Tag - st. louis

Susan Finney joins Avison Young in St. Louis

Susan Finney joins Avison Young in St. Louis

Highly regarded office leasing specialist will help expand the firm’s footprint across the region

ST. LOUIS/ Oct. 16, 2017 (StlRealEstate.News) – Tim Convy, Principal of St. Louis Operations and Managing Director – Brokerage, Avison Young, announced today the strategic hiring of highly regarded office leasing specialist, Susan Finney.

 Effective immediately, Finney becomes a Principal of St. Louis Operations. In this role, she will continue to focus on landlord and tenant representation while expanding Avison Young’s footprint in the St. Louis metropolitan area. Finney will also coordinate the recruitment of the next generation of office leasing specialists in the local marketplace.

“We’re delighted to have Susan come on board,” comments Convy. “Susan’s skill at integrating all aspects of portfolio management, including lease negotiation, tenant retention, marketing and budget forecasting, will be invaluable as we grow our office sales and leasing services in St. Louis. Through her specialized knowledge, she offers clients the key advantage of streamlining the real estate process as it intersects with property management, architectural services and construction management.”

Convy continues: “Landlords, tenants, developers, investors and asset managers alike will benefit from Susan’s strong negotiating skills, thorough closing methods and ability to develop creative real estate solutions. She is a standout in the industry and will be a vital asset to our firm.”

Finney brings more than 30 years of commercial real estate experience to Avison Young. During her career, she has negotiated office leasing transactions spanning more than 10 million square feet on behalf of tenants and landlords. Her clients have included ASB Capital, Credit Suisse, Olymbec, BGK, Mastercard, Centene, GBA Architects/Engineers, The Crossing Church, American Cancer Society, University of Phoenix, Ascension Health, and Rabo AgriFinance.

During her 15 years with The Siteman Organization, a major developer, Finney served as Vice- President and was responsible for managing all aspects of a seven-building, 200-tenant office portfolio in the Clayton business district. Following her tenure with Siteman, she joined Insignia/ESG and, later, Colliers International, where she oversaw leasing and marketing for a wide range of suburban office portfolios for large national investors.

Finney is active in the industry as a member of Connecting and Promoting Women and Commercial Real Estate Women (CREW). In the community, she is a volunteer with Junior Achievement, Springboard to Learning, and Gateway to Dreams. She holds a Bachelor of Arts degree from DePauw University in Indiana.

“I’m excited to be part of the firm’s collaborative culture and ongoing aggressive global expansion program,” says Finney. “By experiencing all aspects of this industry from the inside out, I am fortunate to have a unique set of skills and rare perspective that give me the advantage while serving my clients. Consequently, over the years, I have been privileged to develop many long-term relationships – and quality friendships – in the business community. These relationships will be strengthened through Avison Young’s client-centric approach to every transaction.”

Over the past nine years, Avison Young has grown from 11 to 80 offices and from 300 to more than 2,600 real estate professionals in Canada, the U.S., Mexico and Europe.

Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,600 real estate professionals in 80 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.

SOURCE: Avison Young Commercial Real Estate (BC)

Loews Hotels & Co Announce First St. Louis Property Hotel Will Be Part Of Ballpark Village’s $260 Million Expansion

Loews Hotels & Co Announce First St. Louis Property Hotel Will Be Part Of Ballpark Village's $260 Million Expansion

ST. LOUIS/ Oct. 4, 2017 (StlRealEstate.News) — Loews Hotels & Co, a wholly owned subsidiary of Loews Corporation (NYSE: L), announced today plans to build its first ever St. Louis hotel, which will be part of Ballpark Village’s $260 million expansion project.  Ballpark Village, developed by the St. Louis Cardinals and The Cordish Companies, is a mixed-use dining and entertainment district adjacent to Busch Stadium.  The hotel will debut as Live! by Loews – St. Louis, MO, a partnership between Loews Hotels & Co., The Cordish Companies and the St. Louis Cardinals.

The Live! by Loews hotel concept was developed jointly by two of the most prominent and respected names in hospitality and entertainment: Loews Hotels & Co and The Cordish Companies.  Loews Hotels & Co has been a leader in the hotel industry for more than sixty years, offering distinctive experiences to its guests, for business, group, leisure and family travelers. The Cordish Companies’ Live! brand has set a new national standard in dining, hospitality and entertainment destinations, welcoming over 50 million visitors annually to its entertainment districts.

