Six years later and it looks like it has finally sold.  The for sale sign now is covered in "sold" signs and a small crew has been hauling objects from the old tenant out all this morning (pardon the crummy photo).  Anyone hear of what the plan for the building might be?

STL526 wrote: ↑

Apr 23, 2021

Six years later and it looks like it has finally sold.  The for sale sign now is covered in "sold" signs and a small crew has been hauling objects from the old tenant out all this morning (pardon the crummy photo).  Anyone hear of what the plan for the building might be?PXL_20210423_133155173.MP.jpg

Mid-block building with windows facing three directions is a nice plus.

This will be a difficult redevelopment. Narrow floor plates complicate things a bit. We should know more in the next few weeks who the owner is and what they're planning.

In my view, this would be the perfect spot to have some floors added to the building. One example of this is the Hotel Julian in Chicago. It increases the amount of floor space you can have and creates a few floors where there are windows on all four sides.

chriss752 wrote: ↑

Apr 24, 2021

In my view, this would be the perfect spot to have some floors added to the building. One example of this is the Hotel Julian in Chicago. It increases the amount of floor space you can have and creates a few floors where there are windows on all four sides.
62797686_XL.jpg

I'm not a fan of much of the topism that goes on in Chicago. There are some decent examples west of the Loop on otherwise bland warehouse or office buildings, but it just looks wrong on an historic building like that.

It's not feasible in St. Louis anyway, not only because it would usually negate any use of historic tax credits, but also due to seismic provisions in the building code.

urbanitas wrote: ↑

Apr 25, 2021

chriss752 wrote: ↑

Apr 24, 2021

In my view, this would be the perfect spot to have some floors added to the building. One example of this is the Hotel Julian in Chicago. It increases the amount of floor space you can have and creates a few floors where there are windows on all four sides.
62797686_XL.jpg

I'm not a fan of much of the topism that goes on in Chicago. There are some decent examples west of the Loop on otherwise bland warehouse or office buildings, but it just looks wrong on an historic building like that.

It's not feasible in St. Louis anyway, not only because it would usually negate any use of historic tax credits, but also due to seismic provisions in the building code.

I think the glass tower addition to the Hearst Building in NYC is pretty freaking badass...

BEFORE:



AFTER:

^Yes, it is.

But that's not an example of topism, it's façadism, i.e. they literally built a new building, foundations and all, inside the hollowed-out shell of an existing one. While the latter is more likely to meet NPS requirements, it is obviously a whole lot more expensive than the former.

Fidlar search says:

12827 PROPERTY LLC

https://opencorporates.com/companies/us_mo/LC1716588

urbanitas wrote: ↑

Apr 25, 2021

chriss752 wrote: ↑

Apr 24, 2021

In my view, this would be the perfect spot to have some floors added to the building. One example of this is the Hotel Julian in Chicago. It increases the amount of floor space you can have and creates a few floors where there are windows on all four sides.
62797686_XL.jpg

I'm not a fan of much of the topism that goes on in Chicago. There are some decent examples west of the Loop on otherwise bland warehouse or office buildings, but it just looks wrong on an historic building like that.

It's not feasible in St. Louis anyway, not only because it would usually negate any use of historic tax credits, but also due to seismic provisions in the building code.

I don't disagree with you here. There are better ways to add floors to buildings, especially if additions can match the building. Hotel Julian was one that I could think of off the top of my mind since that building is similar in width and all of that to 1128 Washington.

Based on what Walker shared and seeing that the owner's name is Sara Winbush, googling her returns Superior Home Health services. So I wonder if she plans on having a clinic in this building or if she plans on investing money to fix the building up to turn it into lofts or something like that. I doubt she'll add floors to the building, or if she will really be the one swinging the renovation/redevelopment of this building. We'll find out soon enough.

Anybody know what is going in at this building?  There's a construction dumpster in front of the building, and a building permit went in two weeks ago for a restaurant.  Hopefully "restaurant" isn't code for nightclub.  I'm also curious if the owner has plans for the upper floors since I know they were clearing stuff out of them a few months ago.

