Clayco Plans 13-Story, 200-Apt Building in The East Loop

Tweet about this on TwitterShare on Facebook0Share on Reddit0Share on LinkedIn4Print this pageEmail this to someone

Delmar1

The long-vacant large lot between Big Shark Bicycles and Gokul Indian Restaurant at 6103-6131 Delmar Boulevard could be developed as a 13-story, 200-unit apartment building within two years. The Yellow Cab Company building was demolished in 2006 by Josh and Neal Shapiro, owners of Original Cast Lighting. Plans to redevelop the site didn’t get off the ground due to the recession.

The Times of Skinker DeBaliviere profiled the plan in its April-May 2006 issue (image below). The Shapiros rehabbed their building across the street, which now hosts restaurant Tavolo V and offices for Prozess Technologie. The empty lot has languished as filling commercial spaces on the south side of Delmar to the east has proven difficult. There simply needs to be more people living nearby.

At a meeting of the Delmar Commercial Committee today, Jay Case of Clayco presented its plan for a large infill project. Clayco considers the adjacent Delmar Loop MetroLink light rail station a great asset and has successfully developed TOD (Transit-Oriented Design) developments in Denver, which they believe can be repeated here. Their aim to help build and be a part of a walkable, accessible neighborhood.

Delmar222{updated image added 01-14-2015}

Delmar2Delmar3

The proposed building contains 200 market-rate apartments over 13 stories with 4,500 sf of ground-level retail. It is an incomplete “U” with the western leg shortened. The facade will be all brick. There will be 400 bedrooms spread over 1, 2, and 3-bedroom apartments. 1 Bedroom ~650 square feet, 2 BD ~900 sq ft, 3 BD 11-1200 sq ft. Rents are expected to be about $2.50 per sq ft. It has a large amenities terrace with a pool and gym.

The development would include 200 structured parking spaces for tenants within the building as well as bike storage for at least 150 bicycles. On-site car sharing would also be made available to tenants. The cost burden of providing below-cost car storage likely will lead Clayco to seek tax abatement. Existing buildings to the east and west are planned to remain. Big Shark Bicycles will reportedly be moving from its home for past decade and is searching for a new location. Ideas for the building, owned by Joe Edwards, include a mid-sized concert venue.

Planned retail space may be divided into as many as three bays. A soft retailer is desired. There will be no public parking for retail within the project. There is also an opportunity for a rooftop space for a commercial tenant. Clayco expressed confidence it will secure financing. Plans are expected to be submitted for review with the City of St. Louis soon. They hope for a spring ground-breaking, a 12-15 month construction period, and completion in the fall of 2017.

Loop2

Loop4

Loop Center - 2006{the 2006 proposal for the Loop Center}

Clayco East Loop 12/5/2015

6103-6133 Delmar map

Loop retail before {current view of development site from past Loop Retail Study}

Loop retail{rendering of possible development from past Loop Retail Study}

Tweet about this on TwitterShare on Facebook0Share on Reddit0Share on LinkedIn4Print this pageEmail this to someone
  • moorlander

    This much improved render from StLtoday even includes juliet balconies.

    • Adam

      I actually preferred the first render as it was more streamlined. All they did to “improve” it was to slap on a couple layers of yellow brick and make the windows smaller. Now it looks like the Opus tower at Euclid and Lindell, which I’m also not crazy about, aesthetically speaking. Regardless, I’ll take ’em. 😉

      • Chicagoan

        Ooof, yeah, I much prefer the original design. I don’t see how the yellow brick (if that’s even going to be brick) does for the design. I’m also not a fan of what looks like green support beams at the base.

  • Pingback: Investing in a crazy place()

  • STLEnginerd

    Its about time there was some movement on this site. One of the biggest no-brainer development opportunities in the metro IMHO. (note* apparently you can’t post the exact same comment twice even if its on different articles)

    • Alex Ihnen

      We should make an exception for something that is so often true.

  • Don

    Wonderful to see market rate residential going into the Loop. This seems to have been the missing ingredient. The added density can only help.

  • matimal

    Wouldn’t the huge surface parking lots in the loop make a perfect location for the new five-story residential designs that are rapidly becoming the norm?

