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Peabody staying in downtown St. Louis offices

Peabody

Peabody staying downtown St. Louis

St. Louis, MO/December 18, 2016 (STLRealEstate.News) Peabody Energy renewed their downtown St. Louis office leases through 2023 this year, making a sustainable commitment to their longtime St. Louis residency.  The energy agency’s world headquarters is based out of the downtown St. Louis offices, and they made the official lease extension announcement this past Wednesday.  The announcement extends the current lease on the company’s 701 Market Street office by two years as well.

The renewal of the entity’s lease comes at a frustrating and difficult time for the international company, still trying to determine how to course its way out of Chapter 11 bankruptcy.  Local news stations took special interest to the announcement, speculating that the business has a plan for climbing out of their economic woes in 2017.

“We took a decent amount of time to speculate the future of Peabody in many different ways,” said Vic Svec, a spokesperson for Peabody.  “Though we’re not entirely sure where we see ourselves five years from now, we do know one thing: that downtown St. Louis is our home, and we’re pleased to call it the home of our global headquarters.”

Svec went on to say that the decision is an enormous announcement of Peabody’s commitment to the greater St. Louis community, and their contributions in the form of job development and economic growth.  Additionally, the spokesperson confirmed that the lease renewal is a “testament to the sustainability of Peabody” as it emerges from bankruptcy.

Peabody was forced to file for Chapter 11 bankruptcy this past April.  The onslaught came from a disruption to coal markets and debt from recent purchases of mining companies overseas.  Svec acknowledged in her statement that development, along with the “industry headwinds,” sparked outside speculation about the fate awaiting its block of downtown real estate, as well as the company, overall.

Peabody currently employs about 380 people in its St. Louis headquarters.

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Picture courtesy of CleanTechnica

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Copyright 2016 K Amant, LLC d.b.a. STLRealEstate.News.  All rights reserved.  This material may not be published, broadcast, rewritten or redistributed.

Cardinals release new Ballpark Village layout drawings

Ballpark Village

St. Louis, MO/December 8, 2016 (STLRealEstate.News) The St. Louis Cardinals last month confirmed they are revamping and constructing a new village complex right in St. Louis. This week, the team published two new renderings of what the $220 million second phase of Ballpark Village is likely to look like. The “official phase two plans” call for construction of a 29-story, 230-foot-tall luxury high-rise apartment tower, as well as what officials said will be the “Class A” building – the first new one built downtown since 1989. The construction project, therefore, is momentously historic and exciting for all St. Louis residents.

One of the renderings released this week shows an aerial view of the site that includes a generic mock-up of what to expect from a third possible renderings release. The other rendering available at this time showed the complex will include a rooftop pool on one of the buildings.

Construction is set to begin in the second half of 2016, with some areas that will be available for public use as soon as 2018. The entire second phase addition is slated to be completed by 2019, reported officials.

Previous hints of what a third phase rendering could look like includes three rectangular parcels to the north of the current plans. Cardinals President Bill DeWitt III previously reported to the Business Journal that those blocks could be anything, but are set up strategically to lay the foundation for an office or something residential. “My dream would be a big company to come in and build a campus on three blocks and add some retail and add to the streetscape,” said DeWitt.

At the end of November, a St. Louis aldermanic committee advanced $65 million in subsidies for the project. The subsidies include allotments from tax increments, a community improvement district, and a transportation development district. The Ballpark Village bonds will expire in 2037.

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Contributing editor: Alexandra R. Fasulo

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Picture courtesy of St. Louis Ballpark Village

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Copyright 2016 K Amant, LLC d.b.a. STL.Properties and STLRealEstate.News.  All rights reserved.  This material may not be published, broadcast, rewritten or redistributed.

Wisconsin real estate firm buys St. Louis office complex

Wisconsin real estate firm

St. Louis, MO/December 5, 2016 (STLRealEstate.News) An up-and-coming full-service Wisconsin real estate firm has its eyes on real estate available in the greater St. Louis metro region.  Sara Investment Real Estate, a multi-faceted Midwestern real estate firm, this past week official acquired three West County office buildings in hopes to expand their reach on major metropolises in the central United States corridor.  The acquisition officially happened this past Wednesday, though terms of the deal were not disclosed at this time.

The properties, located in a complex that embodies 1610, 1630, and 1650 off of Des Peres Road, have a combined appraised value of $24.5 million, according to the St. Louis County records.

Corporate Hill Associates, a business entity tied to Anthony Sansone Jr., co-founder, chairman and CEO of a local real estate investment firm Sangita Capital Partners, sold the closing transaction.  TJ Redmond, a vice president of locally based CBRE, represented Corporate Hill Associates in the official closure.

