They wouldn’t be my first or second choice for coffee, breakfast or lunch Downtown. Which is probably the case for a lot of people. But still, better having them DT than not.
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Anybody know what the deal is with the storefronts in these parking garages? I remember hearing here somewhere that the leasing terms make it prohibitive for new restaurants to move in. Is there any truth to that? I hate to see these already terrible looking and highly visible garages also be half empty. Very bad look.
I think the simple appearance of the parking garages severely hurts the businesses that reside there. To me, it doesn't matter what businesses are there, the ugly garages greatly affect the entire appearance and make the businesses look cheap and trashy. I don't mind going to a Bread Co, TGIF, Jimmy John's, etc, but I've never gone to eat at those downtown locations and I shudder at the way they look - simply ugly and uninviting. I mean the garage walls loom over the front of the shops, making them kind of look tiny, dark, dirty, and hard to identify. I think the places would do wayyy better if they could return after the garages were torn down and replaced with bright, modern, vibrant, inviting buildings. I can almost guarantee it.
It's sad too because probably just about all of the tourists to our city see that. The natural path to take from the arch is to the Old Courthouse, Kiener Plaza, restaurants nearby...and that's what they see. It's terribly damaging and uninviting. The arch grounds, Old Courthouse, Kiener, BP Village, City Garden - they're all in beautiful shape...Now our eyes need to focus on the ugly neighbors - the garages lol.
It's sad too because probably just about all of the tourists to our city see that. The natural path to take from the arch is to the Old Courthouse, Kiener Plaza, restaurants nearby...and that's what they see. It's terribly damaging and uninviting. The arch grounds, Old Courthouse, Kiener, BP Village, City Garden - they're all in beautiful shape...Now our eyes need to focus on the ugly neighbors - the garages lol.
The look tiny dark and dirty because they are. The restaurants don't do much to make their store fronts inviting... dirty, faded signage, etc. etc.making them kind of look tiny, dark, dirty, and hard to identify.
The space isn't ideal at all, but the tenants sure don't do much to improve things either.
One of the bread co. people told us with the new delivery service it was getting too expensive for employees to park downtown, so parking may have something to do with the closing. This is second hand info so take with a grain of salt.
I will say one of my favorite spots downtown is the diner next to the printer's place across from met square. The waitresses are so nice and it's what i fits my image of what a big city diner is.
Pickles* big difference.STLCityMike wrote: ↑Nov 14, 2019Pickleman's Deli,
And I've heard the garages have long lease commitments.
Also, the entire downtown retail disaster is DowntownSTL Inc.'s fault.
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I heard that Panera is closing because the city refused to grant them a dedicated parking spot (or two) for their delivery cars. Just what I heard.
I'm sincerely curious to hear about DowntownSTL Inc.'s role in the "downtown retail disaster". This is the first time I've heard this.
5 new art installations coming to downtown St. Louis:
https://www.bizjournals.com/stlouis/new ... louis.html
https://www.bizjournals.com/stlouis/new ... louis.html
^ That should really liven things up. Hopefully they'll match the Serra sculpture in sheer ability to draw people to live and work downtown.
In 1947, city planners published a map of obsolete and blighted districts. The effects were disastrous
There is not a single neighborhood that a pedestrian can walk to from downtown St. Louis without passing through one of those enemies of a healthy urban environment
https://www.stlmag.com/history/architec ... -downtown/
There is not a single neighborhood that a pedestrian can walk to from downtown St. Louis without passing through one of those enemies of a healthy urban environment
https://www.stlmag.com/history/architec ... -downtown/
And all at once... the few remaining banks considering loans to developers packed up their papers and left with a vote of no confidence.
“We have not drawn one nickel out of this property and will not. All we’ve done is hold it and poured money into it.”
https://www.stltoday.com/news/local/gov ... 73bfb.html
“We have not drawn one nickel out of this property and will not. All we’ve done is hold it and poured money into it.”
https://www.stltoday.com/news/local/gov ... 73bfb.html
from the Post Dispatch:
The developer of a 25-story office tower in downtown St. Louis has been given a reprieve of at least 120 days to pay off a state-financed loan.
In action Tuesday, the Missouri Development Finance Board signed off on a four-month extension to a $5 million loan it gave to the city in 2009 that helped transform the building above the old St. Louis Centre mall into what is now known as 600 Washington.
