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PostApr 17, 2019#501

Foundry is actually a perfect use for tax incentives because there was 0% chance anyone was touching a massive environmental wasteland unless they got some benefit from doing so. That building remains a hole in Midtown if they don't incentivize it. Opposite is true of Ballpark Village which had some of the best real estate in the city based on location and didn't need a dime of help to develop.

I honestly don't see this directly competing with Ballpark Village. I think the Food Hall is going to be trafficked as much during weekdays and weeknights for lunch/dinner than as a purely weekend tourist spot (although it will be that as well, at least initially). The audiences aren't the same. I don't know many self-proclaimed foodies excited about hitting up Shark Bar at BPV for lunch. BPV may compete with Punch Bowl and Alamo Drafthouse, but not really the food hall portion. I don't know exactly how they'll set up the food hall, but in other markets they've played an interesting role reducing barriers to entry into the restaurant business and serving as sort of an incubator for new concepts. That may take some time as the investment for the first generation users will be high, but once that infrastructure is in place, you'll see food users able to adapt existing spaces much more efficiently than they do in traditional retail.

It will put a dent in the food truck industry and, if they add food stands like they do in other markets, it may hit Soulard Market's business too.

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PostApr 17, 2019#502

Orion Genomics is moving from across the street. literally. Gateway Blend is moving from S. City. No net gain for the region.

Assume this is still accurate: https://www.stltoday.com/business/local ... 8fccc.html

"Many tax incentives are proposed to help finance the project’s $134.2 million first phase. The largest, if approved by city officials, would be $19.4 million in tax-increment financing. Also factored into the project are $14.9 million in federal historic preservation tax credits, $17.4 million in state historic preservation tax credits and $5 million in state brownfields tax credits for environmental cleanup."

56/134=42%. So, tax payers are footing 42% of the development cost. is that true?

Be that as it may, I'd have better connected all of those tax incentives to ensuring the development as a whole leads to NEW good jobs. "No problem, Lawrence Group. We'll give you $56MM in tax help. BUT, you only get that if you bring in business from outside the region. No minimum wage, part time jobs. Full time, real jobs. No poaching from across the street. Cool?"

Lastly, if The Foundry really will compete with Soulard Market, it completely seals the deal on how bad this tax subsidy is. SURE I am biased as a Soulard resident, but Soulard Market is one of the region's true gems - all walks of life frequent Soulard Market. It's not some Whole Foods yuppie BS. It's a spot we all take family from out of town to. So, the city can't put any of that $56MM to spruce up Soulard Market when it needs it so badly? Our regional tax subsidy priorities are so messed up.

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PostApr 17, 2019#503

$37.5 million of that comes from state/federal historic and brownfield tax credits, so those aren't exactly apples-to-apples with all other comparable development deals and the city has no control over them. And the justification for the TIF is that it describes exactly what TIF is intended for. Literally the text book definition is "TIF was designed to channel funding toward improvements in distressed, underdeveloped, or underutilized parts of a jurisdiction where development might otherwise not occur." Honestly, even with all the incentives, I'm surprised Lawrence Group took the risk on the project considering how much of a mess that site is.

It's not like Lyda/Slay strolled into Lawrence Group's office and dropped a $56 million check on their desk.

100% agree about Soulard Market. Would hate to see it struggle, although I'd imagine there would be a healthy price gap between a legit farmers market and a more trendy, organic version so it may never lose a dime to Foundry. And I don't even know that it will offer anything similar. Guarantee the pork rinds will still be better in Soulard.

Separate note - retail isn't dying. It's certainly changing and b/c it was overbuilt in the past few decades, there will be more attrition of the lower quality properties/malls/retail concepts which make it look like it's on death row, but it's not going anywhere. Urban retail comes after residential and business populations become sufficient and suburban retail will thrive as long as people who live in the suburbs like driving cars and convenient parking.

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PostApr 17, 2019#504

Fair counters, Jbacott. I'll give it to you on the TIF analysis. And, the remediation needs were indeed huge.

Suppose I just had such higher hopes for this project rather than a food court and movie theater. Particularly with all the tax $.

