A surprise in today's St. Louis Business Journal: Conrad Properties has announced that the Clayton on the Park high-rise hotel/apartment building is to be converted into luxury apartments exclusively for seniors. Pending approval from the city of Clayton, the changeover will commence later this year.



It hasn't been decided whether the Finale restaurant/night club will remain in the building.

Hugh Ferriss wrote:It hasn't been decided whether the Finale restaurant/night club will remain in the building.

Still seem to be an appropriate name!

Hugh Ferriss wrote:A surprise in today's St. Louis Business Journal: Conrad Properties has announced that the Clayton on the Park high-rise hotel/apartment building is to be converted into luxury apartments exclusively for seniors. Pending approval from the city of Clayton, the changeover will commence later this year.



It hasn't been decided whether the Finale restaurant/night club will remain in the building.

Wow, that's interesting. I thought that building was heavily leased with a lot of Rams/Cardinals/Blues players living there?

F!

dweebe wrote:Wow, that's interesting. I thought that building was heavily leased with a lot of Rams/Cardinals/Blues players living there?

It is heavily leased. The article says that the apartments are fully occupied and the hotel rooms have a 75% occupancy rate. However, the rents for the planned senior apartments will start at $3,500 per month, which is probably considerably more than many of the building's current occupants pay.

well, they will have to overhaul the units for that to happen. Very nice units and nice layouts, but lamenant flooring and counter tops will need to be upgraded.

bpe235 wrote:well, they will have to overhaul the units for that to happen. Very nice units and nice layouts, but lamenant flooring and counter tops will need to be upgraded.

According to the article, Conrad will invest $10 million in the conversion, so I'm sure the units will be extensively remodeled. To quote from the article:



"When it was built, the $40 million Clayton on the Park building was Conrad Properties' largest high-rise. ... [Conrad chairman Bob] Saur said Clayton on the Park will be worth an estimated $100 million after the renovations are completed."

So I guess they're aiming at all the old money in Ladue. For example where one of the spouses has died and owning an $800K house on 1 to 2 acres doesn't make sense any more for a widow/widower.

dweebe wrote:I thought that building was heavily leased with a lot of Rams/Cardinals/Blues players living there?

Bastiat wrote:

dweebe wrote:So I guess they're aiming at all the old money in Ladue. For example where one of the spouses has died and owning an $800K house on 1 to 2 acres doesn't make sense any more for a widow/widower.

Or more likely, Clayton bubbies.

So you're saying their target demo (or at least their desired amenities) is moving from boobies to bubbies?

OK, I gotta ask: What the heck are "Bubbies"? (Boobies I'm familiar with)

great news. Conrad makes money (hasn't the Gatesworth owner made a fortune?) and Clayton highrises continue to the earn the reputation that only seniors live in them. CWE and downtown become even HOTTER!! yessssss!

Can't say I saw this coming. I wonder what will become of Finale. And, I'm going to miss seeing those London taxis around Clayton.

There are also substantial fees that the tenants pay that makes this attractive to Conrad. The management company they have partnered with is well-known and have done some very nice projects across the country. I saw one in Chicago and thought they were trendy condos for "young professionals"

It was approved by the city.

Man that's too bad they are removing the apartments there...very disappointing much like when the Chase removed its apartments in favor of condominiums. I have a close friend that lives in this building, and I visit often. I can't imagine this hip, upbeat, young, modern place to be transformed to senior living. I guess the future residents will play cards and sipping coffee on the 24th floor rooftop veranda. Finale will likely leave, and I predict a terrible restaurant will open!



I don't think there are any other full service, rental apartments in Clayton. (There sure are a lot of condos!) The closest full service complex must be Allegro/The Boulevard and Mansions on the Plaza or Villas @ B-WOOD.

No surprises here, they totally ruined a good thing.



Clayton on the Park to close, developer lays off workers



Clayton on the Park luxury apartments for seniors plans to close in August, and the project’s developer has laid off employees.



Craig Saur, CEO of Conrad Properties said his firm has had layoffs in recent weeks due to the down economy.





http://stlouis.bizjournals.com/stlouis/ ... mentAnchor

KDG sold the building.