I was informed on who the local partner is on this. Hopefully it doesn’t hold true as he has shown to dream big and do basically nothing.
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I didn't realize the garage changed hands. Must have missed that comment. It WAS clear that parking was a big part of what was driving a lack of interest in the building which i agree with. If working out an arrangement with StL parking was the answer i assume it would be in place by now.bprop wrote: ↑May 12, 2022As has been stated before, the AT&T parking garage is now administered by StL parking and even has payment kiosks installed by the elevators, so it's not like there isn't the possibility of using that garage for anything that goes into 909. Maybe I missed it, but has someone said definitively that AT&T is not willing to lease the garage to a nearby building? Moreso, why would anyone turn a parking garage with slanted floors into residential or retail, only to require expensive underground parking across the street? The garage is 7 levels deep already and AT&T uses about 1/3 of one level (if that) on a busy day. How deep would this Serra underground parking be?
As far as putting apartments in the south side, it seems fairly clear that the ramps that allow a car to ascend to higher levels are in the interior of the garage. the outer ones may have a slight grade to match the adjacent topography and improve water runoff but they are not critical for ascending the garage. Converting garages to living space was a trendy topic a few years ago, but i would not be surprised if someone said that its a stupid idea for this location because of X, Y , or Z. If they can't be repurposed the alternative approach would be demolish the south section and build a new narrow building in its place that has windows overlooking the City Garden and Serra Park.
Was that all you were informed about? Any word on potential plans (or what they are considering)?chriss752 wrote: ↑May 12, 2022I was informed on who the local partner is on this. Hopefully it doesn’t hold true as he has shown to dream big and do basically nothing.
Some multi-family housing. Likely to seek historic buildings designation to get HTCs. Means there will be no true alterations to the first floor, facade or anything else. So parking couldn’t be integrated into the base if it required a rebuild of the facade.
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Yikes.
I was hoping that we could see a complete reclad of this building into glass or something more shiny and striking.
I was hoping that we could see a complete reclad of this building into glass or something more shiny and striking.
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Honestly, I love the idea of residential - really hope its successful in whatever capacity they deem.
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I don't see how they can renovate this building without residential, so I'm all for that.
I guess I was just being vain and hoping for a reinvigorating second chance at life for the building, shinier and brighter in the St. Louis skyline. Right now, the building looks like a 1980s office building...
I guess I was just being vain and hoping for a reinvigorating second chance at life for the building, shinier and brighter in the St. Louis skyline. Right now, the building looks like a 1980s office building...
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I think we all assumed some subsidies and incentives would be sought for this...but historic tax credits?!?!
I think conversion to residential is great. If mostly multi-family this will put a lot of 24/7 bodies on the sidewalks of downtown.
I think conversion to residential is great. If mostly multi-family this will put a lot of 24/7 bodies on the sidewalks of downtown.
So, who can we collectively think of that is, "known to dream big and do basically nothing"?
Paul McKee? Can't be...right? That would be really weird.
Any other thoughts from the peanut gallery?
Paul McKee? Can't be...right? That would be really weird.
Any other thoughts from the peanut gallery?
Paul McKee was sadly also my first thought. There's also the Jefferson Arms guy. Both seem unlikely.
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fwiw there's a project very similar to this but further advanced in downtown Cleveland, where SomeraRoad sold the former Ohio Bell HQ to a Dallas group that recently won HTCs for the office building completed in 1983 in the Erieview Historic District.... plan is for 368 units in an approx 450k sq. ft. building. Sounds like SR may have confidence it can do similar here on it's own/working with local partner. Interestingly, a W Hotel will be coming to another older office tower in the same district. 909 Chestnut probably could hold both 500 or so apartments and a luxury hotel.
https://www.cleveland.com/realestate-ne ... redit.html
https://www.cleveland.com/realestate-ne ... redit.html
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I'd love to see the upper floors house the hotel with a rooftop bar or restaurant that is open to the public as a second downtown observation deck.
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St. Louis’ AT&T tower sells for $4.1 million, a fraction of its previous sale
https://www.stltoday.com/business/local ... 8e0d4.html
https://www.stltoday.com/business/local ... 8e0d4.html
Really hoping this is the one that gets it over the finish line.Sold for $4.1 million, less than half of what it is appraised for, and just one-50th of what it sold for more than a decade ago.
