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OLD POST OFFICE DISTRICT RENOVATION
TAKES MAJOR STEP FORWARD
Following a six-year effort, the Old Post Office project will at last become a reality, now that the financial transaction has been completed to close the deal. The $77 million renovation of the 120-year-old downtown landmark building, and the adaptive reuse and renovation of what was in many cases long-vacant surrounding two million square feet of space in historic structures in the nine-square block Old Post Office District, has now begun. Developers expect it will take some 14 months to complete the project.
When renovation is completed, the Old Post Office itself will contain over 155,000 square feet of office and retail space. By early 2006, the historic building will house the U.S. Court of Appeals Eastern District, an expanded downtown campus of Webster University, a Pasta House Pronto restaurant, a satellite branch of the St. Louis Public Library, and the offices of the St. Louis Business Journal.
The renovation of the Old Post Office itself, and the construction of the adjacent 9th Street Garage, is just part of the development of the nine-block Old Post Office District. The Old Post Office project is the centerpiece of the regional effort to transform downtown into a 24-hour mixed-use neighborhood. Other renovations include the expansion of the Mayfair Hotel, the development of the Roberts Lofts in the former Board of Education Building, the renovation of the Paul Brown Building into 223 apartments, the Arcade Building, and a number of other mixed-use residential loft projects in the District.
PINNACLE ENTERTAINMENT
TO INVEST $508 MILLION IN DOWNTOWN AND LEMAY DEVELOPMENTS
Pinnacle Entertainment has been selected by the Missouri Gaming Commission for two casino developments that it has proposed for the City of St. Louis and St. Louis County. For the city, Pinnacle has proposed a $208 million downtown project that would include a 75,000-square-foot casino, a luxury hotel, retail space and a large parking structure. The proposal also calls for Pinnacle to build an additional $50 million in residential housing, retail or mixed-use developments in the city within five years of the casino/hotel opening.
 Rendering for the proposed city casino. |
| Rendering for the proposed South St. Louis County casino. |
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In South St. Louis County, Pinnacle has proposed a $300 million gaming and mixed-use project on a 56-acre former industrial site in Lemay. Plans call for a 90,000-square-foot casino, a 100-guest room hotel, extensive retail and entertainment space, and a 24-acre public park. Pending necessary approval, construction is expected to begin on both casinos in 2005 with opening dates in 2006 and 2007.
BOEING RECEIVES $891.6 MILLION CONTRACT
TO SUPPORT C-17 AIRLIFTER FLEET
| C-17 |
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The U.S. Air Force has awarded Boeing Integrated Defense Systems an $891.6 million contract modification to provide sustainment services for the C-17 airlifter fleet. Under the contract, Boeing is responsible for providing all services necessary to sustain the aircraft, including material management and depot maintenance support, at three of the Air Force’s Air Logistics Centers in Georgia, Utah and Oklahoma. This is the first of four option periods under a contract awarded in July 2004, with a total potential value of $4.9 billion
if all remaining options
are exercised.
OLD NORTH ST. LOUIS
SLATED FOR $10 MILLION REVITALIZATION
The Old North St. Louis neighborhood is undergoing a $10 million revitalization effort that is bringing 37 new homes, renovated homes and rental property to areas that have long been vacant. The new three-bedroom homes, designed by architect Ralph Wafer, will retain the historic theme of the area, which is on the National Register of Historic Places. They will range in price from $145,000 to $189,000, depending upon size. The revitalization is a collaborative effort between the Old North St. Louis Restoration Group and the nonprofit Regional Housing and Community Development Alliance.
ST. LOUIS AMONG TOP 10 CITIES FOR GROWTH OF WOMEN-OWNED BUSINESSES
St. Louis is among the top 10 metropolitan areas with the fastest growth rates for women-owned firms, according to a report released
by the Center for Women’s Business Research. St. Louis tied with Miami for the tenth
fastest growth rate. Salt Lake City ranked
No. 1 followed by Phoenix, Las Vegas, Raleigh/Durham/Chapel Hill, N.C.; Charlotte, N.C., Greensboro, N.C., Portland, Ore., and Nashville, Tenn.
