Downtown STL Annual Report
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1 the State of Downtown 2017 2 the State of Downtown 2017 3 TABLE OF CONTENTS 4 MESSAGE FROM THE MAYOR 5 DOWNTOWN'S IMPACT ON THE REGION 6 MESSAGE FROM THE CEO 7 FINANCIALS 8 OUR PARTNERS 9 YEAR IN REVIEW Real Estate Notable Projects Innovation & Entrepreneurship Urban Space Marketing, Events & Hospitality 15 OUR NEIGHBORHOOD 16 STAFF 17 TESTIMONIALS 18 DOWNTOWN STL, INC. BOARD 19 COMMUNITY IMPROVEMENT DISTRICT BOARD 4 the State of Downtown 2017 MESSAGE FROM THE MAYOR I am honored to introduce the 2017 Annual Report for Downtown STL. Great American cities have vibrant, thriving downtowns where people can live, eat, attend a sporting event, and enjoy nightlife. Downtown STL, working with community stakeholders and city government, has made that a reality. BEHIND THE SCENES Downtown's transformation from the neglected and undesirable area it was 15 years ago, into one of the most WITH vibrant neighborhoods in our city, is a credit to Downtown CITY HALL STL's vision and willingness to work alongside the City of St. • Downtown STL, Inc. (DSI) partners Louis. closely with the St. Louis Development Corporation (SLDC) on the Here in St. Louis, we often talk about the need for growth. transformation of the Downtown built If we are going to attract dynamic and civic-minded young environment. professionals, we have to give them what they want — safe, fun, and walkable communities. • DSI and the St. Louis Metropolitan Police Department are constant Our downtown has led the way in that regard. collaborators in efforts to make Downtown a safe and welcoming neighborhood. Downtown already has a lot going for it. The Washington Avenue Loft District, the Central Library, Citygarden, Kiener • DSI is consistently engaged with a Plaza, the Peabody Opera House, the Gateway Arch grounds, variety of City departments on issues the spectacular architecture, our sports venues, and our that impact everything from Downtown eateries can compete with any city of similar size. infrastructure to citizen services. We will continue to promote downtown as a desirable place for employers and their employees to call home. The work Downtown STL does is paramount to that effort. Downtown's Share of Total City Employment Downtown STL is an advocate with the vision and track-record Public Admin 79% to maintain its status as one of our City's greatest assets. Prof, Sci, Tech Services 67% I would like to thank Downtown STL for its energy and commitment in making downtown an attractive place to live, Information 66% work, and play. Arts, Ent., & Recr. 65% I also extend my appreciation to the employers who have Utilities 64% invested in downtown and our residents who have chosen to make their homes downtown. Admin & Support 60% Finance & Insurance 54% Sincerely, Management 52% Wholesale Trade 44% Lyda Krewson Accom. & Food Services 39% Mayor, City of St. Louis Real Estate & Leasing 38% 5 BEHIND THE SCENES WITH SLEDP • Missy Kelley is a Mayoral DOWNTOWN'S IMPACT appointee to the board of directors representing the ON THE REGION City of St. Louis. • DSI works with the STL Mosaic Project to champion and leverage Downtown as a prime destination for immigrant entrepreneurs. A letter from • DSI and the SLEDP have been Sheila Sweeney catalysts behind innovation CEO, St. Louis Economic anchors, such as T-REX, Development Partnership Fashion Incubator, and Arch Grants. • DSI and the SLEDP work together on retention, expansion, and relocation of businesses in the STL region. Congratulations to Downtown STL for another successful year. We are proud to collaborate with you, and are eager to continue working with you to further the momentum in Downtown St. Louis. Downtown STL is vital to supporting the growth of the EMPLOYMENT HUB companies, shops, restaurants, and residents that are essential of the Region to our region's and state's economic vitality. St. Louis has emerged as a national tech hub with a highly skilled workforce, prompting both Nestlé Purina and KPMG World, National, or Regional Headquarters to expand their IT operations, adding nearly 500 jobs to their for 11 Fortune 1000 Companies Downtown campuses. Startups continue to flock Downtown to the T-REX business Largest Advertising Largest incubator, which houses over 200 companies that have created Marketing, and PR Firms Architecture Firms over 2,200 jobs with an annual economic impact of more than $350 million. The second phase of Ballpark Village is set to begin soon with 7 of 10 of a $220 million plan that will result in a new high rise in St. 11 15 Louis, and will provide additional residential property, office space, retail, and entertainment. We applaud the work that Downtown STL is doing to create Accounting Firms Law Firms an atmosphere that connects businesses with our social fabric, building a distinct place where people can live, work, and