$205 Million to $4 Million: How this Building Lost 98% of its Value, a Real Estate Story 

Wow, crazy if true!

Yes that is the truth. He was denied membership and the company was subsequently relocated. Was it the cause? Do the math. The CEO was a person of color and the "old money" st louis society can't handle change. They've taken St Louis down the tubes with their small town mindset and even the children of the industry scions have moved on. The remaining ones still wax poetically about the good old days and the World's Fair of 1904! It's gone from having 20 fortune 500 headquarters in 1980 to about half a dozen. Sad lack of leadership and the political rivalry between the city proper and surrounding county also could be to blame. We had a good run but it's over.

Bro had wayy too much power hahaha

@@UrbanAngle, he was denied membership to the St Louis country club , Barnes Road but I’m sure it was not the main reason (probably didn’t help, I understand the guy was a big dick and probably was yearning for Texas because that’s where he was born and raised). His house was in the Saint Louis CC community,but just because you own a house in the St. Louis country CC community does it mean you can become a member (still need that blue blood).

The deep floor plates of older office buildings is also a challenge for conversion to residential, as portions of a residential unit will be pretty far from the exterior walls/windows.

@@UrbanAngle At the cost sold you could easily sell each floor as individual condos and come out fine. Now each condo still has a parking space, and an unbelievable amount of square footage for the cost.

@@eric4903 No rich people want to live in the City of STL. They have there mansions in stl county or st Charles and there penthouse in chicago/new york

@@smollerbruh6659 You would not even have to sell to the rich. Sell each floor for $250k, and you made over $10M. People could renovate a large portion of the floor for cheaper than they could buy a moderate house.

@@eric4903 Dude, get real: do you even know downtown STL? They are struggling to keep the homeless from moving out of there..

$4 million will be a fraction of the cost needed to redevelop the project for its next tenant/use.

Yes, AT&T paid rent through the remainder of their lease after they vacated, but the owners were never able to re-lease. Yes, it will require significant costs to redevelop into something usable.

At times they focused on searching for a single tenant, such as USDA or Amazon (during the HQ2 search), but ultimately the parking situation was a deterrent for all tenants, regardless of the size of the leased space.

Probably also had code violations, unpaid fees and taxes.

No, its a collapse in commercial real estate. Happening all over the country (well, in Democrat run sh*tholes)

I think you're exactly right. I will say skybridges are complicated in downtown saint louis. There has been a move to remove most of them, because they left them completely abandoned for years and some of them were occupied by the unhoused for so long that builders were unwilling to bother cleaning them up. They said that those bridges just reeked of pee, but I'd be very surprised if this one was like that because it had been used as an actual office for so long. This feels more personal.

It definitely makes you wonder if this was the intent from the start.