207 units could be coming... developers submitted $23M (zoning-only) building permit.
Huh? The bankrupt ones?STLrainbow wrote: ↑Jan 05, 2018207 units could be coming... developers submitted $23M (zoning-only) building permit.
Real Estate business model on the large scale seems so messed up to me in some ways with the various shell games and pass through entities, separate business established for a specific building and the tax laws and tax cuts that will make it even more favorable. Its almost like the buying, selling and developing the property is driving force instead of long term rent income.ImprovSTL wrote: ↑Jan 05, 2018Huh? The bankrupt ones?STLrainbow wrote: ↑Jan 05, 2018207 units could be coming... developers submitted $23M (zoning-only) building permit.
Case in point, ATT sold off One Center for a pretty good price to a large national developer/real estate holder, in return they got a pretty good lease deal out of ATT, did little to improve the property but certainly worked hard to claim reduce valuation, and when all said and done the developer walked away from the mortgage which put the building in receivership & pocketed the plus side of the lease and probably will claim a paper loss to against earnings. .
Bizjournal website has update but behind pay wall so not sure if it adds much info to what is already known
https://www.bizjournals.com/stlouis/new ... ality.html
https://www.bizjournals.com/stlouis/new ... ality.html
Most of it I think is known.dredger wrote: ↑Jan 09, 2018Bizjournal website has update but behind pay wall so not sure if it adds much info to what is already known
https://www.bizjournals.com/stlouis/new ... ality.html
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Morgan Communities, which in September acquired the building from Waterfall Asset Management for $4 million, has submitted a $23 million preliminary application with the city's Building Division. It asks city government to look into any special zoning requirements for the 207-unit project.
It also says this
According to previous Business Journal reports, Morgan Communities is looking to transform the 17-story building, at 721 Olive Street, into micro-apartments.
NextStl says they won't be micros anymore though so who knows.
^ Thanks,
Would assume that micro apartment is relative to geography and subjective to marketing when all said and done. In other words, micro in St Louis might be/should be bigger in square footage relative to say San Fran, Seattle, NY so on just because a dollar should get you more square footage on the rent or vice versa.
Would assume that micro apartment is relative to geography and subjective to marketing when all said and done. In other words, micro in St Louis might be/should be bigger in square footage relative to say San Fran, Seattle, NY so on just because a dollar should get you more square footage on the rent or vice versa.
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The earlier discussion on micro apartments referenced 700 units at 400 square feet each or 280,000 square feet total at a cost of $30 to $35 million. That would be $42,857 cost per unit or $107 per square foot.
The new plan is for 207 units for $23M total or $111,111 cost per unit. If you assume they will spend about the same amount per square foot, then 207 times $107 per square foot times, say, 1000 square feet, the total comes to $22,149,000 -- close to the $23M total. So I'm guessing the average unit size will be about 1000 square feet. That could turn into any mix of one and two bedroom units.
The new plan is for 207 units for $23M total or $111,111 cost per unit. If you assume they will spend about the same amount per square foot, then 207 times $107 per square foot times, say, 1000 square feet, the total comes to $22,149,000 -- close to the $23M total. So I'm guessing the average unit size will be about 1000 square feet. That could turn into any mix of one and two bedroom units.
^ thanks for the perspective,
Assuming the more smaller micro apartment also comes with the added cost to get a lot more plumbing, electrical, etc on 700 vs. the 207 individual units but the St Louis market doesn't really give you premium of rent to along with cost of $30-35 million vs. $25 in round numbers.
Assuming the more smaller micro apartment also comes with the added cost to get a lot more plumbing, electrical, etc on 700 vs. the 207 individual units but the St Louis market doesn't really give you premium of rent to along with cost of $30-35 million vs. $25 in round numbers.
Posted on Facebook this morning, definitely a good sign that things are still moving: http://rosemann.com/blog/139-rosemann-a ... n-st-louis
Fantastic. I can't wait to see this building filled with tenants again. It will really boost that block of Olive.
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I hope the project snags some retail tenants. This will really help the Opo plaza.
The Morgan "Micro Apartment" plan is dead. The Morgans are involved in a $160 Million+ mortgage fraud case in New York and have pleaded guilty. If that's not enough to convince you that the Morgan plan is dead, I have been informed that a new redevelopment plan is going to be announced very soon. Moderators should move this from the Residential section to normal Downtown Projects and Construction because it won't be just apartments, but that's up to them to determine.