“Expanding the Live! by Loews name in St. Louis, with partners like The Cordish Companies,  the DeWitt  family and the St. Louis Cardinals, allows Loews the opportunity to add a unique and immersive hotel into our portfolio  ,” said Jonathan M. Tisch, Chairman & CEO, Loews Hotels & Co.  “Cardinals fans are some of the most loyal and best in Major League Baseball, and we look forward to having a hotel in the epicenter of the already successful Ballpark Village.”

The $65 million hotel will bring an upscale hospitality experience to downtown St. Louis. Located directly across from Busch Stadium at the intersection of Clark and 8th Streets, Live! by Loews – St. Louis, MO will be a celebration of the rich history of St. Louis, a spectacular destination for sports fans, families, and visitors, as well as a premier location for meetings and special events.  The 8-story hotel tower is part of a dynamic plan to complete a full build-out of Clark Street, transforming it into one of the most unique city streets in all of professional sports.

“We are thrilled to partner with Loews Hotels & Co. on their first St. Louis hotel,” stated Bill DeWitt III, President of the St. Louis Cardinals. “Live! by Loews – St. Louis, MO will be an incredible anchor for Ballpark Village and a tremendous step forward in fulfilling our vision of creating a world-class mixed-use destination next to Busch Stadium.”

Designed by internationally-acclaimed HKS Architects Hospitality Studio, the exterior architecture and interior design will be influenced by local St. Louis character, including inspiration used for Busch Stadium. Live! by Loews – St. Louis, MO will feature:

*216 luxury guestrooms, including 19 suites
*17,000 square feet of meeting and special event space that boasts incredible views of Busch Stadium, downtown St. *Louis and the Gateway Arch. Located on the hotel’s second level, these spaces include:
*A Grand Ballroom that flows out to an outdoor amenity deck
*An Executive Board Room
*Several break out meeting rooms
*An expansive, exclusive outdoor event terrace

*Great Room Lounge and Outdoor Terrace: A sophisticated central gathering place that offers both indoor and outdoor guest experiences. Located on the first level, the Great Room lounge area and outdoor terrace will provide guests the opportunity to enjoy premier food and beverage offerings, private dining options, and an impressive digital AV experience that showcases sports, entertainment and art.
*Fitness facility,  lobby and porte-cochere entrance with 24-hour valet services

“Loews Hotels & Co is one of the most respected names in hospitality,” stated Blake Cordish, Vice President of The Cordish Companies. “We are extremely excited to welcome Loews to Ballpark Village and are thrilled to be growing Live! by Loews to another iconic sports anchored destination.”

Live! by Loews – St. Louis, MO will become the second hotel to carry the Live! by Loews name. The first announced location, Live! by Loews – Arlington, TX, will open in the heart of the Arlington Entertainment District between the Texas Rangers’ Globe Life Park and the Dallas Cowboys’ AT&T Stadium. Live! by Loews – Arlington, TX will anchor the $250 million world-class Texas Live! dining, entertainment and hospitality destination being developed in partnership between The Cordish Companies, the Texas Rangers and the City of Arlington.

Over the past three years, Loews Hotels & Co has expanded its Midwest presence, with the additions of Loews Chicago, Loews Chicago O’Hare and Loews Minneapolis. Earlier this year Loews announced the 800-room, Loews Kansas City Convention Center Hotel, which will open in early 2020.

“We’re excited to welcome Loews Hotels & Co to St. Louis,” stated Mayor Lyda Krewson, City of St. Louis, MO. “Whether you’re taking in a Cardinals game, here on business, or touring the city, we’re confident the hospitality at Live! by Loews will provide visitors a great stay and be a wonderful addition to Ballpark Village.”

The 550,000 square foot second phase of Ballpark Village being developed in partnership between the St. Louis Cardinals and The Cordish Companies will feature a 29-story luxury high-rise apartment tower, the first Class-A office building built in downtown St. Louis in nearly thirty years, an upscale, full-service Live! by Loews convention hotel, as well as additional retail and entertainment. Just as the first phase of Ballpark Village created more than 1,000 construction jobs and 1,700 permanent new jobs when it opened, the second phase of Ballpark Village stands to create 1,500 construction jobs and more than 1,000 permanent new jobs. Plans call for construction to get underway by the end of this year.