As far as retail, Target or Trader Joes would be about the only acceptable options in my eyes,unless it's higher end and *totally* new to the region.

No Sprint/ATT store or a tchotchke shop or Foot Locker.

There's one Target in the entire city. Zero TJ's east of Hanley in the entire metro (including Illinois). I do think the region can afford to spread out those retail $.

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PostApr 17, 2019#505

^It isn't planned for Phase 1, but there are some large office towers planned for future phases.

I think by the time they're done, Foundry will have a "neighborhood" feel.

sc4mayor
sc4mayor

PostApr 17, 2019#506

soulardx wrote:
Apr 17, 2019
Suppose I just had such higher hopes for this project rather than a food court and movie theater. Particularly with all the tax $.
Too bad they're aren't other phases that will add a lot more to the "food court." Oh, wait...

As far as the musical chairs, you're not wrong, obviously I'm with you there...but companies aren't really moving here from other cities either, outside of many startups that are focusing on Cortex, which is at least nearby. So do we let the old Federal Mogul site (and others) sit and rot and eventually collapse into itself? Or do we try and reuse some of these brownfields and attempt to clean these areas up and change the perception of St. Louis which as Kansas Citian pointed out, sucks. Like really sucks.

I guess it's kind of a chicken or the egg question. Do we toss out some incentives and build and hope the new jobs and residents come (while maybe poaching a few here or there), or do we sit on these properties and do nothing while they fall apart and wait for those jobs and residents to come? IMO the former is probably going to be better than the latter, as the latter only reinforces those negative perceptions. I agree the city needs to modify how it doles out incentives, and there are parts of the Central Corridor where the city needs to cool it, but I also don't think St. Louis has hit a stage yet in development where we're going to attract a lot of non-incentivized development. When we get there, I'll be ready to march on City Hall with my pitchfork. See my opinions on Downtown KC development in the KC thread...that's a city whose downtown has roared back to life, more so than downtown St. Louis, yet the city is still giving away the farm for a lot of it's development, when in my opinion, KC has hit that point where it could start demanding more from developers, yet doesn't do it. It's very frustrating, so I totally see where you're coming from. Just be glad STL doesn't have the really harmful corporate border war that rages between Missouri and Kansas over here...talk about really throwing good money after bad.

As far as Soulard Market, it's been around in some form since 1779. It survived the massive depopulation of the city over the 60 or so years so I doubt the Foundry is really going to effect it all that much.

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PostApr 17, 2019#507

I am right there with you on all of that.

I think St. Louis has to dangle carrots to get developers to build right now. As these developments continue to pan out, I think you'll see that the size of the carrots will dwindle. And hopefully, eventually, St. Louis doesn't have to persuade developers to build.

But I'm super excited about everything that St. Louis is doing right now, and I think that what's happening in St. Louis, with Cortex and the SLU hospital and NGA and more, is actually more permanently transformative than what is happening in Kansas City right now.

St. Louis is a few years behind Kansas City in bouncing back, but I think it started out in a much better place and has the civic institutions in place to be a truly special city if both city and regional management can ever figure it out.

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PostApr 17, 2019#508

We really do have good bones; now we're finally starting to get some meat on them. 

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PostApr 17, 2019#509

St. Louis has fantastic bones. I can't stress that enough.

It's time to see leadership that can connect those dots around town and build something with them.

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PostApr 17, 2019#510

The Mayor wrote:
Apr 17, 2019
soulardx wrote:
Apr 17, 2019
Suppose I just had such higher hopes for this project rather than a food court and movie theater. Particularly with all the tax $.
Too bad they're aren't other phases that will add a lot more to the "food court." Oh, wait...
To be transparent, I'm skeptical phase 2+ comes to life at all. I've seen too many flashy renderings over my life to put my faith in developers. It's taken 15 years for BPV to look *anything* like the original renderings.

Truly hope I am wrong with The Foundry.

sc4mayor
sc4mayor

PostApr 17, 2019#511

^ St. Louisans have never been known for their optimism, that's for sure.

