urbanSTL

Montgomery Bank

Sikeston-based Montgomery Bank intends to build a new $100 million tower at the southeast corner of Central Avenue and Forsyth Boulevard in Clayton.



According to Joel Montgomery, principal and general counsel of the family-owned bank, the bank is "still really in the incubation stage of planning" on the development.



Initial plans call for a tower of 25 to 30 floors that would house Montgomery Bank's offices and a bank branch on the ground floor.



The development would also include additional office, retail and residential space -- with the residential component featuring either condos or a hotel. The bank plans to raze the buildings at 4 S. Central, 10 S. Central, 14 S. Central, 18 S. Central and 7820 Forsyth to make way for the development.

http://stlouis.bizjournals.com/stlouis/ ... tml?page=3

Youve sure been a busy bee, bpe

I had a cup of joe this afternoon and all of a sudden I was wired... Maybe I should incorporate more coffee in my routine...

anyone have any updates? seems like the info on this one came fast and furious and then died.

updates





Montgomery Bank, County putting brakes on Clayton high-rise

St. Louis Business Journal - by Lisa R. Brown





A request for proposals for Montgomery Bank and St. Louis County to develop a high-rise office tower development in Clayton will be delayed until the economy improves.



St. Louis County officials have canceled plans to issue an RFP for a development site in the heart of Clayton’s Central Business District on Dec. 1. St. Louis County Economic Council Executive Director Denny Coleman said the slowed economy caused the delay. Instead of issuing an RFP, the County and Montgomery Bank will begin marketing the site to gauge interest from prospective tenants.



“In deference to the real estate market, we feel that if we are fortunate enough to get a sizable user for the site, it will be very easy to get a developer,” Coleman said. “We feel that it is one of the best developable sites in the St. Louis Metro area.”.....



http://stlouis.bizjournals.com/stlouis/ ... ily14.html

My initial reaction is disappointment. Another typical Clayton box.



My second reaction is jealousy. I dream of the day that developers clamour to build these things Downtown.



Sigh.

Looks like they chopped off about 10-15 stories since they proposed a 30-story tower.



I too am jealous this isn't downtown, although it does look bland from this rendering.

^Yeah they deffinitely have, I counted about 20 stories in the rendering give or take. Pretty dissapointing, but the trend of new glass towers *seemingly* continues in Clayton. How much longer till they run out of space and begin building higher?

They should be building this at Ballpark Village.

^ No kidding.





This is hardly the signature tower in Clayton I was semi expecting. I guess with the economy the way it is, that is to be expected. I'm holding out for higher quality rendering and more details. I'll miss World News.

Why are the floors varying heights? I get that the first 5 or so are parking, but after that, the next 6 and the top 8+ are different heights, are they not? Is some for office space and some residential/hotel? I haven't been following this project too closely.

It looks like Mongomery Bank is following Centenne's path, get us all really excited with an announcement of a big signature tower, then throw out a stubby tower on the Clayton skyline at the last minute.

It's a little more interesting than Centene, at least.

It's easy to visualize Centenne's tower in that photo/rendering. Clayton's skyline is really filling in.



If only all that stuff was Downtown.

quite the contrary miguel. Large swaths of Class a office space are "slim pickings" according to this article in the bizjournal today.



http://stlouis.bizjournals.com/stlouis/ ... ocus3.html

Downtown space is plagued by the infamous 1% tax.

Why don't any developers step up to the plate in StL? Even if still in Clayton, a developer could have stepped in and leased space in a building to both montgomery bank and centene. This could have resulted in a pretty spectacular 700ish ft building with great signature possibilities. I feel like these things happen everywhere but here.



*Not complaining, just saying*

Montgomery Bank

Undetermined development cost

Central Avenue and Forsyth

Status: Seeking tenants

Sikeston-based Montgomery Bank quietly acquired several properties at the southeast corner of Central Avenue and Forsyth in 2006 and 2007. The bank then announced plans to raze the existing low-rise commercial buildings and develop a 30-story high-rise offer tower. St. Louis County initiated talks with the bank about including a county-owned parking facility next to the corner for an even larger project, totaling nearly two acres between Forsyth and Carondelet, Central and Bemiston. The county owns the bulk of the site — 54,600 square feet — and Montgomery owns 29,700 square feet.



St. Louis County officials indefinitely delayed issuing a request for proposals for the site in December 2008, calling the recession an inopportune time to proceed with the development. Joel Montgomery Jr., general counsel and vice chairman of the family-owned bank, met with county officials this week to resume talks on the project. Architectural firm HOK has been tapped to design a massing model for the project. “We’re working on attracting a lead tenant,” Montgomery said. Montgomery said an estimated development cost for the project, which totaled $100 million when the project was conceived, is still being determined, depending on its size.



http://stlouis.bizjournals.com/stlouis/ ... ocus3.html

Apologies for bringing this thread back without any relevant info.

Has anyone heard of any movement on this? How has Montgomery Bank been holding up from a fiscal point of view?

There's a brief review of the status of the project in this SLBJ article from June 28th:

http://bizjournalshire.com/stlouis/stor ... ocus4.html

Joel Montgomery Jr., president of the bank’s development arm, Montgomery Development, said he continues to market the property for lease.

“With the right tenant, we’ve got a project,” he said.

Montgomery said the site, which currently has several low-rise commercial buildings, could accommodate a new development of up to 600,000 square feet of office, retail and restaurant space. The key in today’s financing environment, he said, is getting the project at least 50 percent pre-leased before moving forward.

“Most landlords are willing to do anything to keep their tenants so it makes it difficult,” he said. He’s quoting office rental rates to prospective tenants from $30 to $35 a square foot.

In other words, it's unlikely there'll be any progress in the near future, and I noticed last week that they've apparently just leased one of the vacant storefronts on Forsyth to a new business.

It ironic when a bank can't get financing for their own hq.

Too bad DeWitt won't dump Cordish, talk about a boost to BPV if you can have Stifel Nichols in one corner and Montromery Bank in the other or even one tower with those two as the anchor tenants, would be nice to get a 40 to 50 story buiding going up downtown in this economy. Still time, still hope even if it is wishful thinking.