4:16 PM Thu, May 29, 2008 | Permalink
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The old St. Louis Centre opened up with a bang but has since gone bust. Developers learned that malls just don't work in urban settings. Today we talked with Amos Harris of Spinnaker Real Estate Partners. Spinnaker is taking over the entire Mercantile Exchange project now that Pyramid Developers has lost its financial footing. Harris says downtown residential demand is still good, despite perception, but financing is tight for all development.
The MX will have fewer condos and take on a more convention/visitor-friendly feel. Phase 1 is The Laurel. There will be condos, apartments, 1st floor shopping and an Embassy Suites Hotel. Work should begin here by the end of the summer. The giant, white bridge will come down! Phase 2 will address what to do with St. Louis Centre. Harris doesn't have a design for what will become The Concord, just a concept based on the idea of turning the traditional mall inside out. It could house residential space, retail, restaurants and even a movie theatre. Harris knows there is doubt since the collapse of Centene in Ballpark Village and the collapse of Pyramid's investment in this project but he believes if the public just watches, we'll see this project come to life. Having walked through The Laurel, it will take a lot of work. The display unit is beautiful but the building has been vacant for so long it needs a lot of work.
I enjoyed Harris' perspective on downtown development. He offered compliments to some of his competitors and a perspective on how the MX fits into the big picture. He describes it as connecting the dots between the riverfront and Ballpark Village. When the MX is complete there will be multiple entertainment venues from Lumiere Place, to the MX to Ballpark Village (when it's finished) -- all within walking distance. But 2010 is still a long way off.
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