Adler Lofts Back on Track

More good news for Downtown West: Bob Wood's Adler Lofts project at 2035 Washington Avenue has been approved for $5 million in New Markets Tax Credits. Money received from the tax credits will go toward helping Wood finish the stalled development, which will feature 26 apartments and 8,500 sf of retail space.

According to Wood, there are several parties interested in the space, and now that the tax credits have been awarded, he can finalize tenant negotiations.

He said he expected to close on financing within 90 days and start construction on the Adler this fall.

It's the Final Countdown (to Re-opening)

Kevin Johnson of the Post-Dispatch is reporting that the Europe night club is reopening in the long-vacant, but very cool art deco building at 710 N. 15th Street, just north of Washington Avenue.

New Construction at Jefferson and Clark?

It looks like the vacant lot at the southeast corner of Jefferson and Clark - just north of Highway 40 - is being prepped for construction. The pavement has been torn out and a plumbing contractor has set up on the site.

It will be interesting to see what gets built there...

Macy's Reconfiguring Layout, Reducing Space

Macy's has been approved to receive $7 million in New Markets Tax Credits to help pay for reducing its downtown department store from 400,000 sf on six floors to 125,000 sf on three floors. The downsized store would then be consistent in size with the chain's other stores throughout the country.

Under the May Co.'s ownership, the store (then known as Famous-Barr) once occupied eight floors of the Railway Exchange Building. While having a store that large would be nice, the retail business has undergone a sea change in recent years, and such a store is no longer viable. And, this investment is an early indicator that Macy's plans to keep the downtown store open.

Hopefully, the store's restaurants will be retained, along with unique, retro features, such as the first floor candy counter, that give the store its charm. The downtown Macy's could also stand to upgrade its merchandise selection, utilize more of its display windows and continue to organize special events to lure shoppers.

Transition in Store at Qualy Agency

The Business Journal has reported that John Qualy, head of Northwestern Mutual's Qualy Group - one of the most successful Northwestern Mutual offices in the country - will be retiring on October 31, 2011. According to the article:

“There are three individuals who could step into this and do a great job: Steve Gross, Gerard Hempstead and Matt Plocher,” Qualy said.

Each is managing director of one of Qualy’s seven regional offices:
Gross in Chesterfield, Hempstead in Clayton, and Plocher in St. Louis. In
addition, Plocher is chief development officer.

The Qualy Group employs 176 financial representatives in its 25,000 sf space in Gateway One and has been a longtime supporter of downtown St. Louis. The Qualy Group's success also disproves the notion that financial services firms need to be in Clayton or other suburban locations in order to "be closer to their clients."

Let's hope Mr. Qualy's successor shares his dedication to downtown.

Lewis Rice to One City Centre?

The Business Journal is reporting that the St. Louis Development Corporation has approved $4 million in tax credits for Lewis Rice to relocate to One City Centre, which has been almost entirely vacant since Cannon Design moved to a renovated power house near Busch Stadium last year.

The deal has not been finalized, and Lewis Rice is still considering other alternatives, including renewing its current lease.

Lewis Rice would lease 100,000 sf of the 364,000 sf office tower, which is also home to law firm Sandberg Phoenix & Von Gontard. This lease would have a positive impact on downtown's Class A vacancy rate - One City Centre is currently over 70 percent vacant - while delivering a hit to the Class B vacancy rate.

The loss of Lewis Rice would leave a gaping vacancy at 500 N. Broadway, which has struggled to attract large tenants since Stifel Nicolaus moved to One Financial Plaza in 1998. If Lewis Rice were to vacate its current space, perhaps that would be enough for 500 N. Broadway's owners to make improvements to the building and get more aggressive in attracting new tenants.

Black Label Looking Forward to Big All-Star Week

Kevin Johnson of the Post-Dispatch had a good write-up on the Black Label night club at 758 South Fourth Street in Chouteau's Landing. Black Label has a full slate of events planned for this weekend and into next week and should be well positioned to do big business.

According to Johnson's blog post, Black Label’s restaurant, House of Kabobs, opened this week with eight kabobs including chicken, vegetable, fruit and seafood. Sandwiches and salads also are available.

Here's one particularly cool aspect of Chouteau's Landing's newest hotspot:

The room is decorated with local art, and colorful sneakers by local shoe designer Greedy Genius hang from the ceiling. It’s all for sale.

“Shoes, sneakers and heels are big here, and you can look up and see exclusive shoes,” Morris says of the dangling sneaks. “That’s something you don’t see on a normal basis.”

Tucker Parking Garage to Open in August

The opening of the $16 million city-owned parking garage at Tucker and Clark has been pushed back to August 3. City officials had hoped to have the garage open for next week's MLB All-Star Game festivities, but progress was delayed as construction crews discovered that it would need additional support to make the structure earthquake-proof.

The 542-space garage will also include 10,000 sf of ground floor retail space. Despite the delays, the project is on budget.

Low Quality Camera Phone Photo of the Day, 7/9

The Over/Under is just about to open in the Lammert Building - the new sign went up on Wed.

Low Quality Camera Phone Picture of the Day, 7/8

New trees have been planted along Washington Avenue by the Eads Bridge - they make a huge difference!