Steve Patterson has broken the story. I'm not sure what this means for projects like Laurel and MX. Anyone out there have any additional info?
http://www.urbanreviewstl.com/?p=3526#comments
http://www.urbanreviewstl.com/?p=3526#comments
Urban Elitist - you are as bad as the Post-Dispatch!
From the story...
"Remember this is just an unverified rumor at this point. Take with a hefty grain of salt at this point."
Moderators, I think the title of this thread should be changed to: "RUMOR: Pyramid Ceasing Operations"
From the story...
"Remember this is just an unverified rumor at this point. Take with a hefty grain of salt at this point."
Moderators, I think the title of this thread should be changed to: "RUMOR: Pyramid Ceasing Operations"
- 1,493
AvantStL - You are as dumb as a mule!AvantStL wrote:Urban Elitist - you are as bad as the Post-Dispatch!
From the story...
"Remember this is just an unverified rumor at this point. Take with a hefty grain of salt at this point."
Moderators, I think the title of this thread should be changed to: "RUMOR: Pyramid Ceasing Operations"
From the story...
[UPDATE 4/18/08 @ 3:35PM — Confirmed. Employees were, I’m told, given final paychecks and told to cash them quickly. ]
Moderators, I think AvantSTL's screename should be changed to: "DOES NOT READ ENTIRE PAGES"
Still sounds like an rumor to me. That last statement is as much rumor as the rest. Maybe you should chill out.
Comment from the site from StuckInDowntown on 18 Apr 2008 at 1:52 pm:
I gotta say this isn't extremely surprising. I have been getting the impression lately that they were having some difficulties, er, I mean more than usual. I would expect that someone will take over the Laurel, given the sales numbers and the interest from Embassy Suites, but their other projects are very doubtful at this point.
What is this person babbling about?I’m sure it doesn’t help them (Pyramid) with the fact that many of their buildings are situated near the park that is being destroyed which ultimately causes problems for those with dogs and guests of residents for parking issues. I haven’t read up on what exactly is going on, but it is a mess near 9th and Market. Not a “selling point” for buying a condo or renting a loft at the Arcade or Paul Brown.
I gotta say this isn't extremely surprising. I have been getting the impression lately that they were having some difficulties, er, I mean more than usual. I would expect that someone will take over the Laurel, given the sales numbers and the interest from Embassy Suites, but their other projects are very doubtful at this point.
- 10K
They have/had a lot of projects not bringing in any income:
Arcade
One City Centre
Jefferson Arms
Leather Trades
St. Louis Centre
The Mercantile Library
The development of the old South Grand Sears store has largely been a bust.
Hopefully Spinnaker's involvement with the MX will help bring that project to fruition.
Arcade
One City Centre
Jefferson Arms
Leather Trades
St. Louis Centre
The Mercantile Library
The development of the old South Grand Sears store has largely been a bust.
Hopefully Spinnaker's involvement with the MX will help bring that project to fruition.
Everyone calm down, we don't even know if it is true yet! Steve Patterson even said it is a rumor, but even if it is true.....its bad, but not the end of the world. Like Jblues said I'm sure somebody more capable will take over the Laurel if anything. I expect our downtown to come back strong once the economy gets back on track. Its not like downtown progress has completely stopped in our economic crisis, which shows that investment in downtown is real and not just another urban renewal gimmick.
- 6,775
Wouldn't surprise me, if true.
I'll check with my source tonight.
I'll check with my source tonight.
The only thing I'd be concerned about is Pyramid's many, many properties getting tied up in litigation limbo for an extended period.
None of the normal staff in the leasing office were there today at the Paul Brown , in addition many staff at the Paul Brown were fired a little over 3 weeks ago , and lastly the leasing office was moved.
That said what would happen to properties that were manage by Pyramid and the residents of the Paul Brown and the property if the company went belly up ?
overall this week has been very bad for downtown.
That said what would happen to properties that were manage by Pyramid and the residents of the Paul Brown and the property if the company went belly up ?
overall this week has been very bad for downtown.
- 407
jlblues wrote:The only thing I'd be concerned about is Pyramid's many, many properties getting tied up in litigation limbo for an extended period.
I totally agree. Pyramid didn't really have a long list of successful projects to make me freak out about their departure from the market. Lots of great plans, but the execution always seemed a bit lacking. I'm confident someone else could take over their projects and do them at least as well.
That being said, if this rumor ends up true and these properties get stuck in limbo for years, it would be a huge blow to the City. Plenty of viable projects in the mix, but if there isn't clear title on the properties they'll sit forever. For anyone who is familar, just consider how long it has taken to get clear title on all those old DHP properties. Its taken years. I'm starting to think the St. Louis Centre Bridge is never going to come down.
- 214
IIRC, Pyramid were also a partner in the project to turn the Metropolitan Building at Grand Center into a Hyatt Place hotel (after abandoning their earlier plan to condo-ize it). There's been a question mark over the viability of the hotel project for several months, and I fear this latest development may be the final nail in the coffin.
- 8,912
This is tragic, my heart goes out to my former employer.
Wow!
Wow!
- 3,235
They probably got in over their heads with too many projects. Baby steps!!!
- 729
Downtown2007 wrote:They probably got in over their heads with too many projects. Baby steps!!!
B.I.N.G.O.
