Jefferson Arms Apartments - 415 North Tucker Blvd

Renovations and new residential construction in downtown St. Louis, Washington Avenue, the Old Post Office, etc.
First unread post321 posts
I don't see the lull in rental housing affecting STL too much, especially if we manage to find a growing population. A lot of cities overbuilt and will obviously see a bit of a hangover, but our construction of new rental units has been glacial compared to many peer cities. My guess is that STL is still in the beginning stages of our own rental boom.
First building permit issued! But its only for an estimated $1,000 interior demo job so don't get too excited!
I'm still very skeptical that this will happen. I read a few months ago that Congress was considering dropping the visa program that our Turkish friend planned to use to fund this project. Apparently only a handful of individuals had taken advantage of it during the number of years it had been available.
southcitygent wrote:
Sat Jun 23, 2018 10:42 am
I'm still very skeptical that this will happen. I read a few months ago that Congress was considering dropping the visa program that our Turkish friend planned to use to fund this project. Apparently only a handful of individuals had taken advantage of it during the number of years it had been available.
I think the visa program in question has been used extensively but to very specific real estate markets and areas on the coasts like San Fran & LA on west coast and New York & Miami on the east coast.
dredger wrote:
Sat Jun 23, 2018 1:09 pm
southcitygent wrote:
Sat Jun 23, 2018 10:42 am
I'm still very skeptical that this will happen. I read a few months ago that Congress was considering dropping the visa program that our Turkish friend planned to use to fund this project. Apparently only a handful of individuals had taken advantage of it during the number of years it had been available.
I think the visa program in question has been used extensively but to very specific real estate markets and areas on the coasts like San Fran & LA on west coast and New York & Miami on the east coast.
We've worked on projects in MN and WI that have utilized the EB-5 program, however, it accounted for only a small portion of financing. From what I've read this guy's Dallas project was financed largely by the program. Or maybe I read that wrong.
Building permit for $50M issued this week.
:shock:
STLrainbow wrote:
Thu Jul 05, 2018 9:51 am
Building permit for $50M issued this week.
Nice! Time to get the ball rolling! So excited for this. Hopefully they can push the city towards calming Tucker, for the best of this project and Downtown and DTW as a whole.
STLrainbow wrote:
Thu Jul 05, 2018 9:51 am
Building permit for $50M issued this week.
Awesome news
STLrainbow wrote:
Thu Jul 05, 2018 9:51 am
Building permit for $50M issued this week.
,

Surprised that this hasn't gotten any attention in the local business news, PD, bizjournals, so on or did I miss it? Or should we expect some more news this coming week? $50 million goes beyond a street level furniture store. Hotel and or some apartments moving forward?
Right on phenomenal news!
Biz Journal saying this project is delayed while developer seeks more financing. . . :?

I do not have a subscription....... anyone have the scoop?

https://www.bizjournals.com/stlouis/new ... 2018-07-12
The redevelopment of the Jefferson Arms building in downtown St. Louis has been pushed back as the developer seeks more financing.

Although the city of St. Louis issued a $49.6 million construction permit for the project on July 3, Dallas-based Alterra Worldwide did not receive the Brownfield tax credits it sought from the state and is searching for a new source of funding to make up for the more than $10 million gap.

Alterra founder and President Mike Sarimsakci told the Business Journal that construction can’t begin until that final piece of financing is in place, and he expects it will take through December to identify a new source. (The July 3 permit is slated to expire Jan. 3, 2019, according to city documents.)

Alterra is still looking into using the U.S. Citizenship & Immigration Services' EB-5 program, an investor visa program that seeks to stimulate the United States economy through investments in U.S. companies by foreign investors. The Business Journal previously reported that Alterra planed to utilize $49.5 million in foreign investment for Jefferson Arms.

"We've spent millions of dollars (on the project) thus far. We're working hard at it," Sarimsakci said.

