Plaza Square Building

Renovations and new residential construction in downtown St. Louis, Washington Avenue, the Old Post Office, etc.
http://tinyurl.com/oetzvc



The building entrance says "Plaza Square Building." Offices/Storage for the Plaza Square Apartments?



Anyway, this building looks much older than the Plaza Square Apartments themselves. Anybody know what the handsome Plaza Square Building was originally? It takes up a whole city block. I also see underground parking and a for lease sign.



The brick, 7-story Building across Olive Street from this one (1702 Olive maybe? Hard to read the number on the door from Street View), is that part of the Plaza Square complex also?



I don't know much about this area. There seem to be quite a few beautiful buildings in this area, some for sale (like this curious building, and the one next to it http://tinyurl.com/opcrkk ). It looks like a church or something, with possible bricked in windows on the exposed side.



Thanks.

This Plaza Square is distinct from the other Plaza Square. We have a thread for the building floating somewhere in the downtown sections.

MattnSTL wrote:
We have a thread for the building floating somewhere in the downtown sections.


Here's the Plaza Square thread:



http://www.urbanstl.com/viewtopic.php?t=4443 :wink:

I did a blog post on it a while back: Link

DeBaliviere wrote:
I did a blog post on it a while back: Link


Oops! I had the Plaza Square Apts. mixed up with the Plaza Square Building when I posted the link above.



The Plaza Square Building is an awesome beautiful building. The Plaza Square Apts. are hideous.



If they ever turn the Plaza Square Building into luxurious lofts, then they should change the name so that they won't be confused with the dumpy Plaza Square Apts.

the other thread is closed so here it is...





Thursday, July 9, 2009, 4:06pm CDT

Plaza Square Apartments face July 28 foreclosure

St. Louis Business Journal





Plaza Square Apartments, the largest apartment complex in downtown St. Louis, faces a July 28 foreclosure.

That follows a June 22 order from U.S. Bankruptcy Judge Charles Rendlen lifting an automatic stay against the action, which had been in force since October 2007.

Plaza Square’s owners — Urban Developers LLC, a partnership led by Shahid Shaikh — filed for bankruptcy then, a day before its lender, Natixis Real Estate Capital Inc., was set to foreclose on the property.







http://stlouis.bizjournals.com/stlouis/stories/2009/07/06/daily62.html

I just unlocked the other thread since there is actual news, so you may post it there if you want.

You must have known something. Here is the news



http://stlouis.bizjournals.com/stlouis/ ... 1247457600

What'll Red Dragon do?

Framer wrote:
What'll Red Dragon do?




*HOPEFULLY* start posting again.

Framer wrote:
What'll Red Dragon do?


Or rather, what would Brian Boitano do?



http://www.youtube.com/watch?v=pB-oiuPDnco
Plaza Square sells for $5 million at foreclosure



The lightly occupied Plaza Square apartment complex in downtown St. Louis fetched only $5 million Tuesday at a foreclosure sale prompted by the owner's failure to repay a $25 million loan.



Natixis Real Estate Capital Inc., which had lent Urban Developers LLC $25 million to buy five of the complex's six buildings in 2004, outbid two real estate management firms. The other bids were for $1 million and $1.2 million.



The foreclosure could lead to the complex's sale to another developer.

^ Good to see that they may land in the hands of a redeveloper. Sadly, these are really the only group of mid-century residential towers in the city (yeah, I have a 'thing' for them). We have have Mansion House I guess. Anyway, I recently came across a program in Toronto (home to 1,000+ residential towers) to rehabbed/green/revitalize their towers. I wish we could do the same here, but what more could be done to entice a developer than sell the towers for a scant $1M apiece. Well, here's the blog post on Toronto: http://www.stlurbanworkshop.com/2009/07/toronto-celebrates-mid-century-high.html

Mills is going to manage the complex and is planning new roofs, elevators, etc.

Grover wrote:
Sadly, these are really the only group of mid-century residential towers in the city (yeah, I have a 'thing' for them).




There's a nice grouping around Grand and Forest Park Blvd. Other than the two Council House towers, I think SLU controls all of them (I really like the often overlooked twin-towers on the north side of FP Blvd.). I dread the day when SLU decides to tear them down and replace them with some suburban-looking dorms.
Info on the Plaza Square buildings.

ST. LOUIS • Leaky roofs and balky elevators plagued Plaza Square apartments when Bruce Mills took over management late last summer.

He and others at his Clayton-based Mills Properties Inc. inspected the five-building, 911-unit complex to see what else needed fixing. The problems were even worse than expected, Mills acknowledged.

For starters, Plaza Square's books were in such disarray that his company was unable to get an accurate count of renters.

"We had to ask over 100 people who were living there to move because they weren't paying rent," he said.

http://www.stltoday.com/business/articl ... 60c50.html
It would take a lot to make them nice inside. Those dead interior hallways and stars don't breathe. They spray for bugs once, and you breathe the poision for six months. I lived there for a year. The management was pretty bad. I didn't have heat in the winter. I didn't need it, but I recognize that it should be a standard feature. The air conditioners stuck through the wall are pretty low-tech too. Before I moved in, they had done one of those wash u apartment style paint jobs, you know where the cabinets are painted shut and the windows and mirrors have to be scraped clean of white paint. Why does 'affordable housing' have to be equal to horrible housing? Hopefully the upgrades will make a big difference.
I find it hard to believe that they can fix those messes up for $2mil a bldg.
Step in the right direction....
What is going on with this group of buildings? From my viewpoint they are looking shabby as ever and the people hanging around these building are shady. Has Mills began putting the necessary improvements into these buildings?
It looks like the exterior of one of the south towers is being refurbished as the original orange paint is being exposed down the outside panels of the building...When originally built, each tower had a different color...

Security could step up and keep people from loitering on private property...but homeless hanging out in dead spots are apart of every single American city...Saint Louis is no different...
I understand there will be homeless loitering in certain spots however that does not excuse an entity from keeping up with maintenance and security on their places. If they are on Mills properties they should be asked to leave or the investment in these building will be lost and the nearby building will never reach their potential. I also wonder what kind of background checks are being done on their tenants. Mills has a good reputation and I am disappointment in their lack of vision in this project.
Wow...let me know the basis of your statements re tenants...I'm giving a call to Mills myself re security patrols of the vacant towers...
The City issued occupancy permits for the first batch of renovated apartments in CityView Plaza Square Building 40... (60 permits for the top 4 floors) . Building 40 is the one on the corner of Olive and 15th (the most NE one) and I believe was the vacant building that Capstone was thinking of possibly buying from Mills for more senior units like it did for Building 50 but it looks like Mills decided to keep it, which I take is a good sign of confidence in the overall project.

I believe Building 30, the most SE one, also is undergoing a renovation. Hopefully leasing is going well and the overall complex is turning the corner. Anyone got insight?
BJ is reporting that the Mills have raised 6.5million from investors for this project. They are reporting that the 3 buildings which Mills is managing are +90% leased.