CItyTarget on floor 1, floors 2-8 is data center/tech space. Problem solved. Another thought, a tech orient campus space but doubt Wash U or SLU would be interested & don't believe UMSL has ever expressed a desire to for significant downtown presence (even more so with stagnant enrollment & another round of state budget cuts)moorlander wrote: ↑Feb 20, 2017$250millionuser28 wrote:anyone have access to the article in todays biz journal about this project?
Floors 9-21 residential
Floors 1-8 ?????
Hudson Holdings has "tapped" well known downtown developers Steve Stogel and Amos Harris to lead the development team.
http://www.bizjournals.com/stlouis/news ... j=77415031
New owners plan hundreds of apartments, offices and retail for Railway Exchange building
http://www.stltoday.com/business/local/ ... c21f2.html
http://www.stltoday.com/business/local/ ... c21f2.html
- 2,430
^ if they can get that underway next year as they hope that would be incredible. 600-ish apartments and whatever else they might program for the other half would be a huge boost for the heart of the CBD.
While very difficult, and not the most cost friendly, it would be amazing if they can figure out how to do the building in pieces (horizontally). Bringing 200 apartments online at a time will be much healthier for the project and much healthier for downtown. They other key to this is to really make big enough changes to the building to lure office tenants as New Construction would. Whether that's possible with this building, I have no idea. The projects that come to mind are usually post-industrial applications.
- 8,910
This building has LOW ceilings so it will isn't a good fit for class a office
Believe floors 1-8 are different matter and can were they might enter different uses including office.moorlander wrote: ↑Feb 24, 2017This building has LOW ceilings so it will isn't a good fit for class a office
Biz Journals reporting that new owners have secured $19 million in financing. Not sure of details as article behind pay wall
http://www.bizjournals.com/stlouis/news ... n-for.html
http://www.bizjournals.com/stlouis/news ... n-for.html
It says it is a short-term bridge loan of $19.3 million to "help fund pre-construction activity such as architectural and design work, consulting and other services."
Not much else in the article: says planning for 600 apartments and retail over the first several floors. I took that to mean retail on the ground, apartments above, not retail on several floors.
Also says Hudson has not yet met with the city to discuss possible incentives.
Not much else in the article: says planning for 600 apartments and retail over the first several floors. I took that to mean retail on the ground, apartments above, not retail on several floors.
Also says Hudson has not yet met with the city to discuss possible incentives.
- 2,430
^ regarding that last line, anyone know how the state historic tax credits debate is going this legislative session? gotta keep it intact if these difficult projects are going to move forward.
Word I'm hearing is don't expect any changes during the current session, but a special session will be called in late summer or early fall to all but kill Historic Tax Credits and most other programs.
^ Interesting, my read between the lines is the statehouse won't make hard choice to raise gas tax and especially cig tax which would go a long ways in right sizing MO tax revenues for Medicaid disbursement/general funds and might even pulling general revenues funds into DOT to claim success with roads. In the meantime leaving the unpopular task of tax credits for special session when Gov can declare budge emergency. MO has a tax credit for everyone and GOP has control of all the offices so can't blame unpopular choices on the other side of the aisle.
..
Curious if developers getting same story and why the action on a Railway Exchange bridge loan. $19 million is a big number without any meaningful revenue source in place The plus side is a commitment to move forward on developing some the Railway exchange floors. Assume residential being priority because a market exists
The other thought, will be interesting if something similar happens with Jeff Arms
..
Curious if developers getting same story and why the action on a Railway Exchange bridge loan. $19 million is a big number without any meaningful revenue source in place The plus side is a commitment to move forward on developing some the Railway exchange floors. Assume residential being priority because a market exists
The other thought, will be interesting if something similar happens with Jeff Arms
Just got an email from a former co-worker who is doing a lot of server colocation work downtown, here is what he is saying about RE:
One of my clients is redeveloping the 1.2 million square foot Railway Exchange Building in Saint Louis. At this time, they hope to start redevelopment in less than 2 years. When finished the building will be a mixed use building containing retail, commercial and residential space in the heart of downtown. The building is in easy walking distance (1,000 feet) from the data centers at 900 Walnut, 210 North Tucker and 710 North Tucker and has an attached parking garage.
One time tenant May Department stores used the site as its world headquarters with a substantial datacenter operation on the 9th floor. My client is interested in the opportunity to maintain this space as a datacenter. The 9th floor encompasses 50-60,000 square feet, though at this stage there is an opportunity to make this more than a single floor. Obviously not the size of the other three downtown datacenters, this seems for some a much better option as a hot site for a primary datacenter or corporate data center or ? The building shares the corner of Olive and 6th with Metropolitan Square, Saint Louis’ largest downtown office structure.
I’m interested in hearing your thoughts about its use. All utility and telecommunications services to the building will be gutted and brand new. They are open to working with someone to provide onsite power generation for the operation. Still at a very preliminary stage and trying to gauge interest and develop a plan. Location attached. All things possible.
Would be interested in your coworkers clients potential tenants would be
Sent from my iPhone using Tapatalk
Sent from my iPhone using Tapatalk
The water main break on 6th yesterday that swallowed a car also flooded the basement. 70,000 sf, 2-3 ft deep.