And that's OK, I generally take the cynical view myself, but unless Cortex, BJC/WU, SLU, The Armory, Foundry Phase I, Steelcote, and the Grove neighborhood suddenly crash and burn (not likely) I can't see any reason why a second phase here couldn't be successful, whether or not they start in a few months or a few years (barring a market crash of some kind which is always possible I suppose...which is exactly what happened with BPV). They've already begun remediation and demolition for the phase two site.

My belief a phase two is possible doesn't have so much to do with seeing renderings as it does the context of the surrounding area. Time will tell.

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PostApr 17, 2019#512

I remember a quote from Tom Osborne when he was the HC at Nebraska describing the Mizzou FB program as a sleeping giant. Lots of potential with STL and KC anchoring either end of the state and a steady pool of local recruits to build a serious program.

I feel the same about STL, we are a sleeping giant with solid central core that has a lot of potential but has been under-performing when compared with our peers for decades. If we can keep this recent development momentum rolling then the sleeping giant may be awakened.

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PostApr 18, 2019#513

For all the residents downtown KC boost I don’t find it to be all that robust. I find downtown St Louis to be far more active for only 9,000 plus residences and I’m not just saying that cause I was born here. Our downtown was one of the worse in the country when it came to abandonment. Just think of once railway exchange the former AT&T tower and Jefferson arms could bring once they become repurposed and filled? There’s a lot of work to go but I’ll take downtown St Louis over downtown KC and I love KC, anyways the foundry is what the city of St Louis really needs you have one the midwest most innovative districts along with 2 very good universities 2 hospitals and neighborhoods around that are stabilizing. This entire area will be a boon to the city when it comes to destination for city residences. I see this as a plus to everything that’s happening in the city. Even if a recession isn’t far off St Louis has managed to really move forward in a positive direction. It won’t be the next Nashville it’ll be the next reincarnation of St Louis. I’ll say this though both St Louis and KC can learn from each other’s downtown.


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PostApr 18, 2019#514

I think downtown Kansas City is ahead of downtown St. Louis currently, even without an MLB or NHL stadium.

That said, I think the potential for St. Louis' downtown far, far exceeds Kansas City's.

Will St. Louis ever live up to it? Dunno. I hope.

sc4mayor
sc4mayor

PostApr 18, 2019#515

Wolfpaw wrote: For all the residents downtown KC boost I don’t find it to be all that robust.   I find downtown St Louis to be far more active for only 9,000 plus residences and I’m not just saying that cause I was born here.  Our downtown was one of the worse in the country when it came to abandonment.  Just think of once railway exchange the former AT&T tower and Jefferson arms could bring once they become repurposed and filled? There’s a lot of work to go but I’ll take downtown St Louis over downtown KC and I love KC, anyways the foundry is what the city of St Louis really needs you have one the midwest most innovative districts along with 2 very good universities 2 hospitals and neighborhoods around that are stabilizing.   This entire area will be a boon to the city when it comes to destination for city residences.  I see this as a plus to everything that’s happening in the city.  Even if a recession isn’t far off St Louis has managed to really move forward in a positive direction. It won’t be the next Nashville it’ll be the next reincarnation of St Louis. I’ll say this though both St Louis and KC can learn from each other’s downtown.  


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I'm pretty much with you on most of this.  I also prefer St. Louis to KC and yes, St. Louis, for lack of a better term, absolutely cleans Kansas City's clock when it comes to universities, hospitals, large corporations, institutions and St. Louis' several innovation districts.  I'd also say St. Louis today already offers much more of an urban experience, the walkability, the architecture, etc than KC does when factoring in the entire urban core.  There isn't much else by way of urbanity outside of the Downtown to Plaza corridor in KC.  But I still feel like KC's Loop and Crossroads areas (which make up the bulk of their downtown) is quite a bit more vibrant than St. Louis' CBD or Downtown West.  Either way, I don't wanna get too far off topic, we can always continue this in the KC thread. 

I think you're absolutely right about the Foundry being a big destination for the city and is certainly a great addition to all the other awesome things happening in St. Louis.