St. Louis ranked No. 5 among metropolitan areas with the greatest share of women-owned firms with 52.6 percent. Portland, Ore., ranked No. 1 in that category with 57.7 percent women-owned firms.
AUGUSTA WINERY WINS GOVERNOR’S CUP
At the 2004 Missouri Wine Competition, Augusta Winery’s 2002 Estate Bottled Norton won the coveted Governor’s Cup, the top award at the annual competition that spotlights Missouri’s best wines. The Norton won the Best Dry Red Wine category on its way to winning the Governor’s Cup.
Augusta Winery owner Tony Kooyumjian took home additional honors when Montelle Winery, which he operates, won the Best Dry White Wine and Best Semi-Dry White Wine categories with its 2003 Chardonel and River Country White, respectively.
Stone Hill Winery in Hermann, Mo., won four of the eight category awards. Its 2003 Steinberg Red won Best Semi Dry Red Wine; 2001 Port won Best Dessert/Fortified Wine; Golden Spumante won Best Sparkling Wine; and 2002 Late Harvest Vignoles won Best Late Harvest/Ice Wine. St. James Winery’s Velvet Red won the Best Sweet Red category.
TECHCONNECT 2004: INNOVATORS CONNECTING INDUSTRIES
More than 400 technology industry innovators converged at the St. Louis Science Center for the third annual TechConnect 2004 conference Oct. 13 and 14 at the
St. Louis Science Center. Organized by the St. Louis RCGA Technology Gateway Council and planned by a committee of industry
professionals, TechConnect was designed to facilitate collaborations and partnerships among technology industry professionals, and to identify growth opportunities at the intersection of technologies.
| David Kirschenbaum (seated), director–business Development, at MDS Pharma Services, tests out the Boeing flight simulator during the TechConnect 2004 Gala Networking Reception. The Boeing Company was one of 35 sponsors of TechConnect 2004. |
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In line with this year’s theme, “Innovators Connecting Industries,” scientists, technologists, entrepreneurs, service providers,
venture capitalists and politicians heard from nearly 50 speakers from the biomedical sciences, plant sciences and information technology industries.
A major life sciences focus of the conference was the trend toward individualized medicine and nutrition. G. Steven Burrill, CEO of Burrill and Company, a San Francisco-based life sciences merchant bank with more than $500 million under management, delivered a keynote address on how genomics, biotechnology and the rising costs of health care are transforming the practice of medicine.
But the region’s technology assets extend much beyond nutraceuticals and offer ample opportunities for even more regional growth, as noted by RCGA Technology Gateway Chairman Robb Fraley, executive vice president and chief technology officer at Monsanto Company, in his opening statements at TechConnect:
Some 250,000 people (14 percent of the region’s total employment) are employed directly and indirectly in the St. Louis region’s plant and life sciences, information technology (IT) and advanced manufacturing cluster, generating an annual economic impact of $43 billion.
Research investment at St. Louis area universities exceeds $500 million, and Washington University’s School of Medicine is now ranked No. 2 behind only Harvard University in National Institute of Health grants.
Capital under management by St. Louis-based venture capital firms in the plant and life sciences has grown from well below $100 million four years ago to more than $400 million today.
Making TechConnect 2004 possible were 35 sponsoring companies including lead sponsors Monsanto; Pfizer; Centocor Biologics; Sonnenschein, Nath & Rosenthal; SAVVIS Communications; and Hewlett-Packard. Bigwidesky, also a lead sponsor, provided the conference logo and virtual marketing campaign.
STEAMERS RETURN FOR 25TH ANNIVERSARY
Offering a unique, money-back guarantee, the St. Louis Steamers, of the Major Indoor Soccer League (MISL), opened their 25th anniversary season Oct. 29 against the Baltimore Blast at the St. Louis Savvis Center.
Philadelphians Wally Smerconish, Steamers chairman, and partner Michael Hetelson have pledged to refund ticket prices if fans are not happy for any reason.