- 2,430
I'm still skeptical about this developer but Greg has a write-up of some progress on the financing side...
https://nextstl.com/2017/11/railway-exc ... e-reality/
Again I think if this and Jefferson Arms indeed get underway along with the BPV new construction that will be pretty darn exciting.... around 2.5M sq. ft. of mixed-use development is not too shabby.
https://nextstl.com/2017/11/railway-exc ... e-reality/
Again I think if this and Jefferson Arms indeed get underway along with the BPV new construction that will be pretty darn exciting.... around 2.5M sq. ft. of mixed-use development is not too shabby.
It's just tied to all these tax credits that could be going away very soon. Makes me nervous but 600 units would be somethingSTLrainbow wrote: ↑Nov 21, 2017I'm still skeptical about this developer but Greg has a write-up of some progress on the financing side...
https://nextstl.com/2017/11/railway-exc ... e-reality/
Again I think if this and Jefferson Arms indeed get underway along with the BPV new construction that will be pretty darn exciting.... around 2.5M sq. ft. of mixed-use development is not too shabby.
PD article on finance side. Don't believe much or any more info from earlier posts.
http://www.stltoday.com/business/local/ ... e-latest-2
The effort to bring the 21-story Railway Exchange Building — former headquarters of May Department Stores — back to life took a step forward Tuesday after the city's Industrial Development Authority granted preliminary approval to issue up to $160 million in bonds to finance the project. Those bonds will be privately placed with the AFL-CIO's Housing Investment Trust, according to the IDA report.
http://www.stltoday.com/business/local/ ... e-latest-2
The effort to bring the 21-story Railway Exchange Building — former headquarters of May Department Stores — back to life took a step forward Tuesday after the city's Industrial Development Authority granted preliminary approval to issue up to $160 million in bonds to finance the project. Those bonds will be privately placed with the AFL-CIO's Housing Investment Trust, according to the IDA report.
Its a combination of federal CMAQ and STP funding through East West Gateway for a new streetscape similar to the improvements made recently to Washington Avenue near MX.
Making 7th Street nicer from Washington to Walnut (BPV) would be a big plus. I could really see the closed down Macy's Garage (There are barriers up at all entrances but the elevators on Olive, that's why I believe it is closed) being demolished to become something more productive. Hell, beautifying 7th Street will really help downtown's streetscape and hopefully add some retail and restaurants.
The positive spin is the developers already paid +$20 million for the building. That is a heck of bet for real estate speculation on an old building in a market like St. Louis. While I'm pretty sure, like almost all real estate transactions of any size, that Railway Exchange purchase is done under a separate business entity so if all else fails the developer declares bankruptcy and walks away from the loan/financing (think ATT One Center when lease expired). However, that doesn't sound like a good play on a big large building that probably costing them some money just to stabilize & have in the short term while spending money securing various mechanisms/tax credit to make it happen. I think they invested because it is a relative cheap structure in place with a lot of space/square footage that can be turned around for solid revenues if they pick the right use and tax credits come together.STLrainbow wrote: ↑Nov 21, 2017I'm still skeptical about this developer but Greg has a write-up of some progress on the financing side...
https://nextstl.com/2017/11/railway-exc ... e-reality/
Again I think if this and Jefferson Arms indeed get underway along with the BPV new construction that will be pretty darn exciting.... around 2.5M sq. ft. of mixed-use development is not too shabby.
- 2,430
^ also on the positive ledger is it looks like they have some capable local developers as part of the team and if they indeed have the AFL-CIO trust involved that will be big. (I believe the trust was a large part of the financing for The Laurel which was a nice piece of activity during the recession years.)
but my concern just is it appears they have a number of buildings with announced plans but little actual work and a bit of legal issues with what is underway in Louisville.... I don't think even that similarly large project in Cleveland that won a big state HTC award and that was supposed to start after the RNC Convention has gotten underway.
but my concern just is it appears they have a number of buildings with announced plans but little actual work and a bit of legal issues with what is underway in Louisville.... I don't think even that similarly large project in Cleveland that won a big state HTC award and that was supposed to start after the RNC Convention has gotten underway.
- 8,910
Brian Feldt from the BJ tweeted this out earlier. what do you make of the Square signage?
![]()
- 2,430
^ Here's the story:
Railway Exchange developer courts Square
https://www.bizjournals.com/stlouis/new ... quare.html
The developer of the downtown Railway Exchange Building is courting mobile payments startup Square as a tenant, he said Wednesday.
But Amos Harris cautioned that deal — and the whole redevelopment — are far from a sure thing...
The Business Journal reported in April that Square was looking for as much as 80,000 square feet of office space, either near its current offices in the Cortex innovation district or downtown...
Harris said his goal is to start construction in August.
Railway Exchange developer courts Square
https://www.bizjournals.com/stlouis/new ... quare.html
The developer of the downtown Railway Exchange Building is courting mobile payments startup Square as a tenant, he said Wednesday.
But Amos Harris cautioned that deal — and the whole redevelopment — are far from a sure thing...
The Business Journal reported in April that Square was looking for as much as 80,000 square feet of office space, either near its current offices in the Cortex innovation district or downtown...
Harris said his goal is to start construction in August.