Just says it was filed.
The other project that was filled was the 100
The other project that was filled was the 100
One Hundred, Jefferson Arms projects to start construction in early 2018 - St. Louis Business Journal
Dec. 18th, 2017
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Building permits for two high-profile projects in the city of St. Louis have been filed by their respective developers, signaling construction is imminent.
On Dec. 13, New Jersey-based Mac Properties and Antheus Capital applied for a $9.1 million building permit to start foundation work for its planned $130 million apartment high-rise in the Central West End at 100 Kingshighway Blvd.
Then two days later, Dallas-based Alterra Worldwide applied for a $104 million building permit for its historic redevelopment of the Jefferson Arms building, 415 N. Tucker Blvd., in downtown St. Louis.
Officials behind both projects have said they expect to start construction in early 2018.
The 36-story tower in the Central West End, called One Hundred, is being designed by architecture firm Studio Gang and will include 316 apartments with about 2,000 square feet of commercial space on the ground floor.
Construction is expected to be complete in spring 2020. The city of St. Louis is helping finance the project by issuing $118 million in industrial revenue bonds. Eli Ungar, principal at New Jersey-based Mac Properties, previously said subsidies would provide approximately 8 percent of the project’s cost — or about $10 million. Mac sought 95 percent tax abatement for 10 years and 50 percent abatement for five years.
One Hundred will feature 305 apartments over 540,000 square feet of space in the Central West End.
Work on the historic Jefferson Arms building will include a 200-room Marriott-branded AC Hotel and more than 200 single-family apartments to go along with retail on the street level.
Alterra is using $17.4 million in tax increment financing (TIF) to help fund the historic redevelopment. Mike Sarimsakci of Alterra said the firm also hopes to utilize between $15 million and $18 million in state historic tax credits. Federal historic tax credits are also expected to be secured, along with financing through the U.S. Department of Energy’s Property Assessed Clean Energy Programs (PACE).
Alterra International, a Dallas-based developer that has the Jefferson Arms building under contract, plans a $103.7 million redevelopment of the vacant facility in downtown St. Louis. Here's what the building looks like today.
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I can't believe they used the actual $$$$ amount! the trick is you use half of that in the permit to save on the permit fee which is 1% of project cost 
but with that said, the city should be bringing in about $5.5M in permit fees just from 4 projects- this, 100, 300 and BPV2
but with that said, the city should be bringing in about $5.5M in permit fees just from 4 projects- this, 100, 300 and BPV2
I can't believe they cited two different apartment totals for the same project.
I'd think Kwame knows better than that, but it shows up as $104,000,000 on Geo. When I get the newly issued permits every month it's always fun to go through and look at stated value in comparison to what is being done.dbInSouthCity wrote: ↑Dec 18, 2017I can't believe they used the actual $$$$ amount! the trick is you use half of that in the permit to save on the permit fee which is 1% of project cost
but with that said, the city should be bringing in about $5.5M in permit fees just from 4 projects- this, 100, 300 and BPV2
Everyone low balls permit fees, but it's really more complicated than that anyway. MEP gets separate permits, which are supposed to account for the value of that portion, so the general building permit should be lower than the overall project value. But it's just a game to see what your plan examiner will accept. They've been pushing back a little more lately on the low-balling. They pushed my garage with ADU building permit value higher than I initially told them.
But what's another $100 to the Building Division among friends after already paying the $25 application fee, $200 to appeal to the Board of Adjustment, and the rest of the permit fee.Latest renderings on the business journal look like there is an H&M on the southeast corner of the building. Unless that logo looks similar to one of the restaurants that’s going in.
I haven’t heard of anything beyond the furniture store and the restaurants. Maybe just a placeholder for the renderings?
I haven’t heard of anything beyond the furniture store and the restaurants. Maybe just a placeholder for the renderings?