About Loews Hotels & Co.
Established 1960

Headquartered in New York City, Loews Hotels & Co is a hospitality company rooted in deep heritage in the hotel industry and excellence in service. The hospitality group encompasses branded independent Loews Hotels, and a solid mix of partner-brand hotels. Loews Hotels & Co. owns and/or operates 24 hotels and resorts across the U.S. and Canada, including Bisha Hotel & Residences, Toronto’s newest luxury hotel and the Loews Sapphire Falls Resort at Universal Orlando, the fifth hotel in partnership with Comcast NBC Universal. Located in major city centers and resort destinations from coast to coast, the Loews Hotels portfolio features properties grounded in family heritage and dedicated delivering unscripted guest moments all with a handcrafted approach. For reservations or more information about Loews Hotels, call 1-800-23-LOEWS or visit: www.loewshotels.com.

About The St. Louis Cardinals

The St. Louis Cardinals are one of the most storied franchises in all of baseball.  Since joining the National League in 1892, the Cardinals have won more than 9,800 games, finished in first place 25 times winning 3 National League Eastern Division Titles, 10 National League Central Division Titles, 19 National League Pennants and 11 World Series Championships.  There are 48 former Cardinals players, managers and executives enshrined in the National Baseball Hall of Fame in Cooperstown, New York.  #STLCards

About The Cordish Companies

The Cordish Companies’ origins date back to 1910 and encompass four generations of privately-held, family ownership. During the past ten decades, The Cordish Companies has grown into a global leader in Real Estate Development, Gaming & Hospitality, Entertainment Management and International Urban Planning & Development. One of the largest and most respected developers in the world, The Cordish Companies has been awarded an unprecedented seven Urban Land Institute Awards for Excellence for public-private developments that are of unique significance to the cities in which they are located. Prime examples are The Cordish Companies’ prominent role in the redevelopment of Baltimore’s world famous Inner Harbor; Philadelphia, PA; Atlantic City, NJ; Charleston, SC; Houston, TX; Louisville, KY; Kansas City, MO and St. Louis, MO. In addition, The Cordish Companies has developed and operates multiple highly acclaimed entertainment destinations throughout the United States which welcome over 50 million visitors per year and are the most visited destinations in their respective regions. Over the generations, The Cordish Companies has remained true to the family’s core values of quality, entrepreneurial spirit, long-term personal relationships and integrity. As a testimony to the long-term vision of its family leadership, The Cordish Companies still owns and manages virtually every business it has created. For more information visit www.cordish.com or follow us on Twitter (@cordishco).

“The Cordish Companies,” “The Cordish Company” and “Cordish” are trademarks used under license by independent corporations, legal liability companies and partnerships (“Cordish Entities”). Each Cordish Entity is a separate, single-purpose legal entity that is solely responsible for its obligations and liabilities. No common operations or financial interdependency, and no intermingling of assets or liabilities of the Cordish Entities exists, or should be deemed to exist, as a result of the potential common reference to multiple independent entities operating under the names “Cordish,” “The Cordish Companies” or “The Cordish Company” here or elsewhere.

SOURCE: Loews Hotels

DoorDash Expands Service In St. Louis, Offering Door-To-Door Delivery From Top Local Restaurants

DoorDash Expands Service In St. Louis, Offering Door-To-Door Delivery From Top Local Restaurants

SAN FRANCISCO/ Oct. 4, 2017 (StlRealEstate.News) — DoorDash — the technology company connecting customers with the best local businesses through door-to-door delivery — today announced service to St. Louis, Missouri, including the neighborhoods of Creve Coeur, Clayton, Chesterfield, and Maryland Heights. This announcement marks DoorDash’s expansion into 48 major metropolitan markets across the U.S. and Canada.

 At launch, delivery through DoorDash is available from more than 500 restaurants in the area. Delivery fees start at $0.99 and customers can order between 10:30am and 10:30pm local time from a vast selection of local favorites. DoorDash’s national partnerships with restaurants like California Pizza Kitchen, The Cheesecake Factory, and P.F. Chang’s will also extend into the St. Louis market.

To celebrate, DoorDash is offering free delivery for new customers on their first order (automatically applied at checkout), as well as $5 off orders of $15 or more with the code DASHSTL.

“We’re looking forward to expanding our service to St. Louis and continue to build our relationships with local and national partners,” said DoorDash CEO Tony Xu. “This expansion will bring fast and easy restaurant delivery from the area’s most popular restaurants straight to customers’ doors.”

