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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: tejek who wrote (304892)3/16/2011 12:30:46 PM
From: John VosillaRead Replies (1) of 306849
 
'The building, in many ways, symbolizes the promise and the problems of the St. Louis office market.

Downtown St. Louis, a district of roughly one-and-a-half square miles that begins at the riverfront, has about 13 million square feet of office space, down almost a third from 20 years ago. (These figures omit single-user buildings.) Much of the remaining space is in buildings from the 1920s and earlier. The last major new multitenant office building went up over 20 years ago.

Which is not to deny the district its charm. There are blocks and even entire streets — like Washington Avenue — that are unchanged from the days of the 1904 Louisiana Purchase Exposition. The district has numerous landmarks, including Louis Sullivan’s 1892 Wainwright Building and Alfred Mullet’s 1884 Old Post Office building.

Over the last decade, many of these older buildings — more than three million square feet — have been converted to apartments or cultural uses. Indeed, for the first time in a century, St. Louis has a substantial downtown residential population — 12,500 according to the Partnership for Downtown St. Louis, an advocacy group'


That is stunning. Is most of closer in area to the downtown a residential ghetto and toxic industrial?
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