  • Chicagoan

    This is a handsome design. Kind of reminds me of a courtyard apartment building with that shape.

  • CWE1959

    Great development news. However, is anyone concerned about the apartment bubble that is seemingly being created through the central corridor? It’s concerning that a significant balance of owner occupied residences/condos aren’t being proposed. Where are all the students and adults coming from that can afford $1500+/month rents for a 1 bedroom apartment without neglecting to invest in their future (i.e. retirement plans, homeownership, etc.)? The rents at the Orion are as high as $5000+/month for a 3 bedroom apartment which could buy a home/condo in area at a $600,000+ purchase price. Am I the only person that questions how realistic these rental rates may be?

    • rgbose

      Maybe we’re just not used to this amount of growth. I think they’re figuring the job and student growth between Washu, BJC, CORTEX, and SLU are enough. There’s plenty of homes nearby to buy if/when these tenants want one. Be great if some of this rent money turns into home purchases in West End and Fountain Park.

      • CWE1959

        We certainly have growth in the apartment sector. However, I question what growth has been documented in population, employment, and salaries to satisfy the supply of 2000+ apartments recently built or under construction within the central corridor. . . Particularly in the high end apartment market. The high end private property developers may be vulnerable in light of Wash U and SLU renovating or building housing for their student populations. SLU and Wash U can easily demand that their students utilize Wash U/SLU provided student housing during their undergraduate years, etc. This would shift the apartment market considerably. We need a balance of housing options which include home/condo owners for sustainable communities.

        • rgbose

          Something to keep an eye on. There’s a lot of new apt units coming for sure.

          Don’t know about SLU, but WashU student housing demand is high. A constant worry in Skinker DeBaliviere is investors buying houses to rent to numerous students.

          I think there’s plenty of options out there if someone wants something different. In the worst time of the year for the real estate market I see condo/townhomes for sale
          63105 48
          63108 43
          63110 8
          63112 26
          63130 9

          • CWE1959

            Absolutely. Actually the inventory of for sale single family homes/townhouses/condos is down significantly within the markets noted. This is driving up prices slightly and decreasing the time homes are on the market. It would be great if more properties were built/renovated in the surrounding areas. However, I get concerned with market forces trending toward mostly expensive rental units occupied by transient populations. The high rental rates may hamper those considering remaining in St. Louis from purchasing a home. . . Due in part to inability to save for a down payment and closing cost. Additionally, the debt ratios (due to student loans) of students attending Wash U and SLU relative to the salaries they are able to command likely will hamper home purchases.

          • rgbose

            On the bright side if they can avoid throwing away money on car-ownership, they can pocket the savings.

          • rgbose

            Sounds like some condos are on the way

            Joe @JoeRoddy

            Excited to introduce this project at 4101 Laclede. Meets CWE Form-Based Code, First Floor Retail, 55 For Sale Condos

    • Don

      Yes, re the bubble and no, your not the only one concerned about realistic rental rates.

      I’m assuming the developers have done their homework re units being built. I’ve always assumed there was some elasticity in the suggested rental rates.

      I do believe there is a significant demand for rental in these areas not currently being met. I have no idea what the limits of that demand are, but I think we’re about to find out.

    • Tim E

      I think you also have to think in terms of structure, once it is in place you can go either condos or apartments and back and forth, vice versa. But you can’t get there until you actually have a means to sell the idea of the structure to the capital market.
      As Don noted, Clayco has to secure the financing and the Capital markets is most likely supporting/dictating rentals at this time over a willing market of condo buyers. Which makes sense say for St. Louis vs. San Fran or New York where you got a huge investment market buying up condos.

      • dsaverin

        There is a very, very small market for condos in St Louis. Condo construction requires 70% presales. There is construction money for rental apartments, and there will likely be a conversion market in 2019/2020. Challenge for developers is Unit Size. Renters view smallish units differently than buyers/owners.

        • matimal

          …and this will never change at all ever.

    • dsaverin

      Love to see the development but You are on point. If you think 25-30% of income can be spent on rent of 1500 for a 1 br, a tenant would need gross income of $5- 6k a month or $60-72k a year. This is becoming a challenge across the country where rents are outpacing income growth. The other changing demo is household formation. At some point millenials in the Midwest get married, have kids and need more space.