To search DoorDash for local favorites or to discover your next go-to, visit doordash.com or download DoorDash for Android or iOS.

About DoorDash
DoorDash is a technology company that connects customers with their favorite local and national businesses in more than 600 cities across the United States and Canada. DoorDash empowers merchants to grow their businesses by offering on-demand delivery, data-driven insights, and better in-store efficiency, providing delightful experiences from door to door. By building the last mile delivery infrastructure for local cities, DoorDash is bringing communities closer, one doorstep at a time. Read more on the DoorDash blog or at www.doordash.com.

SOURCE: DoorDash

Kaeli Kimes Promoted to Development Manager of Gardner Capital’s Midwest Region

Kaeli Kimes Promoted to Development Manager of Gardner Capital's Midwest Region

ST. LOUIS/ Oct. 2, 2017 (StlRealEstate.News)  — Gardner Capital promoted Kaeli Kimes to Development Manager, Midwest Region on Friday. Kaeli will oversee all development and due diligence for a portfolio of Gardner Capital’s housing developments in the Midwest. Kaeli was previously Senior Development Analyst with Gardner Capital’s Midwest development team for over two years, assisting in the completion of over 1,000 housing units.

“Kaeli has a nuanced understanding of real estate and the affordable housing industry, and she knows how to create and deliver successful projects. Her ability to find creative solutions to overcome project-specific challenges has been vital to Gardner Capital’s success in the Midwest. She is well-deserving of her new position, and we’re confident that her knowledge and leadership will result in continued success for her and the company,” said Michael Gardner, President of Gardner Capital.

Kimes graduated from the University of Missouri with a bachelor’s degree in Finance, Banking, and Real Estate in 2012. She is currently pursuing an MBA from Olin Business School at Washington University in St. Louis and expects to graduate in 2018.

About Gardner Capital

Gardner Capital is an affordable housing and solar development, tax credit syndication, and investment company with primary regional offices in St. Louis, Dallas, San Francisco, Atlanta, and Springfield, Missouri. Since 1992, Gardner Capital has placed more than 2 billion dollars of equity in affordable housing. More recently, Gardner Capital added a rapidly growing solar development and investment platform with several solar projects across the United States. The principals, Mark Gardner and Michael Gardner, are committed to improving the wellbeing of families by developing and raising capital for affordable housing and clean energy projects. Visit www.gardnercapital.com for more information.

SOURCE: Gardner Capital

Mississippi River mayors want investment in their cities’ infrastructure

Mississippi River mayors want investment in their cities’ infrastructure

ST. LOUIS, MO/October 1, 2017 (STLRealEstate.News) Leaders and elected officials from the Mississippi River communities want investment in their cities’ respected infrastructure, reported the St. Louis Public Radio this week.  But, they’ll need outside financial help to make it a reality, first.  Part of the Mississippi River Cities and Towns Initiative, the group held its annual meeting in St. Louis this past Wednesday.  Close to 30 mayors were there to talk about how their communities can survive natural disasters like hurricanes Harvey and Irma.  The mayors also looked at strategies for attracting private investments that will improve their city functionality, infrastructure, and overall layout.

St. Louis Mayor Lyda Krewson, a central figure in the meeting, said the river is a “major source of tourism” for the city.  Former Atlanta Mayor Andrew Young, who grew up on the Mississippi River, said he believed there are definitely options for funding infrastructure projects outside of state and federal budgets today.  “There’s $70 trillion on Wall Street and there’s probably another $75 trillion in offshore money that is made by American corporations, but they keep it offshore for various reasons,” he said.   “We found ways to start attracting that money back to Atlanta, and that’s what I hope we can do with the entire river.”

Members from East St. Louis are hoping that the river will attract infrastructure investments and thereby create jobs and attract additional investors to the community, Mayor Emeka Jackson-Hicks echoed.  “East St. Louis is a jewel, it’s a diamond.  For whatever reason we haven’t been able to capitalize off of that in past years,” she said.  “But today I think we’re positioning ourselves pretty well to be able to do that.”  Hicks is in talks with a barge company right now about offering tours and other kinds of excursions right on the river.  Stay tuned for more details.