Could you post them?TCB wrote: ↑Dec 20, 2017Latest renderings on the business journal look like there is an H&M on the southeast corner of the building. Unless that logo looks similar to one of the restaurants that’s going in.
I haven’t heard of anything beyond the furniture store and the restaurants. Maybe just a placeholder for the renderings?
Biz journals article on foreign financing via visa program. Behind pay wall but sure their is plenty of successes and failures that can be cited with this program.
https://www.bizjournals.com/stlouis/new ... reign.html
Alterra plans on using the U.S. Citizenship & Immigration Service EB-5 program, an investor visa program that seeks to stimulate the United States economy through investments in U.S. companies by foreign investors.
https://www.bizjournals.com/stlouis/new ... reign.html
Alterra plans on using the U.S. Citizenship & Immigration Service EB-5 program, an investor visa program that seeks to stimulate the United States economy through investments in U.S. companies by foreign investors.
dredger wrote: ↑Dec 20, 2017Biz journals article on foreign financing via visa program. Behind pay wall but sure their is plenty of successes and failures that can be cited with this program.
https://www.bizjournals.com/stlouis/new ... reign.html
Alterra plans on using the U.S. Citizenship & Immigration Service EB-5 program, an investor visa program that seeks to stimulate the United States economy through investments in U.S. companies by foreign investors.
So if the developer still needs to raise $50 million through EB-5, why would they apply for a building permit? Just curious of the order they're doing things.
The renderings with the H&M are in that Biz Journal link above. If that comes to pass, it would be HUUUUUGE.
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Yeah puzzled by jumping the gun on the building permit, they could have just applied for a zoning only permit without committing to a dollar amount. then the project would go through all the zoning approvals (board of adjustment hearing most likely) and get it all approved than just get a building permit when readystlien wrote: ↑Dec 21, 2017dredger wrote: ↑Dec 20, 2017Biz journals article on foreign financing via visa program. Behind pay wall but sure their is plenty of successes and failures that can be cited with this program.
https://www.bizjournals.com/stlouis/new ... reign.html
Alterra plans on using the U.S. Citizenship & Immigration Service EB-5 program, an investor visa program that seeks to stimulate the United States economy through investments in U.S. companies by foreign investors.
So if the developer still needs to raise $50 million through EB-5, why would they apply for a building permit? Just curious of the order they're doing things.
my guess this project still falls apart
^^
My take is that the square footage and project is big enough that it is essentially a phased development in itself for which financing is coming from multiple sources or tied to specific spaces/uses. The building permit might be odd vs. not having all the funding in place. However, developer could very will be on path for securing financing to start on ground floor commercial, H&M, and the apartments next year but still securing separate finance for hotel rooms/hotel brand via visa program, vice versa. Speculation on my part but it will be interesting to hear his thoughts if he can share some more details.
It will be interesting how Jeff Arms as well as Railway Exchange play out the next year. That is a lot of square footage between the two with multiple uses to finance, rehab, build out & lease. Getting one of them to happen with BPV II & botique hotels full steam ahead will be a good year for downtown.
My take is that the square footage and project is big enough that it is essentially a phased development in itself for which financing is coming from multiple sources or tied to specific spaces/uses. The building permit might be odd vs. not having all the funding in place. However, developer could very will be on path for securing financing to start on ground floor commercial, H&M, and the apartments next year but still securing separate finance for hotel rooms/hotel brand via visa program, vice versa. Speculation on my part but it will be interesting to hear his thoughts if he can share some more details.
It will be interesting how Jeff Arms as well as Railway Exchange play out the next year. That is a lot of square footage between the two with multiple uses to finance, rehab, build out & lease. Getting one of them to happen with BPV II & botique hotels full steam ahead will be a good year for downtown.
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If I'm not mistaken he's done this same concept in Dallas i don't see this falling apart at all..
I don't think he's come this far to have it all fall apart. I think we all could be more confident the way developments are progressing in St.Louis.