“If you regret it then I’ll refund your sixteen bucks,” Smerconish wrote in a fundraising letter. “Twelve if you’re a season ticket holder...”
Smerconish also announced the team was filming the entire
season, including behind-the-scenes decision-making, for production
of a reality television show. For tickets call (314) 421-4400 or visit http://www.steamerstv.com/.
AMERICAN AIRLINES EXPANDS SERVICE AT LAMBERT
American Airlines and its regional partner, AmericanConnection, will expand service out of Lambert-St. Louis International Airport starting this month. By February 2005, the airline expects to increase its jet departures from St. Louis by
15 percent over November 2003 levels.
The airline will add one new flight daily to four new destinations: Columbus, Ohio; San Antonio, Texas; and Tulsa, Okla. Service to Columbus and San Antonio will begin Dec. 16, 2004, and flights to Tulsa will start Jan. 31, 2005. The airline is also adding seasonal flights to Cancun, Mexico, and
Fort Lauderdale, Fort Myers, Orlando and Tampa in Florida. A new daily flight on the business route to Washington, D.C., will also begin Jan. 31.
Over the coming months, American-Connection® will offer new flights to
Richmond, Va.; Tulsa, Okla.; Milwaukee, Wis.; Minneapolis/St. Paul, Minn.; Newark, N.J.; and Norfolk, Va.
THE BUNNY IS BACK
Energizer Holdings is investing $68 million in an advertising campaign that will relaunch the Energizer Bunny. The bunny will appear on billboards, taxicabs, bus shelters and skyscrapers across the nation as part of Energizer’s new “Keep Going” marketing initiative, which celebrates individuals who never quit.
ST. LOUIS BUSINESS LEADERS SEE STRONGER ECONOMIC CONDITIONS
Economic conditions in the
St. Louis region have significantly improved from a year ago, according to a recently-completed survey of about 170 St. Louis area business executives polled by the Civic Entrepreneurs Organization (CEO) and the St. Louis RCGA. The percentage of respondents who said general business conditions are improved from a year earlier (86 percent) was the highest in more than five years.
While a sizable percentage of those same executives reported they plan to expand their operations, increase hiring and boost capital outlays, they expressed concern that interest rates would rise. That concern, however, was largely overshadowed by fears of the possibility of another terrorist attack on U.S. soil. Nevertheless, they expect an improvement in local credit conditions and are generally optimistic about their firms’ profits.
Executives in manufacturing, finance and government industries were generally the most upbeat about the national economy in 2005, while those in the communications and media industry were generally less optimistic. Only three respondents expect real GDP growth of one percent or less, while no executive expressed the view that economic growth in 2005 would be negative.
The full results of the CEO/RCGA Annual Survey were presented at the Civic Entrepreneurs Organization’s 17th Annual Economic Forecast Luncheon at the Renaissance Grand Hotel, Oct. 28. The luncheon panelists included former Congressman Dick Armey, independent economist Kathleen Camilli, Tom Dorsey, president and co-founder of Dorsey, Wright & Associates, and John Manley Jr., managing director with Smith Barney’s Private Client Group. Mike Jensen, former NBC News chief
financial correspondent served as moderator.
| (Left to right): John Manley, Tom Dorsey, Mike Jensen, Kathleen Camilli and
Dick Armey. |
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ILLINOIS SIGNS ON TO REVAMP MCKINLEY BRIDGE
| Illinois Governor Rod Blagojevich |
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Illinois Governor Rod Blagojevich (D) has announced an agreement with the City of St. Louis to invest $40
million in revamping the McKinley Bridge in Venice, Ill. The Illinois Department of Transportation plans to release the project for bids by the end of 2004 and to reopen the bridge for traffic in the summer of 2007. McKinley Bridge has been closed since October 30, 2001.
USA3000 TO OFFER FLIGHTS FROM ST. LOUIS
Starting Dec. 21, USA3000 Airlines
will offer direct service between Lambert-St. Louis International Airport and
St. Petersburg/Clearwater International Airport in Florida. The low-fare airline
will offer one flight each day on Tuesday, Thursday and Sunday using Airbus A320
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