The three buildings have a whopping 300,000-square-feet of Class A office space between them, are 68 percent occupied with tenants.  Current residents of the buildings include Charter Communications, Bethesda Health Group, KPFF Consulting Engineers, and Gallagher Bassett.

This isn’t the first acquisition by Sara in the great St. Louis region.  The real estate company is now on its fourth transaction, after having acquired the Chesterfield Exchange Building in Chesterfield Valley for about $15 million from the Danna brothers this past February.  In 2015, Sara acquired the Nortek Global HVAC building in Wing Haven, a property valued at $5 million, and a 50,000-square-foot industrial building at 1533 Larkin Williams Road, in the Fenton Industrial Park, for close to $5.3 million from TJC Partners.

The Wisconsin realty firm said they are planning for $15 to $20 million in acquisitions in the coming year.  The entity is led locally by CFO Luke Wolf, and is looking to keep expanding their operation.

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Contributing Editor: Alexandra R. Fasulo

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Copyright 2016 K Amant, LLC d.b.a. STLRealEstate.News. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Pfizer to consolidate St. Louis offices

Pfizer

St. Louis, MO/December 5, 2016 (STLRealEstate.News) Pfizer had a big announcement for the St. Louis metro region this past week.  The mega-corporation laid out their plans to research and develop a massive, four to five-story, 460,000-square-foot facility and parking structure on the northwest corner of Olive Boulevard and Chesterfield Parkway.  Pfizer confirmed that the plans are already being set in motion to the St. Louis Business Journal this past Tuesday.

The new structure will absorb the two different Pfizer facilities functioning around the Chesterfield region.  Pfizer will consolidate the Monsanto Chesterfield Village Research Center and at their location at the Missouri Research Park in St. Charles County in the new facility.  The facility will accommodate 625 employees and contractors, and is expected to cost more than $200 million.

Even more impressed, the pharmaceutical conglomerate is planning on centralizing their biotherapeutics and pharmaceutical science groups out of the new facility.  Much of the work conducted in the building will involve developing biologics and vaccines for clinical trials.

Local real estate agencies, Clayco and CRG, will be handling the development team and operation.  CRG, a subsidiary of Clayco, will work alongside the real estate business for the oversight of the new building construction.  Pfizer is planning to lease the building, once it is completed, which is expected to happen at the beginning of 2020.

Pfizer, through their operation expansion, is expected to create hundreds of jobs for locals.  The state of Missouri is rewarding them with $5 million through the Missouri Works program and $800,000 through the Missouri Works Training program based on job creation goals.  Pfizer is still in talks with the city of St. Louis for landing additional subsidies for their pledge to spur the creation of jobs and accelerate the job growth rate in the city.  Sources report Pfizer will at least receive some sort of real estate tax abatement in the process.

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Contributing Editor: Alexandra R. Fasulo

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Picture courtesy of Missouri Business Alert

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Copyright 2016 K Amant, LLC d.b.a. STLRealEstate.News. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

St. Louis factory building to become loft high-rise

St. Louis factory building

St. Louis, MO: (STLRealEstate.News) A 100-year old St. Louis factory that once housed roaring printing machines in a dusky environment may now play home to eye-catching, lofty, high-rise apartments soon.  The Woodward & Tiernan Printing Co. building at 1519 Tower Grove Avenue this week announced conversion as housing is planning for the once bustling factory site.  Pier Property Group, a brand new St. Louis-based real estate company, announced they are in hopes to complete the purchase of the 250,000-square-foot building in March to begin the total renovation into 160 loft-style apartments.

The first units could be available for residents as early as late spring 2018.

Pier’s founder, Michael Hamburg, stated that the $30 million to $35 million project in total would be titled Woodward Lofts.  The project, he says, would help connect the rapidly growing Grove neighborhood to the north and areas to south, which include the likes of Botanical Heights and the Shaw neighborhood.  As Hamburg puts it, the project would “be an infill anchor between all those areas.”

A local St. Louis architectural firm, Trivers Associates, states that the early 20th century daylight factory design incorporated in the location will translate perfectly into designed Woodward Lofts’ modern apartments.  The daylight design also calls for heavy factory rehab, reinforced concrete floors, and columns permits to alter the huge window and clerestories that admit daylight deep into the building’s interior.

Rewind 100 years ago, Ford’s gigantic Model T that factory opened in 1910 in Highland Park, Michigan, epitomized the open daylight design, which quickly spread to all other industrial areas of the time.  The building at 1519 Tower Grove Avenue was no exception, and the central daylight inclusion design will make for incredibly beautiful and naturally lit high-rise apartments. Klipstein & Rathmann, a prominent St. Louis architectural firm, will design the total building conversion.

