I can't find anything on this forum about the Fashion Square project. Am I missing something? This is a major project, around 100 residential units, plus two floors of office space and one of retail, right in the heart of the Washington Av. loft district. Construction has been going full steam for several months now, and a major advertising agency has leased an entire floor. You guys aren't boycotting this project because they kicked out Velvet, now, are you?
I don't know anything except they can't be *that* far from completion with how long they've been working over there. The second floor seems to be only drywall and windows away from move-in.
I'm excited about that building for the number of residents it will bring to my immediate vicinity. Over the next 2-3 years Elder Shirt will go from being an island to surrounded by people.
I didn't know about US Bank... good to hear they've got so many daytime tenants.
The plan was always rentals here; I expect that's why there hasn't been much discussion here aside from the gentrification "debate". Are there any loft renters lurking on UrbanStL?
I've never understood why anyone would rent a loft, rents at Merchandise for example are like 1200-1500 a month(w/o parking and other necessities) and for that you could eaisily own.
Well, different people have different situations. Perhaps there are some people whose jobs bring them to St. Louis for only a year. Perhaps some people would like to try loft living before making a substantial financial commitment. Perhaps some people simply don't want the burdens that can come with home ownership. Renting makes sense for some people.
well, like me for example, i am in the process of convincing my girlfreind to move here after we graduate from school. she wants to live downtown, but we have no chance of buying when we are done. not to mention that is a loaded situation, buying!??!! ha. yeah right. not yet at least.
Yes, but why break your back flushing 1200+ dollars down the toilet every month instead of into equity? Why not rent in a cheaper area and save towards ownership!
I personally don't rent, but I have a friend who has been renting a pretty cool place on washington for around $600.00/month. While I'm sure its easy to drop 1200 or so, it isn't necessary. There are plenty of nice rentals below 1000 (there were last year anyways...) that even have two bedrooms. Don't forget, when you buy you pay association fees (200-400/month) and need (or should have) an initial down payment. Splitting 1200/month, especially if it includes some utilities for a nice 2 bedroom place is not a terrible option and can possilby be more economical.
coldsteelsunshine wrote:I personally don't rent, but I have a friend who has been renting a pretty cool place on washington for around $600.00/month.
If you live in a building that's rent assisted like Art Lofts, yah 600 will get you a place, but if you are paying market rent, that's a different story. According to the 2004 downtown housing study, the average market rent is 1.07 sq ft for downtown lofts, and its gone up in the last year. So unless your friend qualifies for rent assist, he's pretty cramped!
If you can get rent for 600 it's worth it, but like loftlover said, unless it's subsidized, that isn't going to happen. But spending 1500 a month to rent a 1300 sq. ft loft is just plain stupid. You can buy and still get a roomate who is dumb enough to rent to help you with the bills. If you can afford 1500 a month, then you can scrape together 5% down for heavens sake unless you are just a complete moron.
I believe in buying as well, but not everyone does and it doesnt always fit everybody's situation. To say that something is just plain stupid just because you disagree with is incredible judgmental and narrowminded...
I ahve an Aunt who ahs rented for 20 plus years, she doesnt want to buy, she could have at any point, but never wanted to and she is perfectly happy...
Also, what if you know you are only going to be here for a short time, like 1 or 2 years and you dont want to buy because you are afraid the secondary housing market may not be developed yet...it doesnt do you any good to have equity if you cant sell your place when you need to...
The new allegro apartments on the boulevard rent for what I consider to be an obscene amount an dthey are renting to a lot of medical residents who will not be here ofr very long and dont want to be tied down to real estate here.
I am buying downtown, but I wont lie to you that the thought has crossed my mind that I may be up the creek if I need to sell it at some point because there really is no scondary housing market downtown yet.
So please, express your own opinions, but think twice about declariung somebody else's decision as stupid.
Thanks for the info, everyone. I didn't know about US Bank moving in. That's excellant! I spoke with someone at the Downtown Partnership who said they are trying to get one or two clothing retailers into the ground floor. That's one thing that Wash. Av. still needs...more retail.
And I'm really glad to see more apartments coming. As some of you have pointed out, buying just isn't for everyone.
New windows are going in on the second floor (the Arnold Co. space). And they're building a fairly large entrance structure on the back. This building should start looking good soon.
They've been tuckpointing and waterproofing, and some of the exposed concrete columns seem cleaner (or painted), but its still a fairly dingy looking building. Once the new windows are in, it should look lots better. As I mentioned, the second floor windows are going in, but so far there's only one pair of the upper floor windows in place. I guess those are test-models or something.
^I agree, it still looks a little dirty, but I think the old windows contribute to a lot of the dirtyness. Once those are completely replaced it will be like a brand new building. I can't wait to see it all finished.
Had breakfast at the Washington Post this morning and sat outside, great view of Fashion Square. I must say, with the exterior cleaned and all the new windows in this has got to be one of the best looking structures on WA.
loftlover wrote:Had breakfast at the Washington Post this morning and sat outside, great view of Fashion Square. I must say, with the exterior cleaned and all the new windows in this has got to be one of the best looking structures on WA.