Robert Miserez, executive director of the board, said the extension will give officials with the state agency and the city’s Land Clearance for Redevelopment Authority time to work out a possible refinancing package.
The loan, which was set to be paid off on Dec. 1, went to the LCRA to help fill a gap in financing for the redevelopment of the 375,000-square-foot tower. The LCRA then loaned the money to the developer, Stacy Hastie, at a current rate of 4.66%.
Hastie’s firm has been paying only interest on the loan and still owes the principal amount, $5 million.
When Pyramid Cos. collapsed in 2008, leaving behind a portfolio of unfinished downtown redevelopment projects, Hastie and a group of investors were the sole bidders for the 600 Washington property.
It sold for $12.7 million at auction and Hastie cobbled together a series of state and city tax credits and loans to help finance the redevelopment. Its redevelopment attracted a number of high-profile tenants, including major law firm Lewis Rice. It’s about 75% leased, according to city development officials.
Hastie said Tuesday it’s not that he and his partners can’t pay off the loan. They put the building up for sale but offers came in below what he and his partners put into the building. Now, he said he and his partners need “a little more time to build a little more value” by adding tenants before a sale.
That said, if an attractive offer isn’t made, he and his partners plan to pay the loan off and are open to being long-term owners. Hastie said the city had backed millions in Pyramid debt and faced a big hit if the building went dark, not to mention the impact that would have had to a key entrance to downtown.
“I really don’t think asking for two or three more years of an extension while we try to recover a portion or a large portion of our initial investment is too much to ask,” Hastie said. “We have not drawn one nickel out of this property and will not. All we’ve done is hold it and poured money into it.”
Miserez said the state has a “significant interest” in keeping the building afloat because the office building leases 450 spaces in the adjacent, state-owned parking garage on Seventh Street.
Some board members said the refinancing package should include a fee or penalty. Member Matt Dameron urged Miserez to keep the board informed about the restructuring.
“This should be an ongoing discussion topic,” Dameron said.
LCRA Executive Director Otis Williams said his agency also is working with Hastie to find a solution.
“We are trying to facilitate negotiations with the developer,” he told the board.
At its own board meeting Tuesday, the LCRA also approved extending the loan. LCRA staff told the board the loan will likely need to be extended again when the 120-day extension expires in March so the developer has enough time to refinance.
Charlie Hahn, financial controller at the city’s economic development office, told the LCRA board that a new financing arrangement won’t have as long a term as the loan now being extended. He also said future payment terms will likely include requirements to make principal payments in addition to interest.
The developer of a 25-story office tower in downtown St. Louis has been given a reprieve of at least 120 days to pay off a state-financed loan.
In action Tuesday, the Missouri Development Finance Board signed off on a four-month extension to a $5 million loan it gave to the city in 2009 that helped transform the building above the old St. Louis Centre mall into what is now known as 600 Washington.
Robert Miserez, executive director of the board, said the extension will give officials with the state agency and the city’s Land Clearance for Redevelopment Authority time to work out a possible refinancing package.
The loan, which was set to be paid off on Dec. 1, went to the LCRA to help fill a gap in financing for the redevelopment of the 375,000-square-foot tower. The LCRA then loaned the money to the developer, Stacy Hastie, at a current rate of 4.66%.
Hastie’s firm has been paying only interest on the loan and still owes the principal amount, $5 million.
When Pyramid Cos. collapsed in 2008, leaving behind a portfolio of unfinished downtown redevelopment projects, Hastie and a group of investors were the sole bidders for the 600 Washington property.
It sold for $12.7 million at auction and Hastie cobbled together a series of state and city tax credits and loans to help finance the redevelopment. Its redevelopment attracted a number of high-profile tenants, including major law firm Lewis Rice. It’s about 75% leased, according to city development officials.
Hastie said Tuesday it’s not that he and his partners can’t pay off the loan. They put the building up for sale but offers came in below what he and his partners put into the building. Now, he said he and his partners need “a little more time to build a little more value” by adding tenants before a sale.
That said, if an attractive offer isn’t made, he and his partners plan to pay the loan off and are open to being long-term owners. Hastie said the city had backed millions in Pyramid debt and faced a big hit if the building went dark, not to mention the impact that would have had to a key entrance to downtown.