I don't think he's come this far to have it all fall apart. I think we all could be more confident the way developments are progressing in St.Louis.
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Good evening.St.Louis1764 wrote: ↑Dec 21, 2017If I'm not mistaken he's done this same concept in Dallas i don't see this falling apart at all..
I don't think he's come this far to have it all fall apart. I think we all could be more confident the way developments are progressing in St.Louis.
Yes we have used EB-5 in Dallas. 99 investors totaling to 49.5 million.
By no means the program is easy, but it provides better terms to mix use development projects compared to a typical bank loan.
Myself and the rest of the Alterra team is working extremely hard for the construction to start. We have spent $$$ millions in the process already.
I appreciate your kind words.
Hello Dredgerdredger wrote: ↑Dec 21, 2017^^
My take is that the square footage and project is big enough that it is essentially a phased development in itself for which financing is coming from multiple sources or tied to specific spaces/uses. The building permit might be odd vs. not having all the funding in place. However, developer could very will be on path for securing financing to start on ground floor commercial, H&M, and the apartments next year but still securing separate finance for hotel rooms/hotel brand via visa program, vice versa. Speculation on my part but it will be interesting to hear his thoughts if he can share some more details.
It will be interesting how Jeff Arms as well as Railway Exchange play out the next year. That is a lot of square footage between the two with multiple uses to finance, rehab, build out & lease. Getting one of them to happen with BPV II & botique hotels full steam ahead will be a good year for downtown.
Marry Christmas and Happy Holidays.
Even though we have phased development, all the equity and financing needs to be in place before I start my construction. I am comfortable with my financing. I have to be shovel ready to close my financing with the most ideal terms (low interest rate). That means I have to have construction permit at hand.
My biggest risk at this point is Missouri Brown Field Tax Credits. Our ask is about 11 million. I can’t start my construction without securing that source. I have been at Jefferson City twice already to meet with appropriate State officers to follow up. So I have to clean the building of Asbestos and Lead spend the money then I will get the credit issued. If they say no then I get nothing.
My construction budget is about 55-56 million + 11 million in Abetment/Interior Demolition. I can’t burden environmental cleanup costs without the Brown Field Tax Credits approval.
H&M was a wish from our design team. I wish it was the case.
Hello good evening.dbInSouthCity wrote: ↑Dec 21, 2017Yeah puzzled by jumping the gun on the building permit, they could have just applied for a zoning only permit without committing to a dollar amount. then the project would go through all the zoning approvals (board of adjustment hearing most likely) and get it all approved than just get a building permit when readystlien wrote: ↑Dec 21, 2017dredger wrote: ↑Dec 20, 2017Biz journals article on foreign financing via visa program. Behind pay wall but sure their is plenty of successes and failures that can be cited with this program.
https://www.bizjournals.com/stlouis/new ... reign.html
Alterra plans on using the U.S. Citizenship & Immigration Service EB-5 program, an investor visa program that seeks to stimulate the United States economy through investments in U.S. companies by foreign investors.
So if the developer still needs to raise $50 million through EB-5, why would they apply for a building permit? Just curious of the order they're doing things.
my guess this project still falls apart
No serious financial institution would fund the project without building permit issued prior. Same holds for Eb-5 funding program. Plus, This is a heavily regulated program from an admistrative perspective. Furthermore to hold project schedule I had to submit my permit set by Dec 15th. That is what has been done.
Again my biggest risk is Brown Field Tax Credit Approval. Without that the project is a no go.
Having said that I have to continue spend money and time. Hit the milestones. I wish I have the luxury to wait and make decisions at the most optimum times with predictable outcomes. Unfortunately it does not work that way. That is why Development at risk is gambling at times.
Many times during the development process we face egg-chicken vs chicken-egg syndrome.
Thank you for your interest. I appreciate it.