      • Alex Ihnen

        The high-end apartments (Whole Foods building) may be $1,500 for a 1br, but I see more $1,100-$1,200 for smaller units. 2br units can be $1,600-$1,800. If that is split, you’re looking at $800-$900/mo, and then 30% is closer $40K/yr, which isn’t so high.

        IF someone can live without a car, that adds a couple hundred to their ability to pay rent. In more dense cities, % spent on rent is higher than 25-30% in part because transportation costs are less.

        • Marian Miller

          I agree Alex about the income needed to rent space in the central corridor at this moment. I wish the average person could save by not having a car but that is difficult in St. Louis. Our metro link doesn’t cover much territory and other counties (St. Charles, West County, South county,etc.) are against using tax dollars for expansion. That makes it hard to meet ones friends in Chesterfield or at the casino in St. Charles unless money is spent on another mode of transportation, such as a taxi or Uber car. .

          • John R

            That’s why Uber is good to have and you see things like this proposal being bike friendly and having on-site car share (I take this as WeCar or equivalent.) It’s becoming easier to go carless; especially for the growing # of younger people who never had one,

          • Alex Ihnen

            Well that’s easy, don’t have friends in Chesterfield, and don’t go to a casino in St. Charles. Kidding aside, yes, it’s difficult, but there are varied degrees, so to speak, of car ownership. If one drives 5K mi a year, perhaps a used $8K car does the trick instead of a new $20K car. You’re absolutely right that it’s a challenge here, especially with kids, and/or two working people in a household. But for some, there are options, and this is what we’re talking about. The Loop, downtown, and soon the CWE are all job centers, or connected to big job centers by rail (bus too, of course) and feature all the basic amenities needed. There do not need to be thousands of people who choose, or are able, to not have a car, just a few hundred can begin to tip the market.

  • matimal

    Two years!

  • Daron

    The Yellow Cab building had great potential. This is admittedly a little big… Good news for sure, but kind of big.

  • Superdave_312

    Isn’t this neighborhood West End? Or are developers renaming it East Loop?

    • Alex Ihnen

      I wrote the headline and used East Loop since I thought it was the best/easiest identifier, kind of like using The Grove, or South Grand – neither are neighborhoods, but there are widely known commercial districts.

  • John R

    Hopefully this moves forward and unlocks other key properties further east, including the Wabash Station and the adjacent parcel with the vacant auto repair structure owned by WashU.

  • Presbyterian

    This project will add a desirable level of residential density to help anchor the eastern end of the Loop. Very exciting news. Great job Clayco for investing in your home town!

  • Alex Devlin

    “The retail space may be divided into as many as three.”
    Three including the two existing structures, or three new spaces?
    Will Clayco own the other two buildings, to it’s east and west?

    • rgbose

      No, the other two buildings will remain.

  • Imran

    Okay. So Paul Hohmann at VanishingSTL is reporting that there will be retail (thumbs up) and Big Shark will move out to be replaced by a concert venue (thumbs down)

    • Luftmentsch

      The third picture clearly shows Big Shark in the footprint.

      • Alex Ihnen

        Big Shark is moving (no new location yet), but the building is staying, as is the building at the east end of the site (Gokul).

    • Adam

      Yeah, I can’t understand how we need another concert venue in the Loop…

      • Don

        I don’t see how another concert venue would be any less valid than any other commercial venture in this spot. Nothing particularly virtuous about another bar, restaurant, boutique or even a bike shop for that matter.

        No one would complain about another music venue on Beale in Memphis or downtown Nashville or Austin. If a business brings people in from outside the neighborhood, seems like a good idea to me. St Louis is supposed to be a music city, so concert venues to support a thriving music scene can only be good by my estimation.

        Finally ,if anyone is in a position to understand a music need in the Loop, it’s Joe Edwards. We seriously need to commission a statue to Joe.

        • Adam

          If there’s a sufficient need for one then sure… I guess I’m not convinced there’s a need. I mean, there’s no shortage of music venues across the city. Are they all consistently booked and well attended? Just having more venues is not going to make us Memphis or Nashville or Austin. The demand has to be there as well. In any case I’m not asking for another X, but perhaps there’s a Y that’s not well represented yet in the neighborhood that could go in the space instead of another music venue, of which there are already at least 3: The Pageant, Blueberry Hill, and Cicero’s. Am I missing any?

