|
St. Louis
Commerce Magazine hasn’t featured a building on its cover
since the ’80s, with the Southwestern Bell headquarter building
in 1984, the Metropolitan Square building in anticipation of its
opening (1989), St. Louis Centre and Union Station in 1985, and
the renovation of the Old Post Office building and the opening
of the St. Louis Galleria in 1986.
With the completion of the first phase of redevelopment of Cupples
Station, we couldn’t resist the opportunity to revisit this tradition.
The grand opening of the Westin Hotel at Cupples Station on March
8 was indeed grand—for so many reasons:
- Historic
buildings are saved. Robert Hermany, vice president,
operations Starwood Hotels & Resorts Worldwide Inc., said
at the opening, “This landmark building, steeped in St.
Louis heritage, has been transformed…and saved from the
wrecking ball.” These historic buildings make the central
city unique.
- It
is important to the revitalization of the urban core.
Governor Holden stated at the opening, “With this major
step—the second life of Cupples Station—it is my hope
that we will see new life downtown. Projects such as this
should attract more people to live, work, visit and conduct
business in the heart of St. Louis, returning this area
to its former glory. And as this city’s southern front
door changes from blight to historic delight, the impressions
of visitors and area residents of downtown St. Louis will
change as well. Success stories such as this will allow
downtown St. Louis to once again become a central hub
for business and residential activity.”
- It
demonstrates the virtues of public/private partnerships.
-
It offers testament to the value of Missouri historic
preservation tax credits.
- It
brings to downtown another luxury hotel. Driskill
also said, “The Westin St. Louis will raise the bar for
quality and truly answer the need for high-end accommodations
in the downtown hotel industry. And it has the potential
to draw more tourists and conventions to downtown St.
Louis, thus increasing the area’s tax base.”
|
In other St.
Louis Commerce news, a story on page 38, features the June
14 Angel Conference, a unique investing seminar that offers a
curriculum that includes presentations, case studies and panel
discussions on finding the right angel investment opportunities,
portfolio strategies, deal sources, valuation, due diligence,
structuring investments, post-investment roles for angels and
exit strategies.
The conference will help investors refine their skills as angels
to make more knowledgeable investments.
Lastly, this issue profiles Richard Mark, president/CEO St. Mary’s
Hospital of East St. Louis. Mark has led the hospital’s turnaround
from a $6.5 million loss in 1990 to a positive eight percent margin
in 1997, reducing expenses by more than $1 million the first year.
He also developed the Neighborly Care Plan, a managed care plan
for Medicaid recipients that provides financial stability for
St. Mary’s and saves Illinois $1 million annually. These are just
a few of his accomplishments. Learn more about Mark as well as
enjoy the many other features in this month’s issue.
Richard C.D. Fleming
President and Chief Executive Officer
St. Louis Regional Chamber and Growth Association
|