Dear Stlienstlien wrote: ↑Dec 21, 2017dredger wrote: ↑Dec 20, 2017Biz journals article on foreign financing via visa program. Behind pay wall but sure their is plenty of successes and failures that can be cited with this program.
https://www.bizjournals.com/stlouis/new ... reign.html
Alterra plans on using the U.S. Citizenship & Immigration Service EB-5 program, an investor visa program that seeks to stimulate the United States economy through investments in U.S. companies by foreign investors.
So if the developer still needs to raise $50 million through EB-5, why would they apply for a building permit? Just curious of the order they're doing things.
I have answered a similar question in detail.
Thank you.
TCBTCB wrote: ↑Dec 20, 2017Latest renderings on the business journal look like there is an H&M on the southeast corner of the building. Unless that logo looks similar to one of the restaurants that’s going in.
I haven’t heard of anything beyond the furniture store and the restaurants. Maybe just a placeholder for the renderings?
You are correct. H&M is a place holder at this time. Our original lineup stil holds true on retail.
Thank you
Dear MattnSTLMattnSTL wrote: ↑Dec 18, 2017I'd think Kwame knows better than that, but it shows up as $104,000,000 on Geo. When I get the newly issued permits every month it's always fun to go through and look at stated value in comparison to what is being done.dbInSouthCity wrote: ↑Dec 18, 2017I can't believe they used the actual $$$$ amount! the trick is you use half of that in the permit to save on the permit fee which is 1% of project cost
but with that said, the city should be bringing in about $5.5M in permit fees just from 4 projects- this, 100, 300 and BPV2
Everyone low balls permit fees, but it's really more complicated than that anyway. MEP gets separate permits, which are supposed to account for the value of that portion, so the general building permit should be lower than the overall project value. But it's just a game to see what your plan examiner will accept. They've been pushing back a little more lately on the low-balling. They pushed my garage with ADU building permit value higher than I initially told them.
$ 100+ million is the approximate total development budget. Our best guesstimate at this time is that construction budget would be about $55 million. Then we have an additional $11 million Asbetos/Lead Abetment on top. The rest is other financing(big one), soft costs, building value.
Our team will be correcting the form.
Thank you.
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-Mike,
First of all thank you for your participation and transparency on this thread. Hopefully one day all developers follow your example.
Also, do you have any updates on the 1920 S. Broadway Project? I for one am so excited to see that building come back and would seriously consider living there.
Thanks again
First of all thank you for your participation and transparency on this thread. Hopefully one day all developers follow your example.
Also, do you have any updates on the 1920 S. Broadway Project? I for one am so excited to see that building come back and would seriously consider living there.
Thanks again
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GoHarvOrGoHome wrote: ↑Dec 22, 2017-Mike,
First of all thank you for your participation and transparency on this thread. Hopefully one day all developers follow your example.
Also, do you have any updates on the 1920 S. Broadway Project? I for one am so excited to see that building come back and would seriously consider living there.
Thanks again
Good afternoon
Thank you. I believe in engaging the community and making them part of the process. I need to listen to your feedbacks, ideas. Alterra will be holding public forums on our proposed design selection, materials, retail lineup etc. The end goal is to make a product you all will enjoy.
I had stop the purchase process for 1920 Broadway as I needed more time to secure Brown field and historic tax credits. I asked for extension from the seller, I was not granted. However we have a good working relationship, I could go back and purchase. Jefferson Arms is taking lots of my time and energy. I don’t want to loose focus with other may be Projects. Once I secure Differing Tax Credits for JA then Back to chasing more deals.
As you might know there was a talk of canceling Federal Historic Tax Credits with the Trump Tax Reform. As a matter fact by early November House proposed total cancellation of the program. Senate put it back in. Without the Historic Tax Credits no historic Building in the whole US would have been redeveloped. Many upcoming projects in St. Louis would have been scrapped.
In the meantime if some unbelievable development opportunity presents itself in “core downtown”, I might consider.
America’s Great Renter Boom Is Over
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