urbanSTL

Developer Green Street is working on a deal for a manufacturer to buy one of its properties on the North Riverfront, the developer said at a public meeting Tuesday.
The St. Louis-based developer, led by founder and Principal Phil Hulse, currently owns about 40 acres of city riverfront property off Interstate 70. In the past, he’s developed bordering sites with a Love’s Travel Center and a facility for transportation provider CSTK, formerly known as Central States Thermo King.

A few of the properties are still for sale for potential future development, including a potential project at 5908 N. Broadway for a Broadway Ford trucking dealership that already has city of St. Louis tax incentives in place. One of the sites, a 19-acre property at 460 E. Carrie Ave. that has been marketed as feasible for build-to-suit industrial, is being eyed by an unnamed “sizable” manufacturer that could build a facility larger than 300,000 square feet, Hulse told the St. Louis Planned Industrial Expansion Authority Tuesday.

The manufacturer, identified only as an “international publicly traded company,” has signed a letter of intent to potentially buy the site, attracted in part by the railroad access directly to the site, Hulse said. If the deal goes through, about 400 jobs would move to St. Louis, Hulse said. It was unclear if the manufacturer has a current location in the region. He called the potential operation a “sophisticated” facility that would provide high-paying positions.
Although a timeline for the project wasn't given, Hulse said he might be back to the board in “less than six months” after meeting the requirements of a forgivable loan the city provided for development there when Green Street first purchased the site in 2008.
The site is essentially ready to build, after Green Street collaborated with the Missouri Department of Natural Resources to examine environmental conditions and built retention ponds to satisfy Metropolitan St. Louis Sewer District requirements, Hulse said.
“It’s a great opportunity to capture somebody that’s in the market that needs to move quickly,” he said. “And this would be to expand and build a manufacturing operation here that’s ultimately going to be a big employer.”

The property has been appraised at about $5.2 million, and negotiations between attorneys for both sides are discussing a sale price that is close to that amount, Hulse said.
The manufacturer wants to buy the site, but is also exploring the possibility of Green Street remaining as developer of the property and leasing the facility to the manufacturer, which would free up some of the publicly traded company’s capital, Hulse said.
To pave the way for the possible deal, Green Street is looking at creative financing, a step other real estate developers have also taken as lending has diminished with higher interest rates.

RockChalkSTL wrote: ↑

Mar 20, 2024

Sounds great, but what are residents going to do? Walk out the front door and ... what? 

They're cut off from what most people in urban settings are attracted to. 

I think residential could thrive -- and should thrive -- in that area of St. Louis city. Broadway has gorgeous buildings; the potential is there. 

I really wish that we could see more buildings along N. Broadway activated in new and exciting ways all at once. 

Laclede's Landing needs to pick up the pace, too. 

A new plan is in the works to redevelop a historic building in north St. Louis frequently eyed by various developers over the years.
A city board on Wednesday signed on to a developer’s plan to rehabilitate the American Brake Co. building and turn the vacant 135,000-square-foot structure into apartments.

The request for a building permit for the onetime industrial building – at 1920 N. Broadway on the Near North Riverfront – from developer Mark Hall and his Virginia-based firm ABC Realty Advisors, was approved Wednesday by the St. Louis Board of Adjustment. The developer plans just under 100 apartments, a representative said at the board's meeting. The building is owned by St. Louis-based development firm Blackline Design + Construction, which acquired it while planning a $5 million renovation to create the new headquarters of St. Louis tabletop board game company Greater Than Games in 2019. That project, part office and part warehouse, was approved for a 10-year property tax abatement and would have brought 50 jobs to the riverfront, but did not move forward.
Before that, in 2017, Dallas-based development firm Alterra International eyed creating apartments or a hotel at the American Brake Co. site, in addition to the company’s long-planned $141 million redevelopment of the Jefferson Arms building in Downtown West into a hotel and apartments. The Jefferson Arms project is underway.
Blackline purchased the 1920 N. Broadway property in 2018 for $706,053 from Peoples National Bank, which took control of it in March 2016 from Broadway Storage Owner LLC, a business entity associated with David Macheca, owner of Mid America Cold Storage. He had purchased the property in 2010 for a $2.9 million plan for his cold-storage firm and another company to occupy the industrial space.
Prior to that plan, developer Matthew Librach considered a $7 million project to turn the building into retail, office and industrial space.

Project costs and further details of the project planned by ABC Realty were not disclosed. The property was appraised at $700,000 in last year’s city real estate assessment.
ABC and Hall also are pursuing a $38 million conversion of a former department store storage building in downtown Cincinnati into below-market rate housing, the Cincinnati Business Courier reported in January. He is still assembling the capital stack for that project, including tax credits, that would pave the way to create 106 apartments in the former Pogue's department store building, Hall said.
Hall told Cincinnati commissioners at that time that he was also involved in projects in St. Louis, Virginia and New Jersey, the publication reported.
Hall and Blackline did not immediately respond to requests for comment.
The Romanesque Revival brick building was constructed in three phases from 1901 to 1919 for American Brake Co., according to its National Register of Historic Places nomination form. The manufacturer, which built train brakes and power brakes for 107 railroad lines and 10 major locomotive builders in its heyday, sold the building in 1941.

In 2015, a task force led by businessman Dave Peacock eyed the area as the site for a new NFL stadium, part of a plan to keep the Rams football team in St. Louis.
“It’s about the future of our region,” Peacock said at the time. “It’s about no longer accepting the notion that our assets can just dissolve in front of us, or leave.”
But those plans fell apart when Rams owner Stan Kroenke moved the team to Los Angeles anyway.

quincunx wrote: ↑

Nov 25, 2024

$0 zoning-only building permit application submitted for 50-unit apartment building at 101 Cass by Justine Petersen. Fire destroyed the building, and it was demolished.

Background - 
https://justinepetersen.org/2023/10/12/ ... troyed-it/