This big. I wonder if the other 1000 mentioned in the story will eventually move downtown.
Wow. That's some great and unexpected news.quincunx wrote: ↑Jun 23, 2020
quincunx wrote: ↑Jun 23, 2020
Would have been nice to see them anchor a new development...but Met Square is just as good. Looking back on this reporting from November, Met Square has got to be getting close to 100% occupancy by now. Think, just a few years ago its owners were nearly about to default.sc4mayor wrote:Metropolitan Square has picked up a couple new tenants bringing the occupancy on downtown's tallest building to 85%. Just two years ago it was at risk of defaulting on a $124 million dollar loan. In May of this year it reported occupancy of about 75%. The two new tenants are Fox Corp (yes, that FOX) who will lease close to 2,400 square feet and Gordon Rees Scully Mansukhani, a law firm.Other new tenants include FGM Architects, which occupies about 10,500 square feet; NGK Law Firm, with about 6,000 square feet; and ComPsych, a Chicago-based provider of workplace behavioral health and wellness services, that is leasing 4,094 square feet.https://www.bizjournals.com/stlouis/new ... s_headline"In general, downtown is becoming more attractive to companies looking to expand or relocate, and as a result, we’re definitely starting to see a very positive pattern of redevelopment and new projects that will have a significant impact in the area," said David Steinbach of JLL, which handles the leasing for One Met Square.
They said a new building will be needed by 2024 so hopefully this means a new office building in the works.sc4mayor wrote: ↑Jun 23, 2020quincunx wrote: ↑Jun 23, 2020Would have been nice to see them anchor a new development...but Met Square is just as good. Looking back on this reporting from November, Met Square has got to be getting close to 100% occupancy by now. Think, just a few years ago its owners were nearly about to default.sc4mayor wrote:Metropolitan Square has picked up a couple new tenants bringing the occupancy on downtown's tallest building to 85%. Just two years ago it was at risk of defaulting on a $124 million dollar loan. In May of this year it reported occupancy of about 75%. The two new tenants are Fox Corp (yes, that FOX) who will lease close to 2,400 square feet and Gordon Rees Scully Mansukhani, a law firm.Other new tenants include FGM Architects, which occupies about 10,500 square feet; NGK Law Firm, with about 6,000 square feet; and ComPsych, a Chicago-based provider of workplace behavioral health and wellness services, that is leasing 4,094 square feet.https://www.bizjournals.com/stlouis/new ... s_headline"In general, downtown is becoming more attractive to companies looking to expand or relocate, and as a result, we’re definitely starting to see a very positive pattern of redevelopment and new projects that will have a significant impact in the area," said David Steinbach of JLL, which handles the leasing for One Met Square.
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I wonder if that makes more or less sense than 909 Chestnut simply getting an (expensive) renovation. A new office tower would seem like a not very cost effective solution to this problem when we have an empty one still.
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They just signed a 20 year lease at Metropolitan Square so I'm thinking a new building is out of the cards. I think the "new building by 2024" comment was with regards to them needing to get out of Goodfellow and into a new space by then. Met Square accomplishes both of these things.thestlguy wrote: ↑Jun 23, 2020They said a new building will be needed by 2024 so hopefully this means a new office building in the works.sc4mayor wrote: ↑Jun 23, 2020quincunx wrote: ↑Jun 23, 2020Would have been nice to see them anchor a new development...but Met Square is just as good. Looking back on this reporting from November, Met Square has got to be getting close to 100% occupancy by now. Think, just a few years ago its owners were nearly about to default.sc4mayor wrote:Metropolitan Square has picked up a couple new tenants bringing the occupancy on downtown's tallest building to 85%. Just two years ago it was at risk of defaulting on a $124 million dollar loan. In May of this year it reported occupancy of about 75%. The two new tenants are Fox Corp (yes, that FOX) who will lease close to 2,400 square feet and Gordon Rees Scully Mansukhani, a law firm.
https://www.bizjournals.com/stlouis/new ... s_headline
Exactly. Met Square is the "new building". Great result for Downtown and the City.sc4mayor wrote: ↑Jun 23, 2020They just signed a 20 year lease at Metropolitan Square so I'm thinking a new building is out of the cards. I think the "new building by 2024" comment was with regards to them needing to get out of Goodfellow and into a new space by then. Met Square accomplishes both of these things.thestlguy wrote: ↑Jun 23, 2020They said a new building will be needed by 2024 so hopefully this means a new office building in the works.sc4mayor wrote: ↑Jun 23, 2020
Would have been nice to see them anchor a new development...but Met Square is just as good. Looking back on this reporting from November, Met Square has got to be getting close to 100% occupancy by now. Think, just a few years ago its owners were nearly about to default.