play. I have no doubt that 2017 will continue to see great success. I'm proud to support the work you and your colleagues do to 6 of 10 7 of 10 amplify all the positive assets in Downtown St. Louis every day. Sincerely, Sheila M. Sweeney Downtown Rest of the Region CEO, St. Louis Economic Development Partnership 6 the State of Downtown 2017 Partnerships with business, civic, and regional organizations have been the hallmark of our progress this year. From marketing, to wayfinding, to infrastructure, collaboration has yielded greater efficiencies and MESSAGE FROM results. As we work more closely with our neighbors along the central corridor to set a framework for economic growth, we envision a city THE CEO that is connected, inclusive and prosperous. As the economic hub of the St. Louis region, the success of the city relies heavily on the success of Downtown. Per a 2016 study by Development Strategies, Downtown contributed approximately $96M in 2014 to the city’s total General Revenue fund, which reinvested about $33M back into Downtown. The $63M difference played an essential part in the general welfare of city neighborhoods outside of Downtown. The positive effect Downtown has on the rest of the city is profound and I am happy with the progress we have made. With T-REX alone creating 2,230 jobs and producing over $350M in annual economic output, there are plenty of cheers to go around. However, Downtown STL, Inc. is not ready to call it a win. We aim to cultivate a 21st- Century Downtown worthy of its historic vibrancy. To get there, we have some priorities to address, namely infrastructure, public safety, and a convention center in need of expansion. As we look forward to the future, we look back with pride on the success of the past few years. The neighborhoods of Downtown and Downtown West are now home to nearly 10,000 people, as our residential growth rate continues to climb with record growth in 2016 of 7.2%. The positive momentum continues with $1B+ in Downtown development currently underway or announced, including the first new office tower in over 30 years. The pending redevelopment of iconic buildings such as the Railway Exchange and Jefferson Arms will transform the visitor and pedestrian experience. There is a lot riding on the future we create in Downtown, as best said by the legendary former mayor of Indianapolis, Bill Hudnut, “You can’t be a suburb of nowhere.” While our primary focus is to foster economic growth in Downtown, we do so in collaboration with business and civic partners across the region to elevate the brand of the St. Louis we all call home. Missy Kelley CEO, Downtown STL, Inc. YOU CAN’T BE A SUBURB OF NOWHERE. — Bill Hudnut, Former Mayor of Indianapolis 7 Downtown STL, Inc. is a Downtown-focused membership organization that also manages the Downtown St. Louis Community Improvement District. Both entities are governed FINANCIALS independently by their respective boards of directors. DOWNTOWN ST. LOUIS COMMUNITY DOWNTOWN STL, INC. IMPROVEMENT DISTRICT, INC. Condensed Statement of Financial Position Condensed Statement of Financial Position Year Ended June 30, 2016 Year Ended June 30, 2016 Cash 104,562 Cash and Investments 2,330,244 Other Current Assets 236,270 Other Current Assets 167,362 Property & Equipment, Net 33,385 Property & Equipment, Net 111,559 Total Assets 374,217 Total Assets 2,609,165 Current Liabilities 147,097 Deferred Revenue 2,157,948 Long-Term Liabilities 16,370 Other Current Liabilities 282,118 Total Liabilities 163,467 Long-term Liabilities 30,150 Unresticted Net Assets 210,750 Total Liabilities 2,470,216 Temporarily Restricted Net Assets - Unresticted Net Assets 133,591 Total Net Assets 210,750 Temporarily Restricted Net Assets 5,358 Total Liabilities and Net Assets 374,217 Total Net Assets 138,949 Total Liabilities and Net Assets 2,609,165 Condensed Statement of Activity Year Ended June 30, 2016 Condensed Statement of Activity Contract Income 2,511,076 Year Ended June 30, 2016 Other Support and Revenue 462,473 Property Assessments 3,087,495 Total Support and Revenue 2,973,549 Other Support and Revenue 213,134 Total Support and Revenue 3,300,629 Program Services 2,661,776 Supporting Services 268,388 Program Services 2,959,343 Total Expenses 2,930,164 Supporting Services 347,127 Total Expenses 3,306,470 Increase in Unrestricted Net Assets 43,385 Increase (Decrease) in Temporarily (19,800) Decrease in Unrestricted Net Assets (5,841) Restricted Net Assets Increase (Decrease) in Temporarily (8,400) Total Increase in Net Assets 23,585 Restricted Net Assets Total Increase (Decrease) (14,241) in Net Assets Beginning of Year Net Assets 187,165 Cash and investments - End of Year Net Assets 210,750 Other Current Assets The financial statements above are condensed versions Property and Equipment, Net 153,190 of full audited statements available at End of Year Net Assets 138,949 www.downtownstl.org.