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By Alexandra R. Fasulo – published on STLRealEstate.News by STL.Properties

Updates on Lambert privatization

Updates on Lambert privatization

ST. LOUIS, MO/October 1, 2017 (STLRealEstate.News) St. Louis is considering whether or not to privatize St. Louis Lambert International Airport today, and a few more details slipped to the press this week, covered by the St. Louis Public Radio.  The Missouri House Special Committee on Urban Issues held a hearing regarding privatization in Clayton this past Wednesday, and Linda Martinez, who is Mayor Lyda Krewson’s deputy mayor of development, as well as airport Director Rhonda Hamm-Niebruegge, took questions from the committee regarding plans for the future of the airport.

During the meeting, representative Dan Stacy, R-Blue Springs, asked the two whether a region authority would stay in place if the airport is indeed privatized.  Hamm-Niebruegge responded by saying that though there are 17-members currently in the commission from St. Louis, St. Louis County, St. Charles County, and St. Clair County, a private operate would be able to step in a replace all of it.  “If you’re talking about an operator coming that would look at a long-term lease, there wouldn’t be the anticipation that there would be regional authority.  That would be a different process,” she said.

The city is right now the early privatization process, which officials have confirmed could take 18-months or longer to complete.  A request for the proposal was recently released for an advisory team that would help seek private investors and bids operators who are interested in leasing the international airport.  The deadline for lease applications is October 20, 2017.

Following that first question, representative Clem Smith, D-Velda Village Hills, asked who would make the final decision on if the airport is to be privatized or not.  Martinez quickly informed her that it would be a collaborative and multi-faceted process including approval by airlines that represent 65% of passengers at Lambert, the St. Louis Board of Aldermen, the St. Louis Board of Estimate and Apportionment, and approval by the FAA.

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By Alexandra R. Fasulo – published on STLRealEstate.News by STL.Properties

St. Louis unemployment increases to 3.8 percent

St. Louis unemployment increases to 3.8 percent - STLRealEstate.News

ST. LOUIS, MO/October 1, 2017 (STLRealEstate.News) Don’t let the headline be misleading, though St. Louis unemployment is slightly up compared to the last few months, it’s still close to the lowest levels of this century.  This past August, St. Louis’ unemployment rate ticked higher, up to 3.8 percent from the rates of 3.6 and 3.7 percent earlier this year.  The metro area jobless rate, as seasonally adjusted by the Federal Reserve Bank of St. Louis, rose from 3.6 percent in July, which was the lowest rate in 17-years.   The St. Louis Post-Dispatch reported this.

The overall metro STL has been below the national unemployment rate, which was 4.4 percent in August, for the 28th consecutive month.  It’s an all-around healthy and desirable picture being painted in St. Louis right now.

Looking at year-over-year statistics, the number of metro-area residents counted as unemployed fell by 15,908, or 21 percent, between August of last year and August of this year.  The Bureau of Labor Statistics confirmed this finding in a report released this past Wednesday.  However, the metro area’s labor force continues to shrink.  That figure, which considered people who have a job or who are actively looking for one, fell by 17,266, or 1.2 percent, between August 2016 and August 2017.

The result is that St. Louis has a shrinking labor force, which makes it less than desirable to big companies looking to set up shop and grow one, two, or five years down the line.  The numbers come at a critical time when Amazon is looking for a second North American headquarters.  St. Louis applied to be one of them, but if Amazon runs all of the numbers they need to run, they will see that the available employees in St. Louis could decrease in the years to come.

These figures came from a BLS survey of households.

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By Alexandra R. Fasulo – published on STLRealEstate.News by STL.Properties

U.S. consumer spending barely up in St. Louis

U.S. consumer spending barely up in St. Louis

ST. LOUIS, MO/October 1, 2017 (STLRealEstate.News) U.S. consumer spending, in both St. Louis and the nation as a whole, barely rose during the month of August, with many attributing the purchasing uncertainty to the onslaught of tropical storms, hurricanes, and tornados in the U.S. Annual inflation increased at is slowest pace since late 2015, pointing to moderation in economic growth in the third quarter.

The Commerce Department, last Friday, weighed in and said that consumer spending, which accounts for more than two-thirds of U.S. economic activity, edged up 0.1 percent last month.  Experts say that unseasonably mild temperatures reduced demand for utilities.  That also followed an unrevised 0.3 percent increase during the moth of July.  The results from last month’s consumer spending aligned with what economist were predicting, when adjusted for inflation.  Consume spending slipped 0.1 percent in August, which was the first drop during the year of 2017.

