$9.2 Billion in current construction in central STL corridor (St. Louis, Washington: leases, how much)

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Southcitygent posted this over on urbanstl, $8 billion in STL city and another $1.2 billion in Clayton:

By Greg Edwards – Reporter, St. Louis Business Journal

Sep 27, 2018, 2:52pm CDT Updated Sep 27, 2018, 3:10pm

You know all the woe-is-us news about St. Louis: crime, racial tension, dysfunctional governments, loss of corporate headquarters.

How about a big dose of good news?

“There is almost $8 billion in development going on in the core of St. Louis — right now — and few people know about it,” said John Dubinsky, chairman of Stifel Bank & Trust and founder and former chairman of the Cortex Innovation Community.

Consider these eye-openers: More than $7.9 billion in projects from the Arch to Washington University are recently completed or underway. They include more than $300 million at Washington U’s Danforth Campus, $500 million in Forest Park Southeast and the Central West End, $1 billion at Saint Louis University, and $1.3 billion at Cortex and the surrounding neighborhood.

Downtown projects include the $385 million Gateway Arch renovation, the $260 million Ballpark Village Phase II, and Union Station Aquarium and Jefferson Arms Building renovation, each a $100 million investment.

Then there’s the National Geospatial-Intelligence Agency in north St. Louis, estimated to be a $1.75 billion project, and likely to go higher. “It will be $2.5 billion before it’s all done,” Dubinsky said.

“In my career as an architect, I have never seen so much activity in a concentrated area,” said Steve Smith, who founded development company Lawrence Group 35 years ago. “What is going on today — $8 billion — will transform the face of St. Louis to the world.”

In the Midtown Cortex district, nine projects are recently completed or underway that total almost $400 million, including Lawrence Group’s $200 million City Foundry Phase 1, the $13 million MetroLink station and a $65 million tech office building at 4220 Duncan, where Microsoft recently opened an office. Announced leases in the 335,000-square-foot first phase of the Lawrence Group’s Foundry include a movie theater and rooftop outdoor screen, beer hall and beer garden, restaurants and offices.

Also in the Cortex district, construction has just begun on the $44 million rehab of the Crescent building, which is owned by Washington University and will house BioGenerator Labs and later-stage startups, and already it’s 85 percent leased. A $30 million Aloft Hotel is under construction, as well. In the surrounding neighborhood, private investment of $950 million has resulted in 34 projects in three years.

Also noteworthy, the $7.9 billion includes only projects of $10 million or more. There are many smaller projects as well.

The city of St. Louis issued $1.14 billion in building permits in the fiscal year ended June 30, almost double the year before, Mayor Lyda Krewson said. “I see construction dumpsters everywhere, and I love it,” she said. “These are $30,000, $50,0000, $100,000 projects all over the city. That means people have the confidence to invest.”

Dennis Lower, president and CEO of Cortex, said 379 companies and research centers have located in the Cortex district so far. “In 2010, we had 35, and we have focused on growing our own, not bringing them in,” he said. “That is validation that what we are doing is working.”

The projects near Saint Louis University include the new $550 million SSM Health SLU Hospital, $115 million invested in two dormitories, and a $50 million, 90,000-square-foot interdisciplinary science and engineering building. Also underway, redevelopment of 400 acres that will link SLU’s north campus, where most students live, with its south campus, where the medical and nursing schools are. “If what’s happening on campus and in the core of St. Louis attracts even 20 more students a year, that’s a win,” said SLU CFO David Heimburger.

In the Forest Park Southeast and Central West End neighborhoods, $294 million has been invested in 1,152 completed housing units, and 538 units are planned or underway at a cost of $200 million.

In the Grand Center district, the $65 million, 146-room Angad Arts Hotel developed by Lawrence Group opens Nov. 1, and the Kranzberg Arts Foundation is developing a $2 million literary center, with library, coffee shop and gallery and event spaces, scheduled to open in 2019.

“Putting this core together with the hospital systems, the universities, the Foundry, Cortex, it’s unfathomable,” said Ken Kranzberg, who with his wife, Nancy, founded the Kranzberg Arts Foundation and is a board member and former chairman of Grand Center. “Changing the core of St. Louis so it runs from the Arch to the park, to Washington University, to Clayton should be mind changing for St. Louisans, who should be telling everyone what a wonderful city they live in.”

The almost $8 billion in the core of St. Louis doesn’t include the $1.2 billion building boom going on in Clayton, including Centene Corp.’s new $770 million headquarters, a $95 million senior living facility called Clarendale of Clayton and a $43 million AC Hotel by Marriott. In addition, the ever-expanding Great Rivers Greenway of bike paths and parks ties many of these areas together.

[OyCrumbler]

That’s fantastic. Is this corridor also adding a lot of residential?

[FalstaffBlues]

Hey, you don’t say that!

[pdm_ad]

^ I figured this thread would bring out the troll(s).

Originally Posted by OyCrumbler

That’s fantastic. Is this corridor also adding a lot of residential?

How much is a lot?

Ballpark Village Phase II...1,152 completed housing units, and 538 units are planned or underway...Jefferson Arms

The Biz Journal article only points out a few examples but population loss/gain maps show that the central corridor is adding residents faster than any other part of the city.

[pdm_ad]

^^ Just to clarify, I wasn't referring to you FalstaffBlues. There had been an obvious troll post just after yours and it looks like the admins have since cleaned it up.

[PerseusVeil]

Originally Posted by pdm_ad

The Biz Journal article only points out a few examples but population loss/gain maps show that the central corridor is adding residents faster than any other part of the city.

How's south city fairing at this point?

[FalstaffBlues]

Originally Posted by pdm_ad

^^ Just to clarify, I wasn't referring to you FalstaffBlues. There had been an obvious troll post just after yours and it looks like the admins have since cleaned it up.

You're good. I was trolling. Not anyone on this board, but just the general civic negativity that permeates the StL region

[ColdAilment]

Is St Louis making a serious comeback? Would like to see it bounce back as Pittsburgh has.

[STL1980]

Yes, it really is. The development from the Central West End/ Forest Park all the way Downtown is booming. I think within a few years Downtown will truly connect to Midtown to CWE. So much potential for even more growth.

[MUTGR]

https://www.stltoday.com/business/lo...46485af0f.html

...there really is a lot of development going on. It certainly is good news.