Alterra is also working hard on identifying potential tenants for the $104 million rehabilitation. In a recent post on LinkedIn, Sarimsakci has hinted at a possible collaboration with Patrick Stanley of the Charles P. Stanley Cigar Co. and Lounge for a private cigar bar at Jefferson Arms ("It was a handshake deal. But when two friends want to do something, it's going to happen," Sarimsakci said). He's also keen to have a restaurant from chef and Bengelina Hospitality Group owner Ben Poremba.

"I would love to have his concept in Jefferson Arms," he said.

An approximately 200-room Marriott-branded AC Hotel and more than 200 single-family apartments are planned for the bulk of the redevelopment. Nationwide, hotel demand dropped from 3.7 percent to 3 percent in the first quarter of 2018, while supply grew 2 percent, according to a CBRE report.
Dear all,

Thank you for your continued interest at Jefferson Arms Project. Community Support is essential for this amazing project through all its stages. We are trying to have our baby walk at the moment in essence. JA needs more patience from us to be able to walk. Denial of $10 million Brown Field Tax Credits requires us to identify other source of funding.

We are ready to start construction, but I need to make sure we have all the funds in place before I move forward. I appreciate your involvement and bringing up good discussion points.

Greetings from Barcelona, urbanist paradise!!
Just curious, why did the developer apply for a building permit before having all the financing in place?
stlien wrote:
Thu Jul 12, 2018 9:13 pm
Just curious, why did the developer apply for a building permit before having all the financing in place?
I'd like to know how in 4 days we went from "it's a go!" to "we don't have enough money!"
dweebe wrote:
Thu Jul 12, 2018 9:54 pm
stlien wrote:
Thu Jul 12, 2018 9:13 pm
Just curious, why did the developer apply for a building permit before having all the financing in place?
I'd like to know how in 4 days we went from "it's a go!" to "we don't have enough money!"
I don't think "we" (some or most people on this forum) or the media really understand the process of real estate development. So what I think happens is, any movement we see, we think the project is a go and the media just reports whatever the developer feeds them.
stlien wrote:
Thu Jul 19, 2018 4:32 pm
I don't think "we" (some or most people on this forum) or the media really understand the process of real estate development. So what I think happens is, any movement we see, we think the project is a go and the media just reports whatever the developer feeds them.
This. Heck, there are instances where people here mistake "ideas" or "what should be's" that are posted in the UrbanSTL threads and think that they're news or progress. It's very very easy for development rumors to spread, even when they're out dated or simply pie in the sky ideas. People get excited and many people want to be the person who "breaks" the news so that they can receive the likes, credit, clicks, site traffic, etc. I think it would be good for everyone to simply take a few steps back every time news, rumors, or renderings are leaked or released. Until construction has started, no project is a "sure thing".
wabash wrote:
Fri Jun 24, 2016 11:09 am
I expect the Chemical, Union Trust, International Shoe, and 1706 Washington to be done before this gets anywhere.
I'm optimistic that this project will happen but it is crawling at a snails pace. Alterra hasn't returned calls of emails I have sent regarding this and there is no office here to go in and say "hey!". You are right though in this sentence Wabash. 3 of the 4 buildings you mentioned are nearly complete or complete and the Chemical building is supposed to start In December. I'm optimistic about the Jefferson Arms but the silence is deafening on this since the tax credits fell through over the Summer.
Jefferson Arms Apartments - 415 North Tucker Blvd
Viewing this building it looks to be a huge project The building is big and will require big monies to re-do
chaifetz10 wrote:
Thu Jul 19, 2018 9:04 pm
stlien wrote:
Thu Jul 19, 2018 4:32 pm
I don't think "we" (some or most people on this forum) or the media really understand the process of real estate development. So what I think happens is, any movement we see, we think the project is a go and the media just reports whatever the developer feeds them.
This. Heck, there are instances where people here mistake "ideas" or "what should be's" that are posted in the UrbanSTL threads and think that they're news or progress. It's very very easy for development rumors to spread, even when they're out dated or simply pie in the sky ideas. People get excited and many people want to be the person who "breaks" the news so that they can receive the likes, credit, clicks, site traffic, etc. I think it would be good for everyone to simply take a few steps back every time news, rumors, or renderings are leaked or released. Until construction has started, no project is a "sure thing".
Well said.