This report, recorded by the St. Louis Post-Dispatch, was the latest suggestion that Harvey, together with Irma, would dent economic growth in the third quarter.  It was reported that the economy grew at a brisk 3.1 percent annualized rate in the second quarter, with consumers doing the heavy lifting moving forward.  Harvey specifically has undercut industrial production, homebuilding, and home sales in the greater Texas region.  Though far from St. Louis, the ripple effects were still felt in the Midwest with a reduction in manufacturing and shipment of industrial goods up north.

Further declines are also predicted during the month of September after Irma slammed Florida and offset product for over a week.  Economists have stated that the storms could slice off as much as six-tenths of a percent point from third-quarter GDP growth nationwide.  However, economists do predict that there will be a rebound during the fourth-quarter as communities rebuild and prepare for the holiday season.

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By Alexandra R. Fasulo – published on STLRealEstate.News by STL.Properties

St. Louis companies picked for fall accelerator class

St. Louis companies picked for fall accelerator class

ST. LOUIS, MO/October 1, 2017 (STLRealEstate.News) Fall is here, which means back-to-school classes and shopping is happening, new turnovers in companies are being overseen before the holiday season, and accelerator classes are taking place for shaping up the greater St. Louis region and economy.  This week, Capital Innovators, a business incubation and resources organization that works with fledging and developed business owners to help them realize their full potential, announced those accepted for its fall accelerator class.

In total, Capital Innovators chose six companies, in businesses ranging from boat rides to real estate and smart dog bowls, for this forthcoming accelerator class.  Each company picked will have $50,000 invested into the company with the founders being brought to St. Louis for an official 12-week mentoring program.  Since beginning its operation in 2011, Capital Innovators has invested in 83 companies.  Those firms have gone on to attract more than $295 million in outside funding.

For this fall class, Brian Dixon, a chief operating officer with Capital Innovators, told the St. Louis Post-Dispatch that the program received a record 470 applications, from more than 50 countries.  Though it’s not limited to St. Louis-only businesses, it’s incredibly effective to fly business leaders from around the world to St. Louis for 3-months, enabling them to observe the city and consider investing some of their own capital into the surrounding communities.

The firms selected included Anchor, a St. Louis start-up that provides an Uber-like app for arranging charters, fishing trips, and more; Clever Real Estate, full-service home listings based in St. Louis; Obe, a San Franciscan maker of Wifi-connected bowls that automatically records pet food and lets owners track eating habits; Penn Haven, a Boston software firm that helps private-equity firms; SmartScreen, a NY start-up that uses AI software to screen employees; and Tundely, an online marketplace from Prince Edward Island.

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By Alexandra R. Fasulo – published on STLRealEstate.News by STL.Properties

St. Louis should look past the Amazon bid

St. Louis should look past the Amazon bid

ST. LOUIS, MO/September 27, 2017 (STLRealEstate.News) Many guest columnists this week proclaimed that though the Amazon build-out selection would be an enormous victory for St. Louis; but they also feel that this city should still look to invest in itself without any outside help.  Mayor Lyda Krewson has no doubt put together a “very competitive” bid for why St. Louis should be the location of Amazon’s next major headquarters.  Pundits are weighing in, arguing that selecting St. Louis would be detrimental to working-class people, the St. Louis housing market and rising prices.

Those concerned with rising inequality are afraid an Amazon selection would out price homes, apartments, and local standards of living for those already struggling to cope with the rising real estate and property assessment values amid the increasingly popularity of St. Louis.  Residents are struggling to keep up with the limited supply that is driving up prices overnight.  These same people argue that an Amazon headquarters would attract an upper-class segment of individuals who would surely push out the long-time middle and low-class residents of the St. Louis region.

Big tech companies, too, have a bad track record in urban development.  Google has raised hackles and rents in San Francisco, which now has the highest cost of living in the entire country.  Amazon has already taken over Seattle, filling developers’ pockets while pushing low-income folks out of their homes through spiked housing rates.  Additionally, tech companies tend to employ 71 to 75 percent white people, further alienating a massive portion of the St. Louis population.

Local residents are arguing that STL should instead focus on investing in itself.  Public money needs to be invested into public services, like schools and other things that can improve upon the city’s workforce.  Additionally, move effort can be made to invest in local businesses and entrepreneurs, thereby uplifting the surrounding community and improving upon the city culture.

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By Alexandra R. Fasulo – published on STLRealEstate.News by STL.Properties