Construction bidding is out now on tenant finishing for Davio's Restaurant - Ball Park Village. Construction should start first of March.
It's strange that the SLBJ article on the hotel didn't even mention it. I guess it is not considered part of the hotel, even though they are in the same building...?Gary5071 wrote: ↑Feb 07, 2020Construction bidding is out now on tenant finishing for Davio's Restaurant - Ball Park Village. Construction should start first of March.
Based on the One Cardinal Way website...cardinalstl wrote: ↑Feb 08, 2020Does anyone have updates on leasing numbers?
- The entire 27th Floor is leased
- The 28th Floor has one more unit available
- 142 units (47%) remain available
- 155 units (53%) have been leased
Is that solid leasing at this point compared to KC P&L? I wonder how that bodes for a 2CW?
I think that is somewhere similar to One Light.goat314 wrote:Is that solid leasing at this point compared to KC P&L? I wonder how that bodes for a 2CW?
2 Cardinal Way will happen. Whether it's taller or shorter than One is up in the air. I doubt they'll go taller for 2 but you never know.
I'm still mystified by the fact that they're putting two different steakhouses in the same building.urbanitas wrote: ↑Feb 08, 2020It's strange that the SLBJ article on the hotel didn't even mention it. I guess it is not considered part of the hotel, even though they are in the same building...?Gary5071 wrote: ↑Feb 07, 2020Construction bidding is out now on tenant finishing for Davio's Restaurant - Ball Park Village. Construction should start first of March.
A few years back, the total cost of the full Ballpark Village development was set at $750 Million. Under the current investment total, the Cardinals and Cordish have $390 Million left to invest in this development, before inflation. We do not know the cost of One Cardinal Way since it was lumped in with the other 3 buildings in Phase 2 but I expect it to be $140 Million. Using the KCP&L District towers, One Light: $80 Million (no parking garage), Two Light: $105 Million, and Three Light: estimated at $150 Million. Being reasonable under the remaining money, we could get a 2 and 3 Light for $255 Million+/- leaving $135 Million in the pile to build another tower.goat314 wrote: ↑Feb 08, 2020Why do you doubt it will be taller? I'm hoping it will be at least a similar size. Also hoping for a design tweak.chriss752 wrote: ↑Feb 08, 20202 Cardinal Way will happen. Whether it's taller or shorter than One is up in the air. I doubt they'll go taller for 2 but you never know.
It all comes down to materials used (concrete vs steel, glass, and other features). Inflation is another thing. So I think 2 Cardinal Way would be smaller just to save more money for future towers down the line. For 2 Cardinal Way, be expecting a 24-story tower similar to what was part of the original BPV Phase 2 plans. While it wouldn't be the tallest in the development, it would do a great job of adding density to Ballpark Village. It would also appear from different areas in the skyline, primarily from the South and Southwest. Another benefit is the loss of a surface parking lot in favor of a new building, sidewalks and retail space.
The Cardinals and Cordish know what their strategy is here. They know what they want to see before they pull the trigger on the next building or buildings. You can't go and burn many millions of dollars on a development that won't be successful. To us, One Cardinal Way's numbers are strong and the retail space is filling up nicely. But to Cordish and the Cardinals, we aren't so sure if they're so happy about where the numbers stand. Office building wise, hovering around 50% is pretty bad unless they can get another tenant or a few in there. At the end of the day, maybe they dumped future office building plans. If I were them, I would leave one parking lot available for a new office building to rise in the future while the other two can become residential. I guess we will see what their future plans include when they are released one day.
For now, we have a lot to look forward to with Phase 2 opening up. Lots of retail space to fill up still, but it's going quick. The ultimate test to this phase will come in the summer once One Cardinal Way is opened and occupied, the new restaurants, bars, and few shops are open, the hotel is open and games are not being held. If it's busier and more vibrant than it is now, I'll call it a win but a win can only be determined in dollars made category. Until then, the future relies on occupancy numbers and visitors. Those will determine the scope of the masterplan moving forward.
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I found this in the business journal article of Dec 13 2018. The multifamily construction boom in the city of St. Louis is ongoing. Construction progressed this year on two of the region’s largest apartment projects — Mac Properties’ $130 million One Hundred apartment tower in the Central West End and One Cardinal Way, the $120 million, 297-unit luxury apartment building included in Ballpark Village’s $260 million expansion.
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This was April 4th last year.
What about phase three? DeWitt says this $300 million phase two is not the end.
"More importantly, for this region, what we need to do is get businesses to come to St. Louis from outside the region," he explained. "Our goal is to generate activity from outside the region, of people saying 'wait a minute, St. Louis is on the move.'"
Benjamin also sees market interest for more, including a possible second "Cardinal Way" residential tower.
"We're expecting it to be about as transformative a project we've ever done," Benjamin said.
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What about phase three? DeWitt says this $300 million phase two is not the end.
"More importantly, for this region, what we need to do is get businesses to come to St. Louis from outside the region," he explained. "Our goal is to generate activity from outside the region, of people saying 'wait a minute, St. Louis is on the move.'"
Benjamin also sees market interest for more, including a possible second "Cardinal Way" residential tower.
"We're expecting it to be about as transformative a project we've ever done," Benjamin said.
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I want to see the crown already! 
I thought they were supposed to have it installed by the end of January, but I guess I can wait a couple weeks. I can't wait for this to be open as I believe it will have a profound effect on the businesses of Downtown. Hopefully, leasing picks up and reaches 80% at least by then.
