Wednesday, February 06, 2008

Macy's Midwest Closing - What's in Store for the Railway Exchange?

Macy's announced today that its Macy's Midwest division will be consolidated into its Atlanta-based Macy's South division. The result is a loss of 850 jobs in the heart of downtown St. Louis.

This move will also leave a great deal of vacant space in the Railway Exchange building at 6th and Olive - Macy's Midwest occupies/occupied floors 8-14. What does the future hold for the Railway Exchange? Several buildings of similar vintage, such as the Syndicate Trust, Paul Brown, Arcade, Marquette, and Dillard's, for example, have been converted to residential uses, and perhaps the Railway Exchange would be better suited as condos/apartments than office space. It's been several years since I've seen Macy's offices, but as I recall, the ceilings were rather low and the space might be difficult to market to today's office tenants. Maybe with a gut rehab, it could become marketable office space again.

Let's hope that at least Macy's continues to maintain its downtown store on the lower floors.

No comments: