By. Chris Stritzel
More renderings. A vacated building. Approval to demolish since March. All seem like for sure signs that 300 South Broadway is ready to go. What adds to it is that the property was rezoned in April. The transformational, and highly controversial, project just has one snag at this point, financing. When I spoke to the developer earlier this week on the matter, he responded by saying that "financing is coming along together nicely" and that building permits should be applied for by the end of August for a construction start date in September. What is controversial about the project is the demolition of the current, and historic, existing structure on site. Many people have been opposed to the demolition of the building since it was announced. advocates for preservation have asked to either save the existing façade or move the building to somewhere else. Both of these options have not come to fruition because of cost or owners unwilling to sell land.
As the dust continues to fly over the loss of the building, things look to be green lighted behind the scenes. I know I shouldn't have been worried about it not happening but was reassured it was happening with two things...
1. HDA Architects slipped and published 4 additional renderings of the project (featuring One Cardinal Way) to Facebook before swiftly taking them down.
2. A sign has been posted on the door of the current 300 South Broadway building stating that "the building is closed" and for more information, "Call this number" (wont be published to this website).
Those things reassured me that this is happening. For some, it is heart breaking to see this building go and even I don't really want to see it go but progress is progress. Downtown needs whatever new construction and development it can get at this point. The building that currently exists is only 7 floors, the new building will be 32. A skyline changer (as seen in the rendering below). Not only that but as Ballpark Village grows, demand will grow for more residential in the near vicinity so building 300 South Broadway will surely help feed demand.
The price tag on 300 South Broadway is $100 Million. With this and Ballaprk Village Phase 2, $360 million in development is happening within a block of each other. This also helps push total ongoing Downtown development to over $500 Million and over $800 Million since 2014. While 268 apartments units will be added to Downtown as a result of 300 South Broadway, the influx of nearly 570 apartment units in a block could weaken the apartment market South of Market. It all depends on rent in the end. While One Cardinal Way has published their rents (ranging from $1435 to $7965 a month), 300 South Broadway hasn't yet. I don't expect rents to be as high at 300 South Broadway so I expect both buildings to cater to different people ho want to live in downtown, but have different budgets.
While the completion date for 300 South Broadway is a long way off (Fall 2020), its effects on downtown will already be felt immediately once demolition begins on the existing structure. Once a crane rises, the mark the building makes on the skyline will be immediately felt. Even though we have to at least December to admire the historic building, we must be ready for the days of future upward growth in Downtown. It may come in the form of demolishing existing, and abandoned, structures or forgetting about the abandoned buildings and building anyway. Either way, 300 South Broadway gives us a look into the future of Downtown high-rises and that is that they wont be North of Market, they will be South of Market and centered around the Stadium. In the end, until construction starts, the clock is ticking.
Facts and Links
Height: 337 Feet
Floor Count: 32
Cost: $100 Million
Developer(s): CA Ventures and White Oak Realty of Chicago
Contractor: Paric (assumed based on track record at 212 and historic façade preservation reports).
Make up of floors: 1- Lobby. 2-7- Parking. 8-31- Apartments (16th Floor is a overlook). 32- rooftop Amenity.
Materials used: Concrete, Glass and Steel
Fun Fact One: Will be taller than One Cardinal Way by 17 feet.
Fun Fact Two: Will be the tallest residential only building in Downtown upon completion (the former Laclede Gas Building does not count as DowntownSTL Inc. and Arcturis have their offices in that building).
Fun Fact Three: Will be the tallest building East of Broadway.