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PostApr 18, 2019#516

^ 100%

PostApr 18, 2019#517

The activation of Olive Street in downtown St. Louis has a chance to really change things. It is unbelievable how much it has changed from even three years ago. 

I think the development that will really let us know that things are on the up and up in St. Louis will be the Railway Exchange. I think it will have a dramatic effect on the street and district. 

Fill that with residents and multiple uses, and I think you'll see the benefits spread throughout the entire district. 

The Jefferson Arms is another catalyst project. 

I think in Kansas City, we're seeing downtown's success slowly feed Crossroads and Midtown and elsewhere. And in St. Louis, I think we're seeing the success of the Central West End and Midtown and The Grove slowly feed downtown. 

St. Louis' "Midtown" is ahead of Kansas City's, and Kansas City's downtown is ahead of St. Louis'. 

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PostApr 18, 2019#518

Downtown KC has the advantage of not having a Clayton to compete with. 



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PostApr 18, 2019#519

Hopefully, if Better Together goes through, Clayton is less of a competitor for downtown going forward. 

sc4mayor
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PostApr 18, 2019#520

^^ I would say Overland Park is a pretty good competitor, but it's nothing urban like Clayton is.  And while KC doesn't have a big CBD competitor like St. Louis does with Clayton you have the State of Kansas constantly offering incentives to Missouri companies to hop the state line, whether they're downtown or in the Ward Parkway corridor.  And while Downtown and Clayton do compete to an extent, I kinda like having two large districts like St. Louis does.  Feels more big city I guess, especially with the train line between them.  That first picture is great, I've never really seen the Clayton skyline from the perspective.

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PostApr 18, 2019#521

I think one of my favorite Kansas City incentives stories has to be Applebee's. 

If I'm remembering correctly, they were headquartered in Kansas City, Missouri before receiving incentives to go to Johnson County, Kansas. 

Once those incentives expired, they took incentives to go back to Kansas City, Missouri.

Then they moved to suburban Los Angeles, California. 

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PostApr 18, 2019#522

100% agree about Soulard Market. Would hate to see it struggle, although I'd imagine there would be a healthy price gap between a legit farmers market and a more trendy, organic version so it may never lose a dime to Foundry. And I don't even know that it will offer anything similar. Guarantee the pork rinds will still be better in Soulard.
I agree with jbacott, this won't have any impact on the Soulard Farmers Market, because buying high end locally grown produce is like 10th on the list of things to do or reasons people go to the Soulard Farmers Market.

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PostApr 18, 2019#523

My take is that the Foundry's Food Hall success will simply come down to on how much office, research, jobs and business travel with legitimate disposal income and or expense accounts can be eventually added to the immediate area.  

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PostApr 19, 2019#524

soulardx wrote: If you don't like the BPV comp, consider this comp: The Eatery Food Hall Opens in Downtown St. Louis.  All local I believe.

https://www.feastmagazine.com/the-feed/ ... 2fa5d.html

Suppose my fundamental point is that there are only so many $$ to go around for central corridor food/entertainment.  $$ spent at Foundry won't be spent elsewhere.  Almost every $ spent at Alamo Drafthouse is a dollar not spent at the CWE iTap or any other craft beer bar that's close by.  Almost every $ spent at the Foundry cinema is a dollar not spent at Moonrise, Chase or the MX Downtown

So, stop using tax $ to pick winners/losers in the restaurant/entertainment space.  

As far as office space, I only see the Great Rivers Greenway...which is moving from the Loop.  So, again, no net gain for the region.  Musical chairs.
That's not entirely true. I think something like this would draw people like my parents from chesterfield to venture down to check it out. If it provides a cool atmosphere/experience and good food they may come back periodically. 

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PostApr 19, 2019#525

Was in Dallas over the weekend. South of downtown they have created a 'farmer's market' by re-purposing a shed. Next to it is an air-conditioned industrial shed with many hip shops/restaurants. On the surface it was nice but when I look back it was all very much geared towards the hip urban shopper. I lost interest pretty quickly. The foundry is at risk of the same one-dimensional appeal - our industrial-chic food hall.

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