Wells Fargo Campus Development

LArchitecture · PostAug 10, 2023#762023-08-10T18:27+00:00

dylank wrote:Yes. Per GRG, the Compton to Jefferson segment on Market is in design and will start construction in 2024.

Assuming that this trail segment will coincide with the construction of these hotels. Very exciting !

Yes very exciting. Big win for that long of stretch to have a lane removed for that cycling infrastructure.

I did find it funny that the rendering for the hotels included the “clothespin” from the stadium site. Would be curious if more will be placed since this whole stretch was also part of that valley demo years ago.

sc4mayor · PostAug 10, 2023#772023-08-10T19:08+00:00

^ I actually think more of the Pillars of the Valley monuments are due to be placed at major points along the route between 22nd and Compton + Harris-Stowe. I’m almost sure I read that somewhere, I’ll have to see if I can dig it up.

sc4mayor · PostAug 10, 2023#782023-08-10T21:14+00:00

Right now, the work is at 22nd and Market at CityPark Stadium. It will expand down one mile of Market Street to Compton Avenue in 2024/2025…

https://greatriversgreenway.org/millcreek/

quincunx · PostAug 12, 2023#792023-08-12T17:52+00:00

$0 zoning-only building permit application submitted for the two hotels.

PostSep 16, 2023#802023-09-16T13:26+00:00

$70M building permit application submitted.

dbInSouthCity · PostNov 06, 2023#812023-11-06T03:17+00:00

^ canceled 2 weeks ago

Although it could be for house keeping purposes and it’s being reviewed under the 8/11 application

airforceguy1 · PostNov 10, 2023#822023-11-10T20:09+00:00

St. Louis hotel project at Wells Fargo site seeks tax abatement

A developer is seeking tax abatement for its dual-branded hotel planned next to the Wells Fargo campus.
Midas Hospitality has proposed to build a 304-room boutique Kimpton Hotels & Restaurants and an extended-stay Staybridge Suites, at Market Street and Jefferson Avenue.

The roughly $126 million project sits on the Midtown and Downtown West border and is a quarter-mile west from the new soccer stadium and other neighborhood attractions like Union Station.

Midas has demolished two vacant buildings it bought from Wells Fargo Advisors to make way for the hotels. The Land Clearance for Redevelopment Authority, which reviews tax abatement requests in St. Louis, is in support of a 10-year tax abatement worth $7.3 million for the project, according to city documents. The site currently generates $109,000 in taxes. The hotels are projected to generate $472,000 during the abatement period and $1.8 million once it expires, documents show.
The LCRA board is slated to review the request on Tuesday.

St. Louis-based developer Green Street Real Estate Ventures was to partner with Midas on the project but is no longer involved.

https://www.stltoday.com/news/local/business/st-louis-hotel-project-at-wells-fargo-site-seeks-tax-abatement/article_2257feb4-7fdb-11ee-848d-2727fe493176.html

STLEnginerd · PostNov 10, 2023#832023-11-10T20:18+00:00

airforceguy1 wrote: ↑
Nov 10, 2023
St. Louis hotel project at Wells Fargo site seeks tax abatement

A developer is seeking tax abatement for its dual-branded hotel planned next to the Wells Fargo campus.
Midas Hospitality has proposed to build a 304-room boutique Kimpton Hotels & Restaurants and an extended-stay Staybridge Suites, at Market Street and Jefferson Avenue.

The roughly $126 million project sits on the Midtown and Downtown West border and is a quarter-mile west from the new soccer stadium and other neighborhood attractions like Union Station.

Midas has demolished two vacant buildings it bought from Wells Fargo Advisors to make way for the hotels. The Land Clearance for Redevelopment Authority, which reviews tax abatement requests in St. Louis, is in support of a 10-year tax abatement worth $7.3 million for the project, according to city documents. The site currently generates $109,000 in taxes. The hotels are projected to generate $472,000 during the abatement period and $1.8 million once it expires, documents show.
The LCRA board is slated to review the request on Tuesday.

St. Louis-based developer Green Street Real Estate Ventures was to partner with Midas on the project but is no longer involved.
https://www.stltoday.com/news/local/business/st-louis-hotel-project-at-wells-fargo-site-seeks-tax-abatement/article_2257feb4-7fdb-11ee-848d-2727fe493176.html

Feels a little bait and switchy. If you want tax abatement it should be authorized before authorizing onsite demo. I mean i still think it would and should have gone through but the idea the deal could fall apart after already oking the demo is annoying.

