Former Missouri Pacific Railroad Headquarters Now Luxury Residences

Ground was broken on the Pacific Railroad in St. Louis on July 4, 1851.  By 1917 it had become the Missouri Pacific Railroad (MoPac).

The company grew and decided to build a new headquarters:

In 1926 the Missouri Pacific Railroad began the construction of a 30 floor building in St. Louis which would become the home of the railroad’s offices. In 1928 with only 22 of 30 floors completed, the construction was stopped. (Source)

They had planned a duplicate building behind this on facing east but they didn’t want to appear too wealthy during the Great Depression. Ironically, many needed the work the construction would have provided.

By the early 1980s Union Pacific, based in Omaha, bought the company but kept offices in the building until 2005. After the Lawrence Group purchased the building they planned for-sale condos in the building as well as in a new structure to the east that included parking. When the bottom dropped out of the economy they had to rethink their plans. To make the project work financially more units would need to be fitted into the building and they would be for lease rather than for sale. The structure to the east would become parking only (with ground-level retail space). The result is the ParkPacific.

Due to high costs to redevelop this historic building the decision was made to go upmarket — these are high-end lofts with stone counters, fancy bath fittings and great amenities.  Even though the rates are on the high end there are more total units than were previously planned. This means more people — which is excellent.

The top floor common space retains the original wood panelling and the roof is a great space for residents and their guests.

The roof is wheelchair accessible, whereas the roof at my place isn’t. If I lived at the ParkPacific I’d be on the roof often.  Lawrence Group partner Steve Smith is planning a restaurant in the southwest corner of the building. Smith is the owner of The Moto Museum and Triumph Grill in midtown.

– Steve Patterson

Remember Big Local Banks?

When I moved to St. Louis in 1990 local banks like Mercantile and Boatman’s were the biggest. These are how U.S. Bank and Bank of America, respectively.

Boatman’s opened for business 164 years ago today.

Boatmen’s began as the vision of banker, entrepreneur, and civic leader George Knight Budd. Budd was born in 1802 to George and Susanah Britton Budd, both of whom claimed prominent East Coast lineage. Before he arrived in St. Louis on a steamer in 1835, he had already traveled extensively in the United States, as well as in the Mediterranean and in South America. Budd brought with him a substantial fortune and cosmopolitan vision. Viewing the thriving commerce on St. Louis’ Mississippi shore, Budd determined that the “Gateway” city was the place where he would settle.

Budd spent his first few years in St. Louis as a merchant before joining with a partner, Andrew Park, to form the private banking firm of Budd, Park & Co. Besides his business interests, Budd was a leader in his community. He sold U.S. bonds during the Civil War, for example, and served as financial editor of the Missouri Democrat. He was also a leader in the First Presbyterian Church and served as a city councilman and as city comptroller in the early 1850s. Budd’s service as comptroller demonstrated how his far-reaching vision surpassed that of his peers. As comptroller, Budd arranged for the city to purchase a tract of land downtown for use as a park. Many citizens viewed the purchase as wildly extravagant, and Budd was even forced to resign because of opposition to his decision. But the purchase eventually proved to be one of the greatest bargains the city ever made; the site became the location of the City Hall and other municipal buildings.

By the time Budd was forced to resign from the comptroller position, he had already started the organization (Boatmen’s Savings Institution) that would become Boatmen’s Bancshares. Budd had faced a formidable wall of opposition to that venture, as well, because it was the first nonstate bank of its kind in Missouri. Budd was motivated to start Boatmen’s Savings largely by his desire to help the industrial and working classes in St. Louis, many of whom were boatmen. Indeed, he saw that many of the rivermen were drinking and gambling their money away, rather than saving and investing it for their families and their future.

Budd wanted to start a bank that would cater to the needs of the working class rather than commercial enterprise. The entire city would benefit, he reasoned, because welfare and charitable needs would be reduced, a financial instrument would be put in place that would direct working people’s money into more productive assets like homes and durable goods, and investment capital would be generated for St. Louis. Opposition to his proposal came from bureaucrats, many of whom wanted to protect the state’s control of the commercial banking business. Those critics argued that a private bank would compete with Missouri’s commercial bank. In fact, the Missouri legislature had shot down dozens of petitions from other people who wanted to start private, noncommercial banks. (source)

In it’s 150th anniversary year, 1997, Boatman’s merged with NationsBank.  A year later Bank of America bought NationsBank.

It’s just not the same as having the bank based here for a century and a half. It’s no wonder people are protesting with Occupy Wall Street movements all over the world, including here in St. Louis (see Occupy St. Louis)

– Steve Patterson

SLU Garage Keeps Sidewalk at Olive & Compton Dead

One hundred years ago the block at SW corner of Olive & Compton contained about a hundred buildings — flats and houses mostly. But also a very large indoor skating rink, complete with electric lights!  Those buildings, and the life they gave to the sidewalks, are long gone.

In 1998 Saint Louis University constructed a massive parking garage on this corner — over 180,000 square feet on the ground floor. It’s impossible to have a vibrant (and safe) street life with such a lifeless structure consuming so much length of the sidewalk.

Of course we must stop building in such a way that kills sidewalks. But what do we do here? What we aren’t going to do is recreate the structures that existed 100 years ago, time marches on.  The massive garage isn’t going anywhere due to remaining debt and need.

But rarely is anyone parked on Olive. Why would they? There are no businesses or residences  to visit.

That’s the solution — squeezing in occupied structures between the garage and sidewalk. The garage would likely require mechanical ventilation since a structure(s) would cut off natural cross-ventilation. Small storefront spaces would occupy the sidewalk level, excellent incubator spaces. Apartments on the 2nd & 3rd floors, an elevator & stair would be in the middle.

Yes, you can point out all sorts of issues but I challenge you to instead think of how to make it work because I’m not satisfied this sidewalk will remain lifeless.

– Steve Patterson

Poll: Does Retailing Have a Future at St. Louis Union Station?

When St. Louis Union Station reopened in 1985 the festival marketplace retail concept was all the rage.

But early optimism about retail at St. Louis Union Station faded as national chains gave way to smaller and smaller retailers, now many of those have left as well:

Visitors to St. Louis Union Station can still get a caricature drawn of their likeness, buy various Arch-themed tchotchkes and get a free sample of fudge and a song to go along with it.

But two longtime fixtures in the historic landmark — Houlihan’s and Key West Cafe — recently left the station. And the Bud Shop, which peddles an assortment of Budweiser-related mugs and memorabilia, is on its way out, too.

[snip]

The departures add to the uncertainty about the future of the venue — most notably the question of who will own it. The current owner, Union Station Holdings LLC, is seeking to sell the property. Bids are due Nov. 10.

“There’s no question it has fallen on harder times,” said St. Louis-based consultant Richard Ward with Zimmer Real Estate Services. “I think it’s in for some serious change, but I don’t know what the change might be.” (St. Louis Post-Dispatch)

Union Station’s retail has been continuously falling on “hard times” the entire twenty-one years I’ve been in St. Louis! I missed the first five years, likely the best years.

I have to wonder the future of such retail venues. The Marriott Hotel is doing well though — expanding into the midway space. The Grand Hall is a stunning space.

I’ve made Union Station the poll topic this week, see right sidebar.

– Steve Patterson

Midtown Warehouse “Improved” With Blank Walls

If we had decent codes in St. Louis the owner of this 1923 building wouldn’t have been permitted to make all the window openings into big yellow rectangles.

Yes, the owner invested in the building. Let’s just hope they don’t invest in others.

 – Steve Patterson