urbanSTL

Construction costs are at a All Time High. Land prices are too. So don’t expect much new construction mixed use in near future outside the high rent districts of Clayton and CWE/CORTEX. Simple economics. Can’t get the rent from retail and apartment tenants to justify the projects even with City granted tax abatement and other incentives. Even Clayton and CWE are thin deals. Plus, leasing retail space in St Louis with limited parking is always a struggle.

As for the cheaper materials comment. It’s the same issue. The budgeted development costs compared to actual development costs were likely coming in a lot higher than expected so they had to make up for it somewhere.

Unfortunate reality right now.

^ curious if you have any data on year-to-year increase in construction costs... e.g. how it compares now to say a year or two ago. And average rents for new construction units.

The retail space looks great all lit up. The exterior sidewalk lights are also a treat. They should be along the whole length of the Morgan Ford facade. The clouds also make a cool effect.

PHOTO DATA
Camera: Canon EOS Rebel T5
Aperture: F/22
Time: 30 Seconds
Taken just past midnight tonight


Without the cloud effect, not as neat, but still shows you the nighttime street-level look.

The more I think about it, the more I think those panels are just dumb. If I lived in that building, I'd be annoyed that the view from my balcony was obstructed by a big chunk of metal.

framer wrote: ↑

Feb 28, 2019

The more I think about it, the more I think those panels are just dumb. If I lived in that building, I'd be annoyed that the view from my balcony was obstructed by a big chunk of metal.

I agree.

Lobby Rendering vs nearly finished version. Looks great. When the lights are on, it really makes the Connecticut sidewalk light up. A true higher and better use for this corner than that crap ass carwash.

This just highlights the need for the removal of the 7-Eleven. I hope it happens in the near future. However I would be for it moving into the retail space of the new building.

^ I've seen the future of Morgan Ford and it's 7-11 moving into the new 3172 building, the 7-11 parcel being redeveloped with Imo's moving in to the ground floor, and the Imo's parcel being redeveloped with a Pharaoh's Donuts and Gioia's Deli shop moving in the ground floor. All by 2022!

More seriously, it looks like there indeed may be interest in redevelopment of the 7-11 as a recent change in building ownership appears to have a connection to multi-famiky development. I guess we'll see.

STLrainbow wrote: ↑

Mar 02, 2019

^ I've seen the future of Morgan Ford and it's 7-11 moving into the new 3172 building, the 7-11 parcel being redeveloped with Imo's moving in to the ground floor, and the Imo's parcel being redeveloped with a Pharaoh's Donuts and Gioia's Deli shop moving in the ground floor. All by 2022!

More seriously, it looks like there indeed may be interest in redevelopment of the 7-11 as a recent change in building ownership appears to have a connection to multi-famiky development. I guess we'll see.

Correct me if I'm wrong but this has to be wishful thinking. I would love it if it came true though.

As for the 7/11 being bought, I sure hope it is redeveloped now. The NIMBYs went berserk when I brought up my hope of the redevelopment happening on the neighborhood facebook group. I searched the address and the two names given on the City;s website and it comes up as two guys who work at CBRE but the address is a PO Box at the Newport Beach California Post Office. I guess we will see what happens.

^ I'm not sure if the 7-11 property group is entire an change in ownership and think CBRE may have just been brought on to the existing group; but even that fact along with one of those guys specializing in multi-family caught my attention.

And yes, the other stuff was just a fancy.

chriss752 wrote: ↑

Feb 25, 2019

Also, I still want that 7/11 to go. It's an eyesore. I would think that a single floor retail building would do well at that location.

What makes you think that? MoFo is adding 6,500 sq.ft. of brand new retail space and hasn't announced any tenants yet and there are empty and underutilized storefronts all up and down MorganFord. I don't see the demand for an additional 5,000+ sq.ft. of retail.

If it's the podium for additional multi-family housing, similar to MoFo, to appease the neighborhood and keep it in line with the norms of this portion of the retail strip, then I think that makes more sense. Even then, maybe just having corner retail instead of along the whole strip - as the 3201 MorganFord proposal has - still seems adequate/appropriate.

wabash wrote: ↑

Mar 03, 2019

chriss752 wrote: ↑

Feb 25, 2019

Also, I still want that 7/11 to go. It's an eyesore. I would think that a single floor retail building would do well at that location.

What makes you think that? MoFo is adding 6,500 sq.ft. of brand new retail space and hasn't announced any tenants yet and there are empty and underutilized storefronts all up and down MorganFord. I don't see the demand for an additional 5,000+ sq.ft. of retail.

If it's the podium for additional multi-family housing, similar to MoFo, to appease the neighborhood and keep it in line with the norms of this portion of the retail strip, then I think that makes more sense. Even then, maybe just having corner retail instead of along the whole strip - as the 3201 MorganFord proposal has - still seems adequate/appropriate.

It could be built like a podium to where residential can be built on top. Plus, I said that because I wasn't sure if AHM wanted their new building blocked by another if it ever came to that. It was just a loony idea that I had to rid Morgan Ford of the 7/11. A corner retail space would be nice. The rest could be used for residential amenities or something else that people come up with.

Anybody know what the apartment rental rates are? Are they even leasing? I can't find anything online.

Two model units have been set up. Both are on the third floor. The first is at the corner of Connecticut and Morgan Ford and is a two bedroom unit. The other unit is a one bedroom on the 7-11 side.

^ seems very odd they still haven't had their leasing info out....occupancy permits already have been issued and they just don't seem to move very fast. Maybe that's just the way the California owners roll; not overly concerned about these things.

STLrainbow wrote: ↑

Mar 27, 2019

^ seems very odd they still haven't had their leasing info out....occupancy permits already have been issued and they just don't seem to move very fast. Maybe that's just the way the California owners roll; not overly concerned about these things.

According to Rob Maltby (one of the developers), these are going fast behind the scenes. because he is a realtor, I think he may know people who are in the market for apartments, so he's shopping these to them first. I assume these will fill up faster once it goes beyond the inner circle.

As for the permits being issued, it's not that big of a deal. They are practically finished. Two of the developers live here and one lives in California based on area codes provided in the retail leasing document.

^ if they have a lot of quiet commitments I guess that makes a bit more sense... I just haven't really seen a situation before where occupancy permits have been issued and the developer is like, eh, we'll take our sweet time before we put out any kind of leasing info. Thought maybe they were just gonna hold em for California friends and family in case they became natural disaster refugees... actually not a bad plan with the increasing regularity!

Looks like the website is now up and running. You can see the floor plans and availability. Currently 4 of 4 studios leased, 10 of 14 one bedrooms leased, and 1 of 8 two bedrooms leased. 

That’s more than 50% leased. I’ll see what’s up at 3201.

stlien wrote:

framer wrote: The more I think about it, the more I think those panels are just dumb. If I lived in that building, I'd be annoyed that the view from my balcony was obstructed by a big chunk of metal.

I agree.

It looks dated already and not in a good way. I appreciate the attempt to do something a bit different but this just looks poorly thought out. Not sure who thought that it would look good to just put rando steel panels all over. I assume it's an attempt to look like it's industrial or repurposed in some way? It really doesn't fit with the streetscape or any aesthetic at all really. Better than nothing but not as good as it could have been.

I agree that I'd be ready to pull that crap off of my balcony!