Ceylon Opus 6-Story Apts 25 N. Central

dredger · PostJan 19, 2010#1262010-01-19T02:50+00:00

So would Westin entertain the original proposal to put them at the corner of Brentwood & Clayton? or would the jump ship to the development at Hanley and Clayton?

As far as other hotel developments, I think Drury Inn might have the financial ability to do anything in the immediate future. They seem to do things themselves instead of relying on developers and franchise owners. Might be mistaken. Personally I would like to see them get something going at Kingshighway and I-44 before Eager and Brentwood.

moorlander · PostJan 19, 2010#1272010-01-19T16:25+00:00

hmmm

Premier Bank has initiated foreclosure proceedings on Clayton property slated for a new Westin hotel.

Developer Robert Kramer, principal Clayton-based RJ York Development, said he’s in talks with the bank to halt the foreclosure set for Feb. 2.

Premier Bank loaned RJ York $8.1 million in 2007 for a new 19-story hotel at the southwest corner of Central and Maryland avenues in Clayton.

“We’re working on a cure with the bank,” Kramer said. “We’re finalizing the financing and everything is still proceeding on our end.”

Kramer said he anticipates closing on financing for the $110 million this month, with construction slated to begin in July 2010 with a two-year construction schedule. The project includes plans for a 245-room Westin Hotel and more than 17,000 square feet of retail space.

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

debaliviere · PostFeb 03, 2010#1282010-02-03T01:32+00:00

RJ York just filed for bankruptcy.

Alex Ihnen · PostFeb 03, 2010#1292010-02-03T15:23+00:00

Post-Dispatch story here:
http://www.stltoday.com/stltoday/busine ... enDocument

nickfindley · PostFeb 03, 2010#1302010-02-03T18:36+00:00

I can't really grasp how this project can still be "moving forward" with foreclosure, bankruptcy, and my assumption that there's really no need for more hotel rooms in Clayton. Please correct me if I'm wrong, but I figure if there was much demand for hotel space beyond what is available then Clayton on the Park and/or the Daniele would be open. I'd hate to see those two shells sitting idle while someone builds another oversized potential failure on a nice, small-scale block.

Really, I'd like to see the Franke Building redone with some new, smaller offices and/or some better retail at street level. But I guess the building will continue to deteriorate while York spins their wheels until they run out of gas.

moorlander · PostApr 09, 2010#1312010-04-09T15:24+00:00

The actions against RJ York Park Place do not impact RJ York SSG, a separate business that filed for bankruptcy Feb. 2, said David Going, a bankruptcy attorney with Armstrong Teasdale who represents only RJ York SSG. Going said his RJ York SSG client remains hopeful it will be able to reorganize and move forward on its plan to build a 19-story Westin Hotel at 25-45 N. Central in Clayton.

Read more: Bankruptcy Court throws out one RJ York bankruptcy - St. Louis Business Journal:

http://stlouis.bizjournals.com/stlouis/ ... ily59.html

PostJun 01, 2010#1322010-06-01T15:19+00:00

From the Clayton ARB

A. Request for Extension – Mixed Use Project
25, 103, 111 & 119 N. Central Ave.
Site Plan Approval Extension
Consideration of a request by RJ York SSG, LLC, developer, for a one (1) year extension of the site plan approval for a mixed-use Planned Unit Development project consisting of a 23 story hotel/condominium building to provide 225 rooms, a restaurant, 5,580 square feet of ground floor retail and 40 condominium units and a 6 level garage structure that will include 377 parking spaces and 16,538 square feet of ground floor retail. The Plan Commission approved this site plan on June 2, 2008. On June 1, 2009 an extension until June 9, 2010 was granted by the Plan Commission.

stlgasm · PostJun 06, 2010#1332010-06-06T01:42+00:00

I'd love to see this built, but not on the site of the Franke Building. With all the vast surface lots in Clayton, there is no reason to tear down a functional, interesting building.

moorlander · PostJun 11, 2010#1342010-06-11T11:40+00:00

there is still a heart beat...

But even as Robert Kramer and other RJ York SSG owners face foreclosure, they are working with financiers from the Far East to secure about $120 million for the proposed Westin development, said David Going, a bankruptcy attorney with Armstrong Teasdale who represents the owners. Going declined to identify the proposed lender because negotiations are ongoing.
“If we close on that loan, there will be a hotel built there,” Going said, “But we don’t want to keep this languishing.”

Read more: RJ York scrambles to close on financing for Westin - St. Louis Business http://stlouis.bizjournals.com/stlouis/ ... tory9.html

framer · PostJun 12, 2010#1352010-06-12T04:09+00:00

A bankruptcy attorney named Going?

Too many jokes there. Too easy.

dredger · PostJun 12, 2010#1362010-06-12T16:08+00:00

The comment about Far East financiers is interesting. Too bad they can't identify the financers. More importantly to the region, what or if any connections are involved.

It would be great that all those trade missions with China over a Air Caro Hub are paying off. Will leave it at that, getting off topic.

gone corporate · PostJul 01, 2010#1372010-07-01T20:05+00:00

Aw crap...
Another one bites the dust.