“I really don’t think asking for two or three more years of an extension while we try to recover a portion or a large portion of our initial investment is too much to ask,” Hastie said. “We have not drawn one nickel out of this property and will not. All we’ve done is hold it and poured money into it.”
Miserez said the state has a “significant interest” in keeping the building afloat because the office building leases 450 spaces in the adjacent, state-owned parking garage on Seventh Street.
Some board members said the refinancing package should include a fee or penalty. Member Matt Dameron urged Miserez to keep the board informed about the restructuring.
“This should be an ongoing discussion topic,” Dameron said.
LCRA Executive Director Otis Williams said his agency also is working with Hastie to find a solution.
“We are trying to facilitate negotiations with the developer,” he told the board.
At its own board meeting Tuesday, the LCRA also approved extending the loan. LCRA staff told the board the loan will likely need to be extended again when the 120-day extension expires in March so the developer has enough time to refinance.
Charlie Hahn, financial controller at the city’s economic development office, told the LCRA board that a new financing arrangement won’t have as long a term as the loan now being extended. He also said future payment terms will likely include requirements to make principal payments in addition to interest.
Update on the new street lighting coming to downtown:
https://www.stltoday.com/news/local/met ... t-Dispatch
https://www.stltoday.com/news/local/met ... t-Dispatch
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This morning I wanted to see how many first floor commercial spaces are vacant on Wash Ave- I went from 18th (start of the downtown CID) to 10th (after 10th until you get to 6th is mostly hotel fronts and the Marriott ballroom space). I counted about 74 spots and 46 were occupied (62%). Thats bad. That’s really bad. Wash Ave needs to be at 90% (+21 more businesses) to be vibrant
I also did Olive from Broadway to Tucker, not much better 23/39 occupied (60%)
I also did Olive from Broadway to Tucker, not much better 23/39 occupied (60%)
^ I guess one opinion it will remain that way until you see 1) a major tenant from outside of downtown move into 909 Chestnut 2) Railway Exchange & Jeff Arms finally see something happen and 3) CVC convention upgrades & expansion move forward. In the meantime, BPV III and 300 Broadway will only help fill spaced added with BPV II and who knows what MLS team owners are thinking over the long term when it comes to development.
The lighting is a much needed improvement. Still not a huge fan of the cobra style fixtures. I like the ones along Wash that shoot into a reflector. Maybe not as bright, but softer and more inviting.
Wish Manchester in the Grove had dimming lights. What they installed ruined the street IMHO.
Do you mean ruined the vibe? I assume the street itself is unaffected by the lighting.STLinCHI wrote: ↑Dec 02, 2019Wish Manchester in the Grove had dimming lights. What they installed ruined the street IMHO.
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After their years long closing sale, Macrosun will be closing down for real this month
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Sent from my iPhone using Tapatalk
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Fed up with 'decline,' downtown property owners seek big changes
https://www.bizjournals.com/stlouis/new ... k.amp.html
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https://www.bizjournals.com/stlouis/new ... k.amp.html
Sent from my iPhone using Tapatalk
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As I’ve commented on twitter, the headline is a little too gloomy maybe because everyone is in bad winter mood. Downtown was hopping this last summer but yes there are still issues as I’ve pointed out able with small biz vacancy. The CID should absolutely be renewed but I think the management should be up for competition. New CID board should be max 10 people
Or 11 to break ties. Their focus should be small businesses. That will in turn bring foot traffic and reduce crime. The newly formed group mentioned in the piece should be ignored, I get a feeling they would like to bring stop and frisk to downtown if they had their way
Or 11 to break ties. Their focus should be small businesses. That will in turn bring foot traffic and reduce crime. The newly formed group mentioned in the piece should be ignored, I get a feeling they would like to bring stop and frisk to downtown if they had their way
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Some good points are brought up by the group wanting change.
- The current boards combine for over 70 directors.
- The boards overlap which results in accountability issues.
- There is a no bid contact renewed to Downtown STL Inc.
- The focus is on big projects instead of residents and small businesses.
- No attention to detail on quality of life and infrastructure.
- No focus on small business formation.
Hopefully change happens sooner than later.
- The current boards combine for over 70 directors.
- The boards overlap which results in accountability issues.
- There is a no bid contact renewed to Downtown STL Inc.
- The focus is on big projects instead of residents and small businesses.
- No attention to detail on quality of life and infrastructure.
- No focus on small business formation.
Hopefully change happens sooner than later.