I thought they were supposed to have it installed by the end of January, but I guess I can wait a couple weeks. I can't wait for this to be open as I believe it will have a profound effect on the businesses of Downtown. Hopefully, leasing picks up and reaches 80% at least by then. - 1,864
I have zero doubt that leasing will drastically pick up once it’s finished and open for full tours. Especially since that will align really well with the start of the baseball season.
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I know I have done this before, but here is what I hope BPV will look like fully built out (take all of this with a grain of salt). From what I have been told, Two Cardinals Way will be designed by HOK, which is my reasoning behind the more inspiring design (there is no confirmation of this fact, it is just a rumor). It is a little over 380 feet tall (think One Hundred) and will be a Hotel / Residential combo with the first 8-stories being parking. The lot North of OneLife will be a Two Light style apartment building roughly 260 feet tall with a 5-story parking podium. The North-Western lot will be a 250 foot office building of similar design to the PWC Pennant building. It will have 12-stories of office on top of 8-stories of parking; however, I added a crown as the leaked BPV phase III renderings showed an office building with similar ornamentation. Hopefully, this peaks some of your interest as I like envisioning projects like this.
All of the designs on their own.
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Cool work! Always interesting to see views of BPV more built out.
Do you have solid intel on this, or is it just pure speculation? Seems like four hotels (Hilton, Westin, Loews, TCW) within 900 feet of each other might not be sustainable.Elek.borrelli wrote: ↑Feb 09, 2020It is a little over 380 feet tall (think One Hundred) and will be a Hotel / Residential combo with the first 8-stories being parking.
I guarantee it's just speculation. He even put into his post "take all of this with a grain of salt".DTGstl314 wrote: ↑Feb 09, 2020Do you have solid intel on this, or is it just pure speculation? Seems like four hotels (Hilton, Weston, Loews, TCW) within 900 feet of each other might not be sustainable.Elek.borrelli wrote: ↑Feb 09, 2020It is a little over 380 feet tall (think One Hundred) and will be a Hotel / Residential combo with the first 8-stories being parking.
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Completely speculation. I'm not exactly sure where I heard that particular piece of information, but you have a valid point DTG. I know that the leaked tower was supposed to be a mixture of office and hotel, but then Live! was added to the proposal, and it was scrapped. I don't think it's too out of the question to have another hotel there, however. With so many restaurants and bars just a short walk away in a popular area, I could see another hotel making its way to BPV or the area around it (300 S. Broadway, Mike Shannons, Stadium Garage, etc.) in the future. Thanks, Chris for clarifying.
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Does anyone think that phase 3 will be 2 buildings or just 1? I could see phase 3 being 1 building being a mixture of residential and hotel.
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They’ll build whatever they feel is appropriate. It goes back to my comments the other night. If they were to build two buildings, it would be office and residential but since office appears to be under performing, I say it will be just residential. So one building.PlatinumBlues wrote:Does anyone think that phase 3 will be 2 buildings or just 1? I could see phase 3 being 1 building being a mixture of residential and hotel.
And as for the potential of a residential/hotel combo, I wouldn’t expect it in Phase 3. Maybe down the line if they choose to not do office again but just not now. The area is pretty well suited with hotels at this point. A 4th offering would probably be overkill.
I looked through some old news articles: One Light had 1,000 people on the waitlist 1 year prior to open. It appears it was 30% occupied by the grand opening with 80% of units having been officially leased. Penthouses were sold out a year before opening.chaifetz10 wrote:I have zero doubt that leasing will drastically pick up once it’s finished and open for full tours. Especially since that will align really well with the start of the baseball season.
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Sounds like the top floors of 1CW are nearly gone, so that's similar. And the leasing numbers aren't that far off - I don't think anyone has had a chance to move in yet. Let's see where the numbers are at Grand Opening, as that's a different milestone than 1CW's current "under construction" status.
I get the angst here on people wanting this to be 100% leased asap (there's an assumption that if the numbers are really strong then 2CW will be announced - but so far that's nothing more than our assumptions), but it still has a few months when it officially opens before getting too deep in the %s. I view the numbers we have (53%) as being fairly strong. Now, if it's still at 53% come Grand Opening or Opening Day for the Cardinals, then I'll join you in having concerns.
I get the angst here on people wanting this to be 100% leased asap (there's an assumption that if the numbers are really strong then 2CW will be announced - but so far that's nothing more than our assumptions), but it still has a few months when it officially opens before getting too deep in the %s. I view the numbers we have (53%) as being fairly strong. Now, if it's still at 53% come Grand Opening or Opening Day for the Cardinals, then I'll join you in having concerns.
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I think those numbers for One Light are an exaggeration. 1,000 people on a waiting list one year from opening, but the building was only 80% pre-leased - that doesn't make much sense unless there was a specific unit type although I highly doubt it. And the term "sold out" is not accurate as they are all leasable.
My sources says it was about 65-70% pre-leased and it was fully absorbed (100% leased) about 5 months after opening. The first year had about 40% turnover too, which I feel like OCW will have about the same or even higher. So at this pace, OCW is leasing a bit faster than One Light in my opinion.
My sources says it was about 65-70% pre-leased and it was fully absorbed (100% leased) about 5 months after opening. The first year had about 40% turnover too, which I feel like OCW will have about the same or even higher. So at this pace, OCW is leasing a bit faster than One Light in my opinion.