RJ York hotel site sold at auction
St. Louis Business Journal - by Rick Desloge

Premier Bank’s $5 million bid at a foreclosure sale Thursday was the sole offer for the Clayton property where RJ York SSG had planned to build a Westin Hotel.

Premier was the primary lender on the project, and the foreclosure appears to kill three-year-old plans to redevelop the southwest corner of Central and Maryland avenues.

David Going, a bankruptcy attorney with Armstrong Teasdale who represents RJ York SSG, said last month that his clients were working with financiers from the Far East to secure $120 million to back the hotel plan.

After the sale Thursday, Robert Kramer, a principal with RJ York, referred questions to Going. Going could not immediately be reached for comment.

Premier Bank’s $5 million bid was $3.2 million below the $8.2 million debt on the property as of March 30. RJ York SSG remains liable for the shortfall, said Jim Gardner, a vice president with Premier who submitted the $5 million bid.

Premier sought to foreclose on the property Feb. 2, but RJ York SSG filed for Chapter 11 bankruptcy protection just hours before the scheduled sale. The bankruptcy filing automatically halted the foreclosure, but on April 30 the bankruptcy court lifted the stay, effective July 1. Premier Bank had previously told the bankruptcy court that RJ York SSG had no equity in the parcels that comprised the proposed development site, and the parcels are subject to $149,029 in 2009 and 2010 property taxes.

A U.S. Bankruptcy Court trustee, Nancy Gargula, had asked the bankruptcy court to dismiss the case in May because RJ York SSG had “no reasonable likelihood of reorganization.” The bankruptcy court is scheduled to hear that motion July 6.

rdesloge@bizjournals.com

Source: http://stlouis.bizjournals.com/stlouis/ ... rround=lfn

Alex Ihnen · PostJul 01, 2010#1382010-07-01T20:54+00:00

Searching for an upside....they got the property cheap so it's more likely to see development soon. If the owner wasn't going to build then it's good they sold it.

moorlander · PostJul 02, 2010#1392010-07-02T23:03+00:00

Seven Gable owner looking at Westin site

http://www.stltoday.com/business/column ... 78c22.html

PostSep 02, 2011#1402011-09-02T13:09+00:00

Graybar buys site. Probably to protect their east view. No plans announced.
http://www.bizjournals.com/stlouis/morn ... d-for.html

framer · PostSep 03, 2011#1412011-09-03T03:51+00:00

You see? This is what they mean when they say "If you like your view, then buy it".

chaifetz10 · PostSep 04, 2011#1422011-09-04T02:23+00:00

What, if any, impact will this have on the proposed Crowne Plaza 18 story tower? Does the fact that this project fell through mean possibly more business for the 18 story tower now? (Aka a better chance it gets constructed sooner?)

moorlander · PostDec 03, 2014#1432014-12-03T17:12+00:00

Opus has submitted an application for a $41 million brick "mixed use and retail" buildings at 111 and 25 Central ave. It would be six stories with 2 more underground. 120 residential units and 210k sq ft.

25 Central - parking for 145 below grade

111 Central - parking for 30 at grade

wabash · PostDec 03, 2014#1442014-12-03T20:40+00:00

Interesting. Hopefully renderings are released soon.

I guess Graybar must be supportive of the plan, since they own 25-45 and 111 N. Central. A six story building wouldn't be much taller than Graybar's garage and wouldn't significantly block office views to the east.

2011 Post article on Graybar purchase of the site, including the ridiculous characterization that this is somehow a sleepy, quiet corner of Clayton compared to the "bustle of the Ritz-Carlton Hotel and concentration of taller office buildings." This is the single busiest retail block in DT Clayton. Way to play into the NIMBY narrative P-D.

moorlander · PostDec 03, 2014#1452014-12-03T20:52+00:00

I'm guessing There is a height restriction in the sales contract

urban_dilettante · PostDec 03, 2014#1462014-12-03T23:51+00:00

Graybar insists that the decision to buy the site was for safety reasons. The traffic that a large hotel would bring would have compromised the safety of its 130 Clayton employees and those living in the neighborhood, Matt Geekie, Graybar's senior vice president, secretary and general counsel, said in an interview.

I can't stand blatant f*cking lies like this. This just makes me want to punch Graybar in the face. NOBODY AT GRAYBAR HAS EVER WORRIED ABOUT THAT. EVER.

moorlander · PostDec 04, 2014#1472014-12-04T17:00+00:00

framer · PostDec 04, 2014#1482014-12-04T17:37+00:00

Not too bad looking, although it could use a cornice.

Thanks for posting.

stlien · PostDec 04, 2014#1492014-12-04T17:40+00:00

I like it.

moorlander · PostDec 04, 2014#1502014-12-04T18:43+00:00

Looking closely at the site plan you can see that they're expanding the sidewalk and taking up one of the unnecessary southbound lanes. I like it!

Ceylon Opus 6-Story Apts 25 N. Central

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