The sale offers a glimmer of hope for a revitalization of the 46-story building at 909 Pine Street — one of four prominent buildings in the downtown area that are vacant. But it’s also a reminder of how weak the downtown office market is. Bondholders appraised the building at $9.2 million last year, according to documents provided by data analytics firm Trepp.
New York-based SomeraRoad Inc. bought the 1.4 million-square-foot tower in late April, according to records filed with the city.
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I see First Bank are going to build a brand new HQ in Creve Coeur near their current dated location. Shame they'd have been an ideal candidate for this.
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They have 75 people at their HQ, that would take up 1/3 of 1 floor in this building (10,000 SF )Suburban Sprawl wrote: ↑May 26, 2022I see First Bank are going to build a brand new HQ in Creve Coeur near their current dated location. Shame they'd have been an ideal candidate for this.
First Bank is damn near one of the last tenants this buildings new owner should go after. The BJ article is basically just a sales pitch for turning their HQ into a high quantity meeting space for a handful of employees.
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Don't they have another 2/3 offices scattered throughout the metro though? By consolidating I'd imagine there's going to be at least a couple of hundred in that building eventually.sc4mayor wrote: ↑May 26, 2022First Bank is damn near one of the last tenants this buildings new owner should go after. The BJ article is basically just a sales pitch for turning their HQ into a high quantity meeting space for a handful of employees.
I feel like they have been closing them. They have been adding a lot of virtual teller machines that you talk to someone over video. I think all Dierbergs locations are like this now. They don’t even have a live person at a window downtown anymore. There is a person in an office but it’s not just walk up and see them.Suburban Sprawl wrote: ↑May 27, 2022Don't they have another 2/3 offices scattered throughout the metro though? By consolidating I'd imagine there's going to be at least a couple of hundred in that building eventually.sc4mayor wrote: ↑May 26, 2022First Bank is damn near one of the last tenants this buildings new owner should go after. The BJ article is basically just a sales pitch for turning their HQ into a high quantity meeting space for a handful of employees.
This is on the preservation board agenda for a nomination to the national register of historic places.chriss752 wrote: ↑May 13, 2022Some multi-family housing. Likely to seek historic buildings designation to get HTCs. Means there will be no true alterations to the first floor, facade or anything else. So parking couldn’t be integrated into the base if it required a rebuild of the facade.
Firstly:
Secondly:
How is that even possible? Buildings need to be at least 50 years old to be considered eligible, unless they are considered exceptionally important. I think they might have a hard time making the argument that this building is more important than your typical NRHP-eligible or listed building. But, they're the experts I suppose, or maybe it's just a shot in the dark to see what sticks.
Secondly:
How is that even possible? Buildings need to be at least 50 years old to be considered eligible, unless they are considered exceptionally important. I think they might have a hard time making the argument that this building is more important than your typical NRHP-eligible or listed building. But, they're the experts I suppose, or maybe it's just a shot in the dark to see what sticks.
What is suppose to be and what is almost never align. If the political will exists for designation it will happen.Tim wrote: ↑Jun 17, 2022Firstly:
80s.PNG
Secondly:
How is that even possible? Buildings need to be at least 50 years old to be considered eligible, unless they are considered exceptionally important. I think they might have a hard time making the argument that this building is more important than your typical NRHP-eligible or listed building. But, they're the experts I suppose, or maybe it's just a shot in the dark to see what sticks.
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Distressed CMBS Realized Losses Soar in May
https://commercialobserver.com/2022/06/distressed-cmbs-realized-losses-soar-in-may/
https://commercialobserver.com/2022/06/distressed-cmbs-realized-losses-soar-in-may/
From PD article today:chriss752 wrote: ↑May 13, 2022Some multi-family housing. Likely to seek historic buildings designation to get HTCs. Means there will be no true alterations to the first floor, facade or anything else. So parking couldn’t be integrated into the base if it required a rebuild of the facade.
https://www.stltoday.com/business/local ... -top-story
Anyone know if our local law dictates otherwise?The designation is somewhat symbolic and doesn’t mean a property can’t be demolished or altered, unless local law dictates otherwise.
If putting it in the registry is what it takes to develop this one block building make it happen!
This building needs all the help’s available to come back to life! I rather see this building producing a ROI and pay taxes than just seat there and rot. 10-15 years of abetment is fine if it creates jobs.
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This building needs all the help’s available to come back to life! I rather see this building producing a ROI and pay taxes than just seat there and rot. 10-15 years of abetment is fine if it creates jobs.
Sent from my iPhone using Tapatalk