The $8 Billion St. Louis Development
St. Louis had a huge year for construction in 2018. The number of building permits issued saw an increase in nearly every neighbourhood and the value of new projects last year totalled more than $1 billion. As a result, dozens of projects are now breaking ground in 2019.
In the past few years the St. Louis area has seen $6.6 billion in planned and in-progress construction projects across the 25 largest projects.
Here are some of the most significant developments to be excited about in St Louis:
Green Street Development is spending $90 million to bring restaurants, bars, a pool and a wellness center to the derelict St. Louis Armory. A $97 million project from Lodging Hospitality Management will turn St. Louis Union Station into an entertainment complex with food trucks, an aquarium and a Ferris wheel. And a $134 million Lawrence Group development at the former Century Electric Co. foundry in Midtown will include bars, restaurants, office space and an Alamo Drafthouse cinema.
St. Louis has been reshaping its riverfront with projects like Laclede’s Landing and the ongoing $380-million makeover of Jefferson National Expansion Memorial and its landmark Gateway Arch.
There is also a $240 million university campus expansion, a $550 million hospital renovation and a $770 million office space extension – all of which will be enhancing the appearance of the area. The largest development is a national headquarters building which is costing $1.7 billion.
St. Louis has quietly evolved into one of the high-tech hubs of the Midwest in recent years. Boeing, Unisys and Hudson’s Bay Company are among the many companies that have opted to expand their tech operations in St. Louis. Tech recruiting portal Dice.com has reported several times that the city is among the fastest-growing in the United States for new jobs in the tech sector.
Saint Louis is turning into a very modern city and we have also seen a plethora of boutique hotel developments around the city, with more than $400 million currently being invested to restore and repurpose historic structures into boutique hotels. Of that total, more than $304 million is being invested in a total of six Downtown St. Louis boutique hotel projects. Another $111 million is being pumped into three ventures in the Central West End, Midtown’s Cortex Innovation Community and Clayton.
One of the most exciting projects is Ball Park Village Phase 2. Saint Louis loves baseball and so there is huge anticipation for the work being done here. On the west side of the existing Ball Park there will be a new large office building and hotel featuring a special events space. On the east side, a 29 story residential apartment building is in the pipeline. Both sides will have outstanding views into the Busch Stadium, and additional retail and restaurants in between.
It’s been five years since the project’s groundbreaking and four years since workers completed Phase I, a $100 million, 120,000-square-foot entertainment complex with restaurants, event spaces, a giant sports bar with a 40-foot LED screen, a Majestic gift shop and the Cardinals Hall of Fame & Museum.
The complex’s centerpiece is the sports bar and concert venue FOX Sports Midwest Live! It has a 100-foot retractable glass roof, 200-seat restaurant and VIP lounge, in addition to the 40-foot LED screen.
Saint Louis has so much going on right now. In fact, data from the Emerging Trends survey suggests that the real estate industry in St. Louis is poised to stay on a upward path in 2019, which is great news for investors looking to buy property in the area.
If you are thinking of investing in a buy-to-let property in St. Louis, email email@example.com and our team will be happy to help.