Grand Center Inc., the nonprofit organization that oversees development and revitalization in the Midtown arts and entertainment district, is moving to a new home to pave the way for a $35 million hotel and residential development....
...Grand Center will move in June from a city-owned building at 634 N. Grand Ave. that will be converted to a 120-room hotel, as well as 20 to 30 apartments and ground-floor retail. Christian said a deal is in the works with a developer and a hotel operator but financing has not yet been finalized.
In February, several developers responded to a request for qualifications to buy and rehab the 12-story, 150,000-square-foot Old Missouri Theater Building at 634 N. Grand Ave. in a project that’s estimated to cost $35 million. The building is located on the east side of Grand, a block south of Powell Symphony Hall. The city’s health and social services departments are headquartered there and are in the process of relocating.
The developer of the 634 N. Grand building and the hotel flag that will fly there have not yet been identified, but Hyatt Place could resume plans to open a hotel in Grand Center. A 125-room Hyatt Place was slated to open this year at the Metropolitan Building at 500 N. Grand Ave., but those plans stalled when the developer, Pyramid Cos., shut down operations last April. A Hyatt Place spokesperson said no information was available by press time.
Hotel analyst Gary Andreas of St. Louis-based H&H Consulting said demand for hotel space would be driven by the 4,500-seat Fox Theatre one block away and nearby Saint Louis University.
“SLU draws good demand despite the downturn in the economy, as parents visit the campus,” Andreas said. “I wouldn’t put 500 rooms there, but 100 to 150 rooms at the right price, there’s significant demand for a four-star hotel.”
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