Debaliviere91 · PostNov 10, 2023#842023-11-10T21:09+00:00

STLEnginerd wrote:
airforceguy1 wrote: ↑
Nov 10, 2023
St. Louis hotel project at Wells Fargo site seeks tax abatement

A developer is seeking tax abatement for its dual-branded hotel planned next to the Wells Fargo campus.
Midas Hospitality has proposed to build a 304-room boutique Kimpton Hotels & Restaurants and an extended-stay Staybridge Suites, at Market Street and Jefferson Avenue.

The roughly $126 million project sits on the Midtown and Downtown West border and is a quarter-mile west from the new soccer stadium and other neighborhood attractions like Union Station.

Midas has demolished two vacant buildings it bought from Wells Fargo Advisors to make way for the hotels. The Land Clearance for Redevelopment Authority, which reviews tax abatement requests in St. Louis, is in support of a 10-year tax abatement worth $7.3 million for the project, according to city documents. The site currently generates $109,000 in taxes. The hotels are projected to generate $472,000 during the abatement period and $1.8 million once it expires, documents show.
The LCRA board is slated to review the request on Tuesday.

St. Louis-based developer Green Street Real Estate Ventures was to partner with Midas on the project but is no longer involved.
https://www.stltoday.com/news/local/business/st-louis-hotel-project-at-wells-fargo-site-seeks-tax-abatement/article_2257feb4-7fdb-11ee-848d-2727fe493176.html
Feels a little bait and switchy. If you want tax abatement it should be authorized before authorizing onsite demo. I mean i still think it would and should have gone through but the idea the deal could fall apart after already oking the demo is annoying.

With the momentum that neighborhood has had, should we be giving an abatement here?

dtgwvc · PostNov 10, 2023#852023-11-10T22:16+00:00

Considering the high rate environment, and that downtown isn’t exactly there yet, I’m personally ok with the abatement. Even with the abatement it generates more revenue than it does now.

Visually, this would make a great impression coming from 64 on Jefferson. Especially if we can get something done on the parking lot just south of Wells Fargo

airforceguy1 · PostNov 14, 2023#862023-11-14T23:34+00:00

The tax abatement has been approved.

Hotel project at Wells Fargo site in St. Louis moves forward

The board of the Land Clearance for Redevelopment Authority approved 10 years of tax abatement, worth $7.3 million, for Midas Hospitality's project.

The dual-branded hotel — a boutique Kimpton Hotels & Restaurants, plus an extended-stay Staybridge Suites — will together have 304 rooms. The roughly $126 million project will be built at Market Street and Jefferson Avenue, on the Midtown and Downtown West border. It's a quarter-mile west from the new soccer stadium and other neighborhood attractions like Union Station.

Midas has demolished two vacant buildings it bought from Wells Fargo Advisors to make way for the hotels.

https://www.stltoday.com/news/local/business/hotel-project-at-wells-fargo-site-in-st-louis-moves-forward/article_d6bb58c6-8330-11ee-b571-4bce818504db.html

MattnSTL · PostNov 15, 2023#872023-11-15T03:26+00:00

^Approved by the LCRA Board. Still has to be approved by the Board of Aldermen. I wonder if it will run into any questions there.

quincunx · PostJan 26, 2024#882024-01-26T19:17+00:00

BB 206 would create a CID that could impose a sales of up to 1% and a charge of up to $5 per room per night at the hotels.

https://www.stlouis-mo.gov/government/c ... BBId=16422

BB 197 - Redevelopment Plan for the 2601 Market St. Redevelopment Area

https://www.stlouis-mo.gov/government/c ... BBId=16411

75% property tax abatement for 10 years.

Tim · PostJan 27, 2024#892024-01-27T16:14+00:00

Is the reason these CIDs exist so that they can secretly syphon off exta funds to pay the developer, that aren't reflected in the "list" price of the room rate?

I've always been somewhat curious why they don't they just charge 1% + $5 more per room, but clearly it is more lucrative for the developer to structure it this way.

quincunx · PostMar 26, 2024#902024-03-26T23:07+00:00

They might lose that $750k bond they posted to get demo approval from the Preservation Board.

StlToday - $125M St. Louis hotel project ‘looks dead’ after aldermen balk at incentives

https://www.stltoday.com/news/local/gov ... 5259e.html

RockChalkSTL · PostMar 27, 2024#912024-03-27T00:06+00:00

And... that's how you end up with yet another vacant lot in the Central Corridor.

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goat314 · PostMar 27, 2024#922024-03-27T00:30+00:00

St. Louis City officials do not seem to understand the need for development. They act as if the Central Corridor is very prosperous. News flash, even the most successful zip codes in the city are still underperformed big time in comparison to other similar sized cities. What a joke.

jshank83 · PostMar 27, 2024#932024-03-27T01:54+00:00

RockChalkSTL wrote: ↑
Mar 27, 2024
And... that's how you end up with yet another vacant lot in the Central Corridor.

