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Update on activity in FPSE

I got a chance to drive by a few ongoing projects in the St. Louis City neighborhood of Forest Park Southeast (or “The Grove” if you prefer) recently and it looks like things are moving along nicely. What surprised me was that a stumbled across yet another large project that I hadn’t heard about. Then, just this morning, I got word that Commerce Bank is looking for proposals for a potential development at Vandeventer and Manchester. When it rains it pours.

First off, I wanted to update everyone on the progress of the three area projects I discussed back in April. I’m happy to report that things appear to be moving ahead nicely. If you check out the pictures below, you can see how things are progressing at the future site of the restaurant, Mia Rosa, and the offices for Sitelines. The Sitelines building is a big project, and is probably going to take awhile, but it appears to be fully demoed with crews hard at work. Mia Rosa, on the other hand, is looking particularly far along. Word has it that they are targeting a mid-July open, so that’s not much of a surprise. Sadly, I have no new pics of the yoga studio going in on Arco. There was a full crew there when I came by, but it was hard to tell what stage things were at. I took no pictures because a couple a big trucks were blocking all potential angles when I drove by.

I’m happy about the progress of those projects, but the big news is the new development I ran across at 4244 Chouteau. If you’re familar with the area, its the B.C.S Moving & Storage building at the corner of Boyle and Chouteau. There were tons of construction guys outside when I drove by and a huge load of lumber was being delivered. At first I thought they might just be remodeling for the business, but it looked like something bigger than that. I’m crossing my fingers that its a large conversion project. Its a big building, and would fit quite a few units. Any readers have any inside info on that one?

I saved the best for last. The Post Dispath is reporting that Commerce Bank is looking for potential developers for their 5.5 acre lot at Vandeventer and Manchester. As the commercial corridor along Manchester has been brought back to life, it has always seemed like a hindrance to taking things to the next level. The lot is at the front door to the neighborhood and its great to hear that something might be happening with it in the near future.

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Matt Kastner

Matt Kastner is an Investment Real Estate Consultant at St. Louis Real Estate Society in St. Louis, Missouri. He is also develops properties on the side through Threshold Properties. When he isn’t representing investors in the purchase or sale of multifamily properties, rehabs, foreclosures and other income producing properties, he is often taking on rehab projects himself. He lives in South St. Louis and has been in the real estate business since 2004.

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2 thoughts on “Update on activity in FPSE”

  • Scott McIntosh

    August 23, 2008 at 5:28 pm

    The B.C.S Moving & Storage building at the corner of Boyle and Chouteau is owned by Restoration St. Louis. They are converting the building into market-rate apartments.

    Reply
  • Matt Kastner

    August 26, 2008 at 8:43 am

    That seemed like the likely story. I’m glad to hear it. They do a good job with their apartments. It wo0uld be great to see some condos though. THe neighborhood could use a few more owner occupants.

    Reply

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