If true, this is really a sad story but with these type of investments comes some pretty big risk. You have to be smarter than the next. This is why I love developers like Loftworks. They build out slowly and at a perceived manageable pace and so far all projects have been successful and have sold out. When you think about it, Pyramid had irons all over downtown and some of the projects are just huge. There really was no way to continue to sustain all that property with the current state of the market. Hopefully whatever needs to happen to right the ship is already taking place. Best of luck to their employees.
In some ways this might actually be a positive in the market place. Maybe the current viable developments can absorb the would-be buyers of the now in question projects. I mean, let's be real. The area has to grow at a natural pace, not one that is being forced upon in a down market.
- 2,929
We all know that, should these rumors be true, it would suck massively and cause lots of damage to the state of Downtown's renewal. That said, and without dancing on it, we need solid fact before we can either confirm or deny it, otherwise we're just guessing.
Everyone, the key word is "if". Wait until we can get confirmation. That said ...
1. Do we have any known Pyramid employees on this board?
2. Does anyone on this board know any Pyramid employees who can testify to the company's end?
3. Are there any news reports on this, or corporate press releases (Pyramid or Spinnaker)?
4. Any news from politicians with Pyramid projects within their jurisdictions?
5. Anyone in a building managed by Pyramid who've received notices of change in management?
Until we get something more tangent than what is essentially rumor and hearsay, we cannot confirm this. If you have confirmable info or are able to provide a personal testimonial, please post it.
Everyone, the key word is "if". Wait until we can get confirmation. That said ...
1. Do we have any known Pyramid employees on this board?
2. Does anyone on this board know any Pyramid employees who can testify to the company's end?
3. Are there any news reports on this, or corporate press releases (Pyramid or Spinnaker)?
4. Any news from politicians with Pyramid projects within their jurisdictions?
5. Anyone in a building managed by Pyramid who've received notices of change in management?
Until we get something more tangent than what is essentially rumor and hearsay, we cannot confirm this. If you have confirmable info or are able to provide a personal testimonial, please post it.
- 407
Already posted this on the Laurel thread, but I figured it was important here as well. At least we known one of Pyramid's projects (and an important one at that) looks safe for the moment:
Pyramid out as developer of big downtown project
By Riddhi Trivedi-St. Clair
ST. LOUIS POST-DISPATCH
04/19/2008
One of downtown St. Louis' most prominent developers and property owners is no longer part of one of downtown's most ambitious redevelopment initiatives.
The $400 million Mercantile Exchange, which included a renovation of St. Louis Centre, will move forward without Pyramid Construction Inc. and the company's owner, John Steffen.
"We have taken over management of the partnership," said Amos Harris, president of Brady Capital, local partners of Connecticut-based Spinnaker Real Estate Partners LLC.
Read More
^
Seems like Pyramid is no longer part of the Mercantile Exchange... not ceasing operations.
I could see them cutting down on some projects and focusing their effort, but hopefully this has all been blown out of proportion.
Seems like Pyramid is no longer part of the Mercantile Exchange... not ceasing operations.
I could see them cutting down on some projects and focusing their effort, but hopefully this has all been blown out of proportion.
^ MX or just the Laurel. Reread Amos Harris' quote in the article. It sounds like the Laurel will definitely get finished up, but the other stuff may have to wait and/or be re-evaluated.
JMedwick wrote:^ MX or just the Laurel. Reread Amos Harris' quote in the article. It sounds like the Laurel will definitely get finished up, but the other stuff may have to wait and/or be re-evaluated.
It also said they are continuing to work with General Growth. It wouldn't make sense for General Growth to be involved if it is just for the retail space at The Laurel. They are the the ones involved in turning the mall "inside out".
As I said in the Arcade thread, the companies that move forward in a thoughtful, deliberate manner that provide a quality product and service should prevail.
Those who are looking for a quick buck with the least amount of effort will hopefully just disappear.
I hate to see people lose their jobs due to the poor management, but I have to say I saw this coming.
Is anyone really surprised by this?
Those who are looking for a quick buck with the least amount of effort will hopefully just disappear.
I hate to see people lose their jobs due to the poor management, but I have to say I saw this coming.
Is anyone really surprised by this?
- 407
zink wrote:^
Seems like Pyramid is no longer part of the Mercantile Exchange... not ceasing operations.
I could see them cutting down on some projects and focusing their effort, but hopefully this has all been blown out of proportion.
Not necessarily. It sounds like nobody has been able to officially confirm or deny the rumors about Pyramid shutting down altogether. They even say as much in the article. The only reason we know so much about the MX project is that Spinnaker came out and talked about it. The fact that Pyramid hasn't come out to deny the rumors of their closure doesn't bode well. Not to mention the fact that nobody seems able to reach anyone at any Pyramid office.
BL211 wrote:Someone posted this somewhere in another thread:
The companies that move forward in a thoughtful, deliberate manner that provide a quality product and service should prevail.
Those who are looking for a quick buck with the least amount of effort will hopefully just disappear.
I hate to see people lose their jobs due to the poor management, but I have to say I saw this coming.
Is anyone really surprised by this?
You are the one who posted this "quote" in the Arcade thread. And I still say "Bitter, party of one". There are many people who bought from Pyramid who have been happy with their homes. I just looked at some Dorsa postings and one guy said he was disappointed that he didn't find ONE punchlist item during his walk-through.