        • Luftmentsch

          I would hold off on the chiseling until we see just how much of a state subsidy Joe ultimately requires for his Moonrise to Blueberry Hill choo-choo.

        • Adam

          And, really, if there one type of shop that’s underrepresented in St. Louis it’s the bike shop. I’d actually prefer a bike shop in the loop to another music venue.

          • Don

            Joe’s in the music business sees a need for a very specific music venue and he’s opening it.

            Sounds like you need to open a bike shop. Relatively speaking, the cost of entry for new bike shops is quite modest and there’s plenty of available space throughout the city.

            Satisfying market demand is what’s it’s all about.

          • Adam

            “Joe’s in the music business sees a need for a very specific music venue and he’s opening it.”

            Fine…

            “Sounds like you need to open a bike shop.” —> eye roll

            …but—as has been stated repeatedly on this forum—I can comment on whether or not I think a bike shop better serves the neighborhood than a redundant music venue without opening my own bike shop. Don’t worry: I’m not bashing Joe. I think he’s great. I’d just want the Loop to continue to offer a variety of goods and services rather rather than become solely an entertainment destination.

          • rgbose

            Let’s hope they move to another location in the Loop. Joe also owns the Rosedale building on the 6000 block. Or there’s the former GoodWorks, though it’s being divided into three bays which is way smaller than 6133. Shame the former Church’s Chicken hadn’t been redeveloped right off the bat. It’d be ready by now and be about as big as their current space.

          • Adam

            Yeah, I suspect Big Shark will be staying in the neighborhood. Plenty of places for them to move to nearby I would think.

          • Luftmentsch

            I’m betting that the combination of the idiot trolley tax and the idiot trolley (streetcar tracks are not known for being friendly to bikes) will chase Big Shark out of the neighborhood. Delmar east of Union would be a great location for a bike shop – assuming Mike’s committed to staying in the city.

          • Imran

            I am getting a vague sense that you might be against the Trolley. Could be wrong 🙂

          • matimal

            Why do streetcars inspire such seething hatreds in the U.S.? It defies all reason. Can anyone help to explain it?

          • Alex Ihnen

            I think they’re widely praised in other cities – though there seems to be a die-hard anti-gov’ment, anti-tax group that thinks they’re a socialist, social engineering scheme.

            But that’s not the issue here. The “trolley” here in The Loop is a mess because it isn’t a transportation option, it’s a tourist fun-time development ploy by one man. It’s been pushed the front of the line more than once as a local priority for federal funding, it’s three years behind schedule, and it’s still unclear how it will operation once completed.

          • Chicagoan

            They’re praised in Europe, definitely. Have you ever been to Vienna, Alex? They have an absolutely remarkable public transit system. There’s still quite a few cars, but there’s no reason anyone living there should have to own one. Very easy to get around, with the streetcar and subway system.

            It’s sad to think of American cities dismantling their surface lines, when some of them would love to have them back right now. Chicago and New York (specifically Brooklyn) had big systems but got rid of them in the late 1940’s/early 1950’s.

          • rgbose

            I was in Vienna this Sep. The transit system was spectacular. They obviously put more money into it, ,but the other side of the coin is that ~2M people live within ~160 sq mi. Whereas here MO side within 270 is 225 sq mi and has 900k people. Gov’t encouragement of spreading out here defeats decent transit (and defeats biking and walking leaving little freedom of choice for most)

          • Chicagoan

            Vienna was, to me anyway, the ideal city. The U-Bahn running underground with 5 lines and 100+ stations, and their streetcars running on the street and covering the rest of the city. Everyone seemed to live an urban lifestyle, there were charming storefronts, outdoor markets, and a complete lack of interest in accommodating the automobile. It was remarkable.

            It just pains me to see how developed my city’s streetcar network was, only for us to get rid of it completely (like almost every American city).

            http://chicagoinmaps.com/chicagostreetcars.html

          • rgbose

            Imagine this all within 270

          • Chicagoan

            Oh my, that’d be something special.