Why not a nightclub? Can we stop treating downtown as a senior retirement community.

$8.4M building permit application submitted.

Awesome, apartments? Too bad that pharmacy on the ground level never materialized

GoHarvOrGoHome wrote: ↑

Jul 27, 2024

Awesome, apartments? Too bad that pharmacy on the ground level never materialized

When I last spoke with the developer, they were targeting corporate housing and relatively short-term leases (but not AirBNB/VRBO).  I assume this means they will be leased as furnished apartments.  The developer did say that it's a challenging floor plan and that one of the things that has kept it from already being developed is the lack of parking.  The developer is hoping this problem will be remedied when they purchase the parking lot behind the building.

As for the pharmacy, I was always skeptical of that happening.  I'm not sure what's planned for that first-floor space, but I do know that next door (1136 Washington) in the other half of the old Bobby's Place space, someone is trying to open a bar called Urban Lounge.  They've begun circulating information to neighboring residences (no doubt in preparation for the liquor license approval process).

The pharmacy got pretty far along for the guy to have his license posted on the board inside the door and shelving up 

There is another independent pharmacy opening downtown 

Apartments! Good day for development news in Downtown. Anyone know what “corporate housing” means?

https://www.bizjournals.com/stlouis/new ... using.html

JaneJacobsGhost wrote:Apartments! Good day for development news in Downtown. Anyone know what “corporate housing” means?

https://www.bizjournals.com/stlouis/new ... using.html

Usually pre furnished apartments with more flexible leasing.


Sent from my iPhone using Tapatalk

Grazi!

I don't know if it's causation, but this makes $184.7 million in publicly announced apartment developments downtown since the Fed implied that they're going to cut rates in September. Felt like we had a long dry spell with pretty much nothing significant then suddenly BOOM two pretty big announcements in two business days.

Auggie wrote: ↑

Aug 27, 2024

I don't know if it's causation, but this makes $184.7 million in publicly announced apartment developments downtown since the Fed implied that they're going to cut rates in September. Felt like we had a long dry spell with pretty much nothing significant then suddenly BOOM two pretty big announcements in two business days.

No correlation. Both of these have been in the works for over a year. Interest rates will mostly impact new construction, both of these are heavy on historic tax credits

dbInSouthCity wrote: ↑

Aug 27, 2024

Auggie wrote: ↑

Aug 27, 2024

I don't know if it's causation, but this makes $184.7 million in publicly announced apartment developments downtown since the Fed implied that they're going to cut rates in September. Felt like we had a long dry spell with pretty much nothing significant then suddenly BOOM two pretty big announcements in two business days.

No correlation.  Both of these have been in the works for over a year.   Interest rates will mostly impact new construction, both of these are heavy on historic tax credits

Interest rates significantly impact everything.  Including redevelopment.  

^ yeah, the context is the .25% potential Sept cut the catalyst for these 2 projects that are heavy on historic tax credits and the answer is no.

Debaliviere91 wrote: ↑

Aug 27, 2024

JaneJacobsGhost wrote:Apartments! Good day for development news in Downtown. Anyone know what “corporate housing” means?

https://www.bizjournals.com/stlouis/new ... using.html

Usually pre furnished apartments with more flexible leasing.


Sent from my iPhone using Tapatalk

That's correct.  They will be furnished apartments with month-to-month tenancies (but nothing shorter than that).  One of the developer's target demographics is travel nurses, but it's meant to be suitable for anyone who might be living here temporarily on assignment for work.

dbInSouthCity wrote: ↑

Aug 27, 2024

^ yeah, the context is the .25% potential Sept cut the catalyst for these 2 projects that are heavy on historic tax credits and the answer is no.

25 BPS doesn't change the project's one way of the other.  If it works at 7.75% it works at 8%.  100 BPS moves the needle.  

market rates are not defined only by the current rate, they are defined on the expected rates. Just take a look at mortgage rates, they've been declining without the fed even making a single cut.