I think you'll all be excited.
I think you'll all be excited.
Don't tease us. It's been false start after false start for this beautiful building.chriss752 wrote: ↑Apr 14, 2019The Morgan "Micro Apartment" plan is dead. The Morgans are involved in a $160 Million+ mortgage fraud case in New York and have pleaded guilty. If that's not enough to convince you that the Morgan plan is dead, I have been informed that a new redevelopment plan is going to be announced very soon. Moderators should move this from the Residential section to normal Downtown Projects and Construction because it won't be just apartments, but that's up to them to determine.
I think you'll all be excited.
If I were to spill the beans it wouldn't be a surprise. I give it a 99.9% chance of happening under the new group. You've heard of them.
Just a few more years.The Mayor wrote: I'll believe something is happening with the Chemical when it finally opens again.
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I hope it’s the Gills as they seem to get things done and do a very good job of restorations. This building would be perfect for them but either whoever it might be hope they can get it done.
Restoration St. Louis has the Chemical Building under contract and they are planning...
- 84 hotel rooms as an addition to Hotel Saint Louis
- 72 Luxury Apartments
- Rooftop Bar
- Ground level restaurant
- Ballroom
- Walkway connecting the Chemical to 705 Olive
- Spa Expansion
The total cost of the project will be $54 Million with constructed slated to begin this fall and completion in December 2020. $17 Million in tax credits will be utilized.
- 84 hotel rooms as an addition to Hotel Saint Louis
- 72 Luxury Apartments
- Rooftop Bar
- Ground level restaurant
- Ballroom
- Walkway connecting the Chemical to 705 Olive
- Spa Expansion
The total cost of the project will be $54 Million with constructed slated to begin this fall and completion in December 2020. $17 Million in tax credits will be utilized.
^ Ok, maybe I believe it a little more now since it's the Gills. I'm actually really excited...if they could do only half of what they did with 705 this will be one of the better rehabs downtown.
Quick edit. Here are some details from the Post-Dispatch.
According to the Gills, financing is already secure and the $17 million in historic credits will be transferred over from the last attempt by Morgan. They plan to close the deal within 150 days. Should be open by Fall of 2020. As St. Louis Magazine put it, 705 Olive was the Gills "love letter to St. Louis." So excited for what they might have in store for the Chemical.
https://www.stltoday.com/business/local ... 6cb30.html
Quick edit. Here are some details from the Post-Dispatch.
According to the Gills, financing is already secure and the $17 million in historic credits will be transferred over from the last attempt by Morgan. They plan to close the deal within 150 days. Should be open by Fall of 2020. As St. Louis Magazine put it, 705 Olive was the Gills "love letter to St. Louis." So excited for what they might have in store for the Chemical.
https://www.stltoday.com/business/local ... 6cb30.html
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This is a very exciting development I'm ecstatic about this actually happening one less abandon building downtown and in our CBD
According to people that I have talked to, this renovation will basically be all of the goodies in Hotel Saint Louis. Rooms will be similar but will have bay windows. The alley between the two will also be partially vacated to connect the two buildings and make them appear seamless from the street level. So I think both 705 Oliver and Chemical are the Gill's love letter to St. Louis.The Mayor wrote: ^ Ok, maybe I believe it a little more now since it's the Gills. I'm actually really excited...if they could do only half of what they did with 705 this will be one of the better rehabs downtown.
As St. Louis Magazine put it, 705 Olive was the Gills "love letter to St. Louis." So excited for what they might have in store for the Chemical.
https://www.stltoday.com/business/local ... 6cb30.html
As for the Kessler-Mroz Jeweler, I spoke with him today. The guy's name is Mike Mroz and he is excited. He talked about the previous renovations and how Morgan Communities came into his shop to say that they got Tax Credits and would start relatively soon. That was several months ago. Mike also wishes to stay in the Chemical Building at Kessler-Mroz was originally in the Holland Building before moving to the Arcade, Paul Brown and the second floor of the Chemical. Kessler-Mroz has been in the building for 30 years and on the ground floor for 13. Mike says he will reach out to Restoration St. Louis regarding him remaining whether it be holding out during construction or temporarily moving to a nearby space to the Chemical reopens. In the end, he wishes Amy and Amrit best of luck and can't wait to see the improvements that will be made to the Chemical. The redevelopment is certainly overdue in his eyes and ours.
Fox 2 did a story on the project and had a little one on one with Amrit Gill.