I heard the USDA checked out the Railway Exchange building, but because of the legal mess (and other factors), they decided against it.sc4mayor wrote: ↑Jun 23, 2020Lots of big news in St. Louis today! I wouldn't think they would build new, plenty of readily available office space downtown. Would love for them to anchor the RX, but that's probably a long shot.
Good stuff!
Edit: Here is the PD link:
https://www.stltoday.com/business/local ... 2ce65.html
Other factors; you mean like a century-old structure with absolutely no security buffer?stlien wrote: ↑Jul 02, 2020I heard the USDA checked out the Railway Exchange building, but because of the legal mess (and other factors), they decided against it.
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because USDA needs a security buffer?
Owner of 505 Washington is looking to do a $5 million renovation into new office space:
https://www.bizjournals.com/stlouis/new ... e=facebook
https://www.bizjournals.com/stlouis/new ... e=facebook
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Opens August 1. Obviously long delayed due to covid.chriss752 wrote: ↑Dec 23, 2019The Copia space will soon be occupied by a new restaurant. It will be called "Reign". https://www.riverfronttimes.com/foodblo ... byqibrp3nY
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Having toured the facility and spoken to some of the people in charge, I get the vibe that Reign will be more of a nightclub than a fancy restaurant. The space is huge though, so I'm sure it can be both.
^ I was watching from my window during their (soft?) opening a couple of weeks ago, and the pedestrian traffic in and out of Reign definitely looked to have more of a nightclub vibe over that of a restaurant. Not to mention the two big guys who appeared to be bouncers outside the front door.
All those restaurants in the Eatery (food court) in the Metropolitan building are going away. The whole ground floor is being reconfigured as part of the USDA move. That comes from an overheard conversation. Since the recent unpleasantness I have only ever seen Arista open for business down there. It seemed like the others just closed in March and never came back.
Oh that's a shame, I used to go there quite often. Liked the Korean and Ramen places.
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Some photos from Reign, it’s opening day today. It’s going to be more like Lucas Park grille, where it’s a place you go for lunch and dinner and stay for the club part after 10pm
+1
Revitalize Or Die- The Real Parking Problem
https://www.revitalizeordie.com/blog-po ... ng-problemFor anyone that has worked in economic development, community development and especially, downtown revitalization, you have become all too familiar with the parking problem trope. It might be the single biggest frustration in the field, as no matter how much evidence there is to refute this notion, people simply don’t care. Let me sum up the thinking; people believe their downtown cannot be successful unless considerably more parking spaces are added. This sort of thinking is expensive, counterproductive and ignores the real problems the community might be dealing with. Now instead of writing 2000 words on the perceived problem, I am just going to list all the reasons why the perceived parking problem is just a bunch of bullsh*t and hopefully save you all countless hours of arguing about it.
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^Nice! Well played. Even here, the vibrant neighborhoods are the ones where you have to actually work a little to find parking. The Central West End has more than enough parking . . . but you really might have to pay and you really might have to walk a block or two. It might not be free. And it just might not be available exactly where you're going. And it also has narrow streets that are lined with intact storefronts and well kept houses. And people. Maybe the people are too fancy for your taste, or the prices are too high now. Maybe the hip has gone out of the place. But you can't argue it's dead. Even if you yourself don't want to be there somebody else sure does. (Even so, there are still too many empty lots . . . filled with nothing but cars.)
https://www.stltoday.com/business/local ... 9753e.htmlsc4mayor wrote: ↑Jul 29, 2020Owner of 505 Washington is looking to do a $5 million renovation into new office space:
https://www.bizjournals.com/stlouis/new ... e=facebook
Just noticed this^ Aug 6th STLToday article too. It's a fairly lengthy/informative article, not sure if it contains any different details than the biz journal article since I don't have biz journal access.
dbInSouthCity wrote: ↑Aug 02, 2020Some photos from Reign, it’s opening day today. It’s going to be more like Lucas Park grille, where it’s a place you go for lunch and dinner and stay for the club part after 10pm
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^ as I said, club at night. Have you never been to a club, it’s not a bible study club. Racist Brad never once complained about Wheelhouse or Lucas Park.