Contributing Editor: Alexandra R. Fasulo

TD Ameritrade to acquire Scottrade

Scottrade

St. Louis, MO: (STLRealEstate.News) The St. Louis Business Journal this week reported a deal was imminent between TD Ameritrade and St. Louis-based discount brokerage Scottrade. Scottrade this week announced they have agreed to be acquired by rival TD Ameritrade in a cash and stock deal valued at $4 billion. Omaha, Nebraska-based TD Ameritrade Holding Corp. and the privately held Scottrade Financial Services Inc. announced they deal last week.

In what is expected to be an official two-step transaction, TD Bank Group will buy Scottrade Financial’s banking unit, for $1.3 billion in cash and merge it into TD Bank NA, which is actually a subsidiary of the Toronto-Dominion Bank. Once that first step is completed, TD Ameritrade will buy Scottrade Financial Services for $2.7 billion. The $2.7 billion will be broken down into $1 billion in new common equity issued to Scottrade shareholders and $1.7 billion in cash.

Once the deal closes, Scottrade founder and CEO Rodger Riney, who owns the business with his whole family, will join TD Ameritrade’s board. Riney is currently undergoing treatment for multiple myeloma, a form of blood cancer.

Bloomberg announced that Riney’s 75 percent share in Scottrade is valued at close to $2.2 billion currently. The transactions, which have been approved by the boards of TD Ameritrade, TD Bank Group, and Scottrade, are expected to officially close by September 30, 2017. The Scottrade name will be phased out of the operation in the mean time, until it is fully absorbed into the TD Ameritrade structure.

TD Ameritrade is excited about their deal, and expects close to $450 million in combined annual expense synergies and over $300 million “in additional longer-term opportunities.” Most of the $450 million in expense cuts will come from cuts in headcount.

The company plans to keep Scottrade’s significant presence in St. Louis, with between 500 and 1,000 jobs currently planned for the region.

Contributing Editor: Alexandra R. Fasulo

Picture courtesy of www.scottradecenter.com

FORMER PRINTPACK PLANT TO BE TURNED INTO MANUFACTURING SITE

printpack plant

ST. LOUIS, MO: (STLRealEstate.News) Two investors recently eyed the site of a former Printpack plant and are discussing plans to redevelop the location into something more usable and profitable.  The former Printpack plant in Hazelwood was officially acquired by a joint venture of two New York-based investment firms this week for an undisclosed amount.  The two firms, the Tiger Capital Group and the New Mill Capital Holdings, stated they officially bought the plant at 310 James S. McDonnell Blvd.  The two buyers are collaborating and exploring options for redeveloping the 30-acre site into a new manufacturing or distribution location.

Printpack, an Atlanta-based manufacturer of flexible and specialty rigid packaging, was forced to close their Hazelwood facility earlier this year, laying off 115 workers in the process.  Printpack was the official owner of the building, which was appraised in 2015 to be worth $7.5 million, according to St. Louis County real estate records.  It is a 260,000-square-foot plan that was built in 1961 and professional expanded later in 1975.

The two developers felt that the abandoned building, already designed for manufacturing and distribution, presents a prime redevelopment opportunity.  Their teams plan to work closely with the City of Hazelwood to help identify prospects for the prime site.

The opportunity has come at a time when the St. Louis industrial market is experiencing record highs in absorption an construction, in addition to record lows in vacancy thanks to its strategic central U.S. location and the abundance of transportation hubs and networks.

Tom Murray, Principal at New Mill Capital, said in a state that an attractive municipal incentive package is available for employers at the specific site.  The two developers plan to auction of machinery and equipment left onsite in the first quarter of 2017.  In the mean time, they are busy seeking prospective tenants and feeling out the overall interest in the prime manufacturing location.

Contributing Editor: Alexandra R. Fasulo

MASSIVE SHOPPING CENTER COMING TO METRO ST LOUIS

massive shopping center

ST. LOUIS, MO: (STLRealEstate.News) Massive Shopping Center – The largest retail project in Metro St. Louis since 2008 has officially been announced. GBT Realty Corp., a full-service, investment and construction agency keen on developing and completing retail market projects in upcoming bustling metropolitans, just completed the acquisition of a 28-acre site in the St. Peters, Missouri region. The site will pave way for the construction of the 270,000-square foot The Shoppes at Mid Rivers, which has become the largest retail development to sprout up in Metro St. Louis in almost 10 years. Needless to say, local residents and suburban residents alike are incredibly excited for the expanded shopping opportunities.

