Excerpts from today's edition of the Business Journal.
...The Arcade, Skyhouse, A new Westin across from the Galleria have all been in the works for more than a year and none, to date, have financing in place to move forward with construction. Tighter lending standards are stalling some projects in St. Louis and raising questions about whether others will get built.
...For John Steffen, whose projects include the transformation of the former St. Louis Center into the $400 million MX redevelopment, that means having to go back to his financial partners to hammer out new deals to satisfy lenders. Steffen said an important piece of financing for the MX redevelopment - $25 million (MoDESA) isn't expected to be completed until mid year.
...Meanwhile Pyramid is in the midst of pre-sales at The Laurel (20 of 110 units sold) and is focusing on the retail planned for The Concord. Further down on Pyramid's list of priorities is the Arcade and The Jefferson Arms.
...A few blocks west is The Skyhouse. Chief Executive Paul Hardej said sales have slowed in recent months, and the developer has pulled back on its marketing budget for the project. 30 of 166 units have sold which does not meet the 40% lender's requirement needing 66 units sold. Despite the slowdown, he's still hoping to move forward with the project.
...Some projects are getting the green light. Joe Edwards 124-room boutique hotel on the East Loop closed its financing last November and Gilded Age's second phase of the Georgian is also moving forward. And the Park Pacific plans to close on its loan in March.
...Barb Geisman, deputy mayor of the city said, that while things are slower than they were last year, there's still a lot of progress being made, just at a slower pace.
...The Arcade, Skyhouse, A new Westin across from the Galleria have all been in the works for more than a year and none, to date, have financing in place to move forward with construction. Tighter lending standards are stalling some projects in St. Louis and raising questions about whether others will get built.
...For John Steffen, whose projects include the transformation of the former St. Louis Center into the $400 million MX redevelopment, that means having to go back to his financial partners to hammer out new deals to satisfy lenders. Steffen said an important piece of financing for the MX redevelopment - $25 million (MoDESA) isn't expected to be completed until mid year.
...Meanwhile Pyramid is in the midst of pre-sales at The Laurel (20 of 110 units sold) and is focusing on the retail planned for The Concord. Further down on Pyramid's list of priorities is the Arcade and The Jefferson Arms.
...A few blocks west is The Skyhouse. Chief Executive Paul Hardej said sales have slowed in recent months, and the developer has pulled back on its marketing budget for the project. 30 of 166 units have sold which does not meet the 40% lender's requirement needing 66 units sold. Despite the slowdown, he's still hoping to move forward with the project.
...Some projects are getting the green light. Joe Edwards 124-room boutique hotel on the East Loop closed its financing last November and Gilded Age's second phase of the Georgian is also moving forward. And the Park Pacific plans to close on its loan in March.
...Barb Geisman, deputy mayor of the city said, that while things are slower than they were last year, there's still a lot of progress being made, just at a slower pace.
