay that for 500 sq. ft. but it's not bad for CWE. If Roberts Tower had a similar offering I would consider it.

The Jackson Arms on Lindell has studios starting at $582.

http://www.forrent.com/apartment-commun ... 030855.php

Also, often new projects have high list prices, but then offer incentives to get people in the door like: first month's rent free (or even two months). That makes for a real annual rent of about 92% of the list price (or 83%). It's a way to quickly get it filled up with tenants who, once they're in, are going to be more likely to renew at the "same" monthly rate. Which in reality is about an 8% (or 17%) increase.

wabash wrote:Also, often new projects have high list prices, but then offer incentives to get people in the door like: first month's rent free (or even two months). That makes for a real annual rent of about 92% of the list price (or 83%). It's a way to quickly get it filled up with tenants who, once they're in, are going to be more likely to renew at the "same" monthly rate. Which in reality is about an 8% (or 17%) increase.

Were condos from the Roberts Tower in their original configuration ever on the market? Stories say the tower failed before the reconfiguration of the condos. I would have liked to see what they were going to ask for the old configurations. One bedroom doesn't work for me. I don't recall ever seeing them for sale.

Why didn't the new owners see if the original size units would sell? Maybe they make a lot more money per floor with more smaller cheaper units.

Fox2 - Tenants soon to move into luxury apartments downtown

http://fox2now.com/2014/04/22/tenants-s ... -downtown/

As of today, about 20 of the building's 128 apartments are reserved or leased. The first tenant moved in Thursday (5/1)

http://www.stltoday.com/business/column ... 08aab.html

Is 20 good? Seems low. Then again, this is a very expensive building. If it had some affordable artist lofts like the Arcade will, maybe more people would be able to afford to move in. But I guess that's not what they wanted. More expensive units = mo' money

I would expect that now that it's open, the units will lease at a faster pace.

There was a unit on show today for the Downtown Living Tour. It was very nice. The southeast corner unit on (I believe it was) the 22nd floor. They had the common area on the top floor open on the tour as well. I was told parking for the building is in the 9th street garage.

I know someone mentioned this before, but it's great to see Webster University as one of the sponsors of the Downtown Living Tour.

This building should fill up quite swiftly since its still relatively brand new and rather attractive besides you're stepping stones from your neighborhood grocery store..

It does seem to be off to a bit of a slow start, but I don't think it will provide an accurate barometer of the market until Sept. 1. Then there will have been a full summer of Cards fans, event goers, visitors, etc.... And school (namely SLU Law) will have just started back up.

If they already have 20 leased then It should fill up by October assuming If they still leasing out 20 per month.

Going off the availability on the website, it appears that 30 units are either "Reserved" or "Unavailable". This is 29 units and one penthouse.

doesn't sound good to me....but what do I know

I would think 2 years is a good time frame for residential lease up (can be quicker depending on market fundamentals). 128 units over a 2 yr period is roughly 5 per month.

So looks like 14 units were added to "reserved" or "unavailable" between May and July. Seems like a good pace to me.

Two years seems painfully slow to me. Banks and developers will look to this project to get a read on downtown market-rate rental demand. So it's important that it fill up as quickly as possible. We don't just want it to be a successful project long term (which would be great), but also a poster child for how strong the market is.


It's been open for just over three months now, so hopefully it'll fill up within twelve of opening. Between opening (May 1st) and SLU Law starting is high season for them. Leasing I s likely to slow down in the Fall and Winter based on the normal annual real estate cycle.

44 units in three months isn't bad at all. At this rate, the building will be 100% leased within 12 months. With this being on the high end of the market, without parking, bodes well for other developers.