The Shoppes is going to cost close to $54 million to complete, and is receiving an incredibly warm and open welcome by St. Louis residents. The host city of St. Peters provided GBT with a bundle of incentives that were valued as much as $10 million, and a series of national retailers have staked a claim to space at the three-anchor power center in advance to the start of construction. The roster list is already available for viewing, and shows businesses like Academy Sports + Outdoor Burlington, Rose Dress for Less, Marshalls, Home Goods, Ultra Beauty, and the list goes on. The claimed retailers are leaving just 30,000 square feet and four outparcels to be snapped up once the project is complete.

Are the developers convinced they’ll bring in shoppers? The Shoppes will be located immediately north of Interstate 70 and facing the only regional mall in the county. It will have unparalleled frontage, access and visibility, plus over 138,000 cars that pass the site on a daily basis. The property is positioned in the “middle of it all” just at the mouth of St. Charles County’s leading retail corridor.

The overall St. Louis retail market continues to show signs of improvements, and The Shoppes is ready to capitalize from it.

Contributing Editor: Alexandra R. Fasulo

DOWNTOWN ST LOUIS OFFICE MARKET STILL LOOKING WEAK

Downtown St Louis Office

ST. LOUIS, MO: (STLRealEstate.News) Downtown St Louis Office Market – The “construction drought” as residents of St. Louis will call it is finally coming to end, reports sources. The downtown office market is still looking weak, but experts predict St. Louis is finally at the end of an almost 3-decade long construction drought after unprecedented building projects went up in the 1980’s with little consideration for likely occupants.

In 1989, the opening of the Metropolitan Square was both a feat and haunting failure for downtown St. Louis. The 42-story office building added remarkable height and depth to the mediocre skyline, but it came to represent an empty space St. Louis just couldn’t manage to fill. The 950,000 square feet took years and years to fill, mostly luring tenants form nearby buildings. The experience left downtown with an overhang of vacant space that has suppressed interest in construction for over 27 years.

In the past 3 weeks, two developers have announced they have a plan for breaking the long drought. Koman Group wants to build Cupples X just west of Busch Stadium, and already has a tenant that intends to fill much of the 100,000 square feet of the proposed building. Shortly thereafter that announcement, the Cardinals and Cordish Cos. Showed plans for an office building of about 10 stories in Ballpark Village. Coincidence? Or is downtown St. Louis about to be back on track in the construction department?

Downtown residents are incredibly excited about the flurry of activity, but pundits warn the market might not be ready yet to absorb the new spaces. Conventional metrics show that Clayton and other St. Louis regions are not ready to support major construction for office buildings again, with lagging rental times and low prices. Others disagree, and argue the market may be stronger than it looks. Time will most certainly tell for downtown St. Louis.

Contributing Editor: Alexandra R. Fasulo

MAJOR LEAGUE SOCCER STADIUM IN TALKS FOR ST LOUIS

soccer stadium

ST. LOUIS, MO: (STLRealEstate.News) An MLS soccer team may soon be calling St. Louis home.  Talks for the construction of a multi-million dollar soccer stadium are underway for the Midwestern metropolis, and soccer fans in and around St. Louis are rejoicing.  Plans for the 22,5000-seat stadium, which would likely cost between $135 million and $150 million, were unveiled this past week.

A group led by Dan Cordes, a retired Express Scripts executive, proudly flashed their soccer plans this past Tuesday for building a Major League Soccer stadium on a 13-acre site.  The location, currently owned by Saint Louis University at the northwest corner of the Grand Boulevard and Chouteau Avenue intersection, would be perfect for an enormous and naturally lit stadium.  The project, according to Cordes, would be mostly privately funded, though his group would seek public assistance through proposed tax increment financing.  Foundry St. Louis and the University would split ownership over the property.  The stadium would doubly function as home for SLU’s men’s and women’s soccer teams, a major league women’s soccer team, and other various community events.

Cordes stated that they plan to submit their comprehensive finalized plans to the MLS by early November, when the league’s owners are expected to congregate and discuss potential expansion plans for the industry.  Recommendations will be laid out for which cities could be awarded MLS teams, and may be announced as soon as early December.

This Foundry plan indicates that St. Louis is likely to have two competing stadium proposals submitted to the MLS officials at the same time – the second proposal coming from the Peacock group.  If either team is selected as the winner, they will be required to pay an expansion fee, which could come in as high as $100 million or $200 million.

Cordes stadium designs submitted were designed and completed by Cannon Design.

Contributing Editor: Alexandra R. Fasulo