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Might as well mark it down as surface parking for soccer games now. Terrible

pattimagee · PostMar 27, 2024#942024-03-27T13:44+00:00

I just wish they would come to a consensus number when they vote on these things... like, we have voted no, but we would be happy to vote yes at 10 years 50% abatement.

GoHarvOrGoHome · PostMar 27, 2024#952024-03-27T14:26+00:00

Well that is intensely frustrating. Everybody understands the disparity between North City and the Central corridor, but it's not like the central corridor is on fire, particularly around downtown. STL is not some kind of development paradise.

We would have gotten MORE tax dollars from this project, even with abatement. Now we probably get a parking lot or water retention pond for the next 20 years.

I'm of the opinion that until we are a city seeing consistent population growth, we should be throwing tax breaks at every single project that is a net positive for the urbanity of the neighborhood. Base it on density, design, street interaction, and neighborhood. Create a clear design scoring system that developers can use to get exactly the kind of tax break they need. (Higher urban score, better tax terms) Maybe create a committee that developers can present designs to and get feedback on how to score higher.

Meanwhile stop giving tax breaks to single family homes south of Delmar and new gas stations.

JaneJacobsGhost · PostMar 27, 2024#962024-03-27T15:10+00:00

We’ve thrown free money at developers for more than 20 years and it hasn’t caused a development boom. It has however depleted SLPS of much needed funds driving flight to suburbs for perceived better education opportunities.

This site sits on the campus of Global Fortune 500 company with thousands of employees and significant accommodation needs (WF advisors from across the country are frequently flown into StL for meeting, trainings, etc. in that office). Not to mention it’s proximity to the Soccer stadium.

Midas, or another developer, will be back with a better proposal.

SouthCityJR · PostMar 27, 2024#972024-03-27T16:13+00:00

How does the Hancock Amendment factor into this? Isn’t there a limit to how much increase SLPS can get from property taxes anyway at some point because of that?

jshank83 · PostMar 27, 2024#982024-03-27T16:39+00:00

JaneJacobsGhost wrote: ↑
Mar 27, 2024
We’ve thrown free money at developers for more than 20 years and it hasn’t caused a development boom. It has however depleted SLPS of much needed funds driving flight to suburbs for perceived better education opportunities.

This site sits on the campus of Global Fortune 500 company with thousands of employees and significant accommodation needs (WF advisors from across the country are frequently flown into StL for meeting, trainings, etc. in that office). Not to mention it’s proximity to the Soccer stadium.

Midas, or another developer, will be back with a better proposal.

“ It has however depleted SLPS of much needed funds ”

Isn’t this assuming all the sites that got incentives would have been built on regardless? Which I doubt is what would have happened.

JaneJacobsGhost · PostMar 27, 2024#992024-03-27T16:56+00:00

jshank83 wrote: ↑
Mar 27, 2024
JaneJacobsGhost wrote: ↑
Mar 27, 2024
We’ve thrown free money at developers for more than 20 years and it hasn’t caused a development boom. It has however depleted SLPS of much needed funds driving flight to suburbs for perceived better education opportunities.

This site sits on the campus of Global Fortune 500 company with thousands of employees and significant accommodation needs (WF advisors from across the country are frequently flown into StL for meeting, trainings, etc. in that office). Not to mention it’s proximity to the Soccer stadium.

Midas, or another developer, will be back with a better proposal.
“ It has however depleted SLPS of much needed funds ”

Isn’t this assuming all the sites that got incentives would have been built on regardless? Which I doubt is what would have happened.

You’re assuming incentives are only used for fallow lots which is often not the case (nor was it the case here).

Anyway, this phenomenon has been studied: https://www.stltoday.com/news/local/edu ... c4ee1.html

Debaliviere91 · PostMar 27, 2024#1002024-03-27T16:59+00:00

JaneJacobsGhost wrote:We’ve thrown free money at developers for more than 20 years and it hasn’t caused a development boom. It has however depleted SLPS of much needed funds driving flight to suburbs for perceived better education opportunities.

This site sits on the campus of Global Fortune 500 company with thousands of employees and significant accommodation needs (WF advisors from across the country are frequently flown into StL for meeting, trainings, etc. in that office). Not to mention it’s proximity to the Soccer stadium.

Midas, or another developer, will be back with a better proposal.

I’ll concede there have been instances where we’ve given too much “free money” to certain projects but, while we haven’t had a full scale development boom, our use of incentives has contributed to projects being completed that otherwise wouldn’t. It’s also contributed to smaller scale development booms in certain neighborhood (think Cortex or DT West).

I don’t think SLPS actually has a funding shortage in recent years?

Personally I’m really concerned we won’t see another developer come back with another proposal for that sight anytime soon without incentives.

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Wells Fargo Campus Development

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