urbanSTL

Sub article so not sure how many expected new jobs, but Boundless is moving it's HQ from NYC to @4240... the GIS firm already has a presence here and I believe the founder, a SLU grad, has been living in the STL for awhile.

http://www.bizjournals.com/stlouis/news ... to-st.html

STLrainbow wrote:Sub article so not sure how many expected new jobs, but Boundless is moving it's HQ from NYC to @4240... the GIS firm already has a presence here and I believe the founder, a SLU grad, has been living in the STL for awhile.

http://www.bizjournals.com/stlouis/news ... to-st.html

"...the company will have 20 employees and expects to add another 25 over the next few years. In all, the company has nearly 100 employees in locations such as Washington, D.C., New Orleans, New York and Victoria, British Columbia."

^ Good news. Wonder if any rumblings of when or where or if Microsoft is going to happen? At this point I'm assuming Koman will be the ones to bring them into CORTEX but that is utter speculation on my part

Also, slowly but surely announcements should help push the timeline ahead on CORTEX 3.0. I think the sooner Wexford can get new space available the better and the more competitive they will be in attracting tenants. Even more so now that the plant science district believes it has to be more like CORTEX to succeed.

Good. I hope to see this Architecture website write more about our new Architecture.


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Glad to see the publicity, but I still think that apartment building looks horrible. I like the cut-outs and balconies, but skinny, vertical windows just make no sense. Human vision works horizontally, not vertically.

BTW, there have been quite a few internet sites featuring The One Hundred this week; very cool indeed to be getting all this attention.

dredger wrote:^ Good news. Wonder if any rumblings of when or where or if Microsoft is going to happen? At this point I'm assuming Koman will be the ones to bring them into CORTEX but that is utter speculation on my part.

from the article about the Koman led bike/ped project, it appears they are working with Cortex on uses (unsurprising) and it doesn't appear anything is imminent. In fact, it may not be office oriented...

Discussions are early on how the site should be redeveloped, he said. Braidwood said that under consideration are hospitality, multifamily residential and retail uses. Koman also is working with “nearby stakeholders to plan a universal parking solution for the south Cortex area,” he said.

http://www.stltoday.com/business/local/ ... f0d8b.html

Residential could be beneficial at that location but the question is whether demand will work on commercial/office at this point. It sounds like Koman doesn't have a lot lined up for that.

Sounds like Cortex is holding off on the residential component for now as part of the TIF request due to unanticipated higher costs.

Unanticipated higher costs???

^ don't know details; that came from a tweet from someone attending the TIF hearing.

If anyone has an update, please inform us. This would be shocking if true, considering the praise the design has received.


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Post Dispatch reporting on TIF commission including CORTEX chunk of $20 million in TIF Support for all three buildings. Since CORTEX 3.0 is about infill you would expect things would move fast once TIF approved and if financing is in place. Also noted TIF support for Loop Development, Armory, and Jeff Arms. Get impression this is one of many steps for Jeff Arms and Armory.

http://www.stltoday.com/business/local/ ... 5ca4f.html

TIF commissioners also voted to support the next phase of the Cortex Innovation District development. Cortex officials want to tap about $20 million in TIF help for its development of an Aloft hotel, an office and laboratory building and a third building to combine apartments and a parking garage within the Central West End tech district.

Here is the tweet...

Jessica Payne ‏@the_jessicarae Jan 4
Cortex pulled residential component at this time due to higher costs than anticipated. Reintroduce at later date #TeamTIF #stl

I believe the Commission was presented a project of $100M for the Aloft Hotel ($40M) and Lab/Office ($60M). Phase 3 was announced as $170M total with the garage/residential. Again I have no idea how this will effect construction but it seems possible they'll get started on the hotel/office/lab before the residential.... maybe Phase 3A and 3B. (I think they'll need the garage open though before tenants get into office/lab.)

Maybe lenders are starting to worry about residential overbuilding?

Higher borrowing rates also.

STLrainbow wrote:Here is the tweet...

Jessica Payne ‏@the_jessicarae Jan 4
Cortex pulled residential component at this time due to higher costs than anticipated. Reintroduce at later date #TeamTIF #stl

I believe the Commission was presented a project of $100M for the Aloft Hotel ($40M) and Lab/Office ($60M). Phase 3 was announced as $170M total with the garage/residential. Again I have no idea how this will effect construction but it seems possible they'll get started on the hotel/office/lab before the residential.... maybe Phase 3A and 3B. (I think they'll need the garage open though before tenants get into office/lab.)

Do we have any documentation of this besides this tweet? From what the PD says it seems it's full speed ahead for all three aspects. I just think this would be a more widely covered story if the residential portion was removed.


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^ not to grind on the PD, but it seems like that article was kind of phoned in.... here's a more comprehensive overview of what happened at the TIF Commission and for Cortex no mention of the housing

http://www.stlamerican.com/news/local_n ... user-share

Cortex requested for the commission to unlock $9.5 million of the $167 million in TIF support that was already approved years ago. That will go towards building a research lab, office space, tech innovation hall and boutique hotel.

I did remember seeing an article the other day in WSJ mentioning luxury apartments starting to fizzle. Watch this affect the residential component of BPV phase 2 as well

edit: found it http://www.wsj.com/articles/luxury-apar ... 1483358401

^ there was a bit of a discussion about that on another thread... I think that's going to be a market-by-market situation and by all accounts things here have been filling up nicely and we might be a laggard on that compared to some of the markets that have had a lengthy boom. Anyway, I wouldn't read too much into whatever is going on with the Cortex plans.... residential over there has been a mystery for awhile. Remember that rfp for the Silo Lofts and then some renderings? good times!

I don't think CORTEX priority should be residential development so Wexford & Aloft taking precedent over apartments moving forward is still a good sign. Bring in the jobs and market will continue to support more housing. Hopefully they can make all three work sooner then later even if the apartment block has to wait.

But I do got one question(s) concerning the parking structure which is not clear too me. Isn't the parking structure part of the deal for Wexford to move forward on more space in 3.0? or is CORTEX/Wexford assuming that it still has enough surface lots to make new space work without having to add the parking deck right away?

dredger wrote:I don't think CORTEX priority should be residential development so Wexford & Aloft taking precedent over apartments moving forward is still a good sign. Bring in the jobs and market will continue to support more housing. Hopefully they can make all three work sooner then later even if the apartment block has to wait.

I share this opinion. There is plenty of room for residential growth in the surrounding neighborhoods, but only a limited amount of land within the CORTEX district itself.

It's official... the residential/garage building is being delayed. But maybe by not too much:

Apartments, parking garage out of next Cortex growth spurt

http://www.stltoday.com/business/local/ ... um=twitter

Lower said developers scrapped the plan, in part, because of the high cost of putting the apartments' elevator and utility shafts through the garage.

As result, the projects will be redesigned separately, said Lower, adding that they should be ready for TIF Commission consideration this year.

And the lab/office should break ground next month with the hotel in Spring So it's all good, hopefully.

STLrainbow wrote:It's official... the residential/garage building is being delayed. But maybe by not too much:

Apartments, parking garage out of next Cortex growth spurt

http://www.stltoday.com/business/local/ ... um=twitter

Lower said developers scrapped the plan, in part, because of the high cost of putting the apartments' elevator and utility shafts through the garage.

As result, the projects will be redesigned separately, said Lower, adding that they should be ready for TIF Commission consideration this year.

And the lab/office should break ground next month with the hotel in Spring So it's all good, hopefully.

*sigh of relief*


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