{"id":1004039751,"date":"2012-03-02T09:28:01","date_gmt":"2012-03-02T17:28:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004037034"},"modified":"2022-12-07T22:26:33","modified_gmt":"2022-12-08T06:26:33","slug":"spinnaker-begins-residential-phase-of-250m-st-louis-development","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/spinnaker-begins-residential-phase-of-250m-st-louis-development\/","title":{"rendered":"Spinnaker Begins Residential Phase of $250M St. Louis Development"},"content":{"rendered":"<p><strong>March 2, 2012<\/strong><br \/>\n<em>By Barbra Murray, Contributing Editor<\/em><br \/>\n<a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/03\/030212-Spinnaker-Laurel-Apartments.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004037035\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/030912-econwatch-handshake-user-deputado-bruno-covas-150x150\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/03\/030912-EconWatch-Handshake-user-Deputado-Bruno-Covas-150x150.jpg\" data-orig-size=\"150,150\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"030912-EconWatch-Handshake-user-Deputado-Bruno-Covas-150&#215;150\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/03\/030912-EconWatch-Handshake-user-Deputado-Bruno-Covas-150x150.jpg?w=150\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/03\/030212-Spinnaker-Laurel-Apartments.jpg\" alt=\"\" title=\"030212 - Spinnaker-Laurel Apartments\" width=\"300\" height=\"212\" class=\"alignright size-medium wp-image-1004037035\" \/><\/a><\/p>\n<p>Spinnaker Real Estate Partners takes the next step toward the completion of the $250 million, mixed-use Mercantile Exchange project in St. Louis, Mo., with the opening of Laurel Apartments, a 205-unit luxury residential community.<\/p>\n<p>Carrying the address of 616 North Seventh St., Laurel Apartments is a component of the MX development&#8217;s $130 million Laurel Building, which also features the 212-room Embassy Suites Hotel, 35,000 square feet of retail space and come 2013, it will be home to 23,000-square-foot National Blues Museum.<\/p>\n<p>St. Louis apartments are getting a great deal of attention these days and it has much to do with the city&#8217;s downtrodden housing market. According to a report by Marcus &amp; Millichap Real Estate Investment Services Inc., low employment numbers and high lending standards are keeping residents out of the home-buying game and driving them toward the rental market, the luxury rental market in particular. Laurel fits the bill with such offerings as high-end finishings, hotel maid service and for the eco-friendly tenant that wants to go the extra mile, the only electric vehicle charging station in downtown.<\/p>\n<p>The timing of Laurel Apartments&#8217; recent debut appears to be just right; the average vacancy rate in St. Louis is on track to decline 40 basis points to an enviable 6.3 percent this year, as per the report.<\/p>\n<p>In addition to the restrictive housing market, the very location of Laurel Apartments will likely spur demand, as the MX is, Spinnaker CEO Clay Fowler noted, &#8220;becoming an epicenter of energy in downtown St. Louis.&#8221; Other segments of the mixed-use, live-work-play project will include the $30 million MX Building, which will feature 110,000 square feet of retail space.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Spinnaker Real Estate Partners takes the next step toward the completion of the $250 million, mixed-use Mercantile Exchange project in St. Louis, Mo., with the opening of Laurel Apartments, a 205-unit luxury residential community.<\/p>\n","protected":false},"author":1201,"featured_media":1004036972,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21782,21808,13,21752,21742],"tags":[],"class_list":["post-1004039751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-development","category-featured","category-midwest","category-mixed-use","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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