          • matimal

            Opposition to streetcars in Cincinnati was only slightly less intense than the anti-Israeli movements in the Middle East. Some suggested civil disobedience to block the streetcar’s path through illegal parking and vandalism. Others claimed streetcars were a sign of the apocalypse and would destroy the electric system of Cincinnati. These views got a wide and respectful airing in Cincinnati media. This has all died away as streetcars start to become a reality in Cincinnati. I just never understood where the collective psychosis over streetcars came from and I still don’t.

          • Chicagoan

            People become volatile when you endanger their “right” to park their Ford Explorer and try to convince them that rapid transit is an alternative worth building.

            The problem right now is that most people don’t realize that most streets in older American cities were originally designed to accommodate cyclists, pedestrians, and streetcars, not automobiles and automobile parking.

            Also, people in general just hate change, even when it’s positive.

          • kjohnson04

            It disturbs the ‘car first’ mantra. Streets are far cars, and they refuse to share them with anything, including bikes, buses and pedestrians.

          • matimal

            but, the most rabid opponents were not even Cincinnati residents and don’t actually use or have financial interests in or around the streetcar line. They launched their attacks from distant suburban locations where they lived and invested their money. They were the ones who were not directly affected by streetcars at all who most opposed them. Why?

          • kjohnson04

            And I’m pleased that Metro/BSDA doesn’t want to touch it with a red hot poker. It’s a boondoggle, plain and simple. The original Delmar streetcar did something. It connected people with jobs and shopping between U-City and Downtown. This ‘tourist junket’ does nothing.

          • kjohnson04

            Well locally, anything that moves large groups of people on the street that isn’t a car is generally sneered at here. Buses? We hate those. Streetcars? We hate those. Acres of single level parking? We love those. Multilane streets clogged with cars? You bet we love those.

          • Don

            You’re reading too much snark into my comment. What we’re witnessing in the Loop is the ultimate success of redevelopment where the market begins to dictate the best uses of space. This is a dream come true. For someone like me who was visiting the Loop as a teen to see the Rocky Horror Picture Show (with Michael Stipe, btw) this transformation is beyond my wildest dreams. In those days there was the Varsity Theater (now Vintage Vinyl) , Blue Berry Hill and that was pretty much it.

            I love Big Shark. Great shop with great people. They will move to new space and continue in their success. But at the rate things are going in the Loop, property prices and rents in the not to distant future may be too steep for a bike shop. That’s not a bad thing. The bike shop moves further east (or north or south) or even relocates to a new neighborhood location where demographics and rents come together for a successful bike shop. There are several neighborhoods in the City with the perfect demographics to support a Big Shark without any serious bike shop. That should change.

            It’s the circle of life only it’s businesses.

          • kjohnson04

            I hope they move a little further east. Perhaps on the other side of the MetroLink station.

    • Paul Hohmann

      Joe Edwards said that the concert venue would fill a niche between the Duck Room and Pageant in size and would have max capacity of 750, but probably average attendance of around 450-500.

      • Luftmentsch

        How many of you would like to live next door to two concert venues? Ugh.

        • Paul Hohmann

          We live 700 feet south of the Pageant and have never had any issues. Joe runs very good operations. We go to shows several times a year and have never seen problems with unruly crowds or any other issues.

          • Paul Hohmann

            Back in the mid 2000’s there were issues with unruly crowds pouring out of Wash Ave night clubs at 3am and nearby condo owners getting woken up and naturally pissed off. That doesn’t seem to happen in the Loop.

          • matimal

            Does it happen on Washington Ave. now?

          • Luftmentsch

            I’m not talking about “unruly crowds.” You can love people and still not want to live in a so-called entertainment district. Joe himself used to talk about how a healthy neighborhood mix meant having clothes shops, quirky stores, specialty items – things that appealed to different people. More and more the Loop is dominated by Joe Edwards’ own distinctive brand of nostalgic kitch-o-tainment. Little that’s spontaneous (god forbid there should be a park or plaza where people can sit down without having to pay for the pleasure), little that’s surprising. If the future brings more places like Subterranean Books, Vintage Vinyl, Blueprint Coffee, and Big Shark, I’ll gladly eat my hat – and yours.

        • moorlander

          The Pageant has a curfew during the week. All of the concerts end at 1145.

  • Imran

    With retail facing the street , hopefully?