What to Look Forward to in 2019

By on January 8, 2019

From CityScene STL:  It is no doubt that 2018 was a time of great change for St. Louis. New buildings have sprouted up across the region while historic restorations either began or ended but 2019 is shaping up to be an even better year for St. Louis. While it remains hazy as to whether a ton of new projects will be announced in 2019, one thing is certain, that a majority of projects, in the “Proposed” section of the projects list, will begin in 2019 and usher in a building boom that will radically change our neighborhoods, city and region.

Now, we won’t be on the level of Nashville and Denver in terms of construction but we will see a ton of projects start that will make us feel on top of the world. I have rounded up a few of the more significant projects to start next year and I think we can all agree that these projects will propel us forward till the next development cycle in the 2020s.

Let’s start in the City of St. Louis.

City of St. Louis

I will start in Downtown and work my way to the Western City Limits. The North and South sides do have projects that will strengthen those areas but there are just so many good ones, I can’t list them!

Railway Exchange Building

The hulking structure, bounded by 6th, Locust, 7th and Olive, has sat vacant since T-REX moved out in 2014. Since then, Hudson Holdings, a Delray Beach Florida based company, has acquired the building and has envisioned a major redevelopment of the building. The past two years have been depressing for the building after a water main flooded it’s two basements and covered it in a sludge like substance while a sinkhole opened up on 6th Street and swallowed a car. But that’s not all what’s bad, the Business Journal reported that Hudson Holdings has 7 liens against them totaling up to $4.7 Million, one of the largest lumpsums is the $1.75 Million lien filed by CannonDesign as Hudson Holdings failed to pay for the work requested.

Despite all of these problems, Hudson Holdings still remains optimistic and may start the project in 2019. Currently, partial demolition is ongoing to assess the total cost of redevelopment, which is expected to be over $300 Million. Based on photos on the Business Journal’s website, the building appears to be in good shape with the basements cleared of sludge and water. Most of the work will come in the form of fitting out the building to become office space, retail space, apartments and a hotel. Refinancing plans are also on the table and while I don’t believe the whole Railway Exchange will be redeveloped at once, I do think that a “phased approach” would work well as it would offer wiggle room for the developers as the real estate market changes.

Read more.

 

About Dede Hance