Sigh. 
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Why doesn't SLU buy it, tear it down, grass the land, and put one of its famous fences around the property?
Or, better yet, why don't they buy it and incorporate it into the redevelopment project they have planned across the street, thus saving resources and a lovely old building?
- 8,922
Friday, January 9, 2009
Agreement opens way for Metropolitan Building deal
St. Louis Business Journal - by Lisa R. Brown
The Business Bank of St. Louis and Centrue Bank are still engaged in a battle over costs associated with renovating the Metropolitan Building in Grand Center, but all other parties have reached a settlement, putting the building back in contention for prospective developers.
The 100,000-square-foot Metropolitan Building is a block away from Saint Louis University and cultural institutions such as the Fox Theatre and Powell Symphony Hall. St. Louis-based DFC Group is serving as a business coordinator and working with Pyramid’s lenders and development partners to liquidate Pyramid’s real estate portfolio. A request for proposals for the Metropolitan Building has been issued, and bids are due March 1.
http://stlouis.bizjournals.com/stlouis/ ... tory5.html
Agreement opens way for Metropolitan Building deal
St. Louis Business Journal - by Lisa R. Brown
The Business Bank of St. Louis and Centrue Bank are still engaged in a battle over costs associated with renovating the Metropolitan Building in Grand Center, but all other parties have reached a settlement, putting the building back in contention for prospective developers.
The 100,000-square-foot Metropolitan Building is a block away from Saint Louis University and cultural institutions such as the Fox Theatre and Powell Symphony Hall. St. Louis-based DFC Group is serving as a business coordinator and working with Pyramid’s lenders and development partners to liquidate Pyramid’s real estate portfolio. A request for proposals for the Metropolitan Building has been issued, and bids are due March 1.
http://stlouis.bizjournals.com/stlouis/ ... tory5.html
My wishfull thinking, Baron Salazaar takes possession because they got a boat load of federal tax credits to make use of, SLU gives it a thumbs up as approved student housing and a bank has no problem financing since it will take limited funds to finish a decent rehab. I know, it is very very very wishful thinking on part considering SLU's favor for green grass. But, I think the best use at this moment is loft style apartments. More importantly a proposal that could get financed.
- 8,922
Meanwhile, developer Tony Sansone Jr. has put the Metropolitan Building, located a block south of the planned hotel, under contract.
Sansone, son of Sansone Group founder Anthony Sansone Sr. and principal of Chesterfield-based construction disbursing firm Abstar Disbursing Co., confirmed he’s buying the Metropolitan building but declined to discuss his plans for it.
The 100,000-square-foot building, located at 500 N. Grand, is owned by Centrue Bank. The bank took over ownership after John Steffen’s Pyramid Cos. shut down operations in 2008. Pyramid had planned to convert the building into a hotel and was in negotiations with Hyatt Corp. to manage it.
Brian Davies, senior vice president of Centrue Bank, said the sale to Sansone is set to close in the spring.
http://stlouis.bizjournals.com/stlouis/ ... tory3.html
Sansone, son of Sansone Group founder Anthony Sansone Sr. and principal of Chesterfield-based construction disbursing firm Abstar Disbursing Co., confirmed he’s buying the Metropolitan building but declined to discuss his plans for it.
The 100,000-square-foot building, located at 500 N. Grand, is owned by Centrue Bank. The bank took over ownership after John Steffen’s Pyramid Cos. shut down operations in 2008. Pyramid had planned to convert the building into a hotel and was in negotiations with Hyatt Corp. to manage it.
Brian Davies, senior vice president of Centrue Bank, said the sale to Sansone is set to close in the spring.
http://stlouis.bizjournals.com/stlouis/ ... tory3.html
any guesses as to what is going to go in here? and what is the other commercial development that the quoted article talks about?
Are you confusing 634 North Grand (Health Building) with 500 North Grand (Metropolitian Building)?
I don't think market would support two hotels within 1 block of each other.
I don't think market would support two hotels within 1 block of each other.
I saw on Hot City Theatre's Face Book that there is a new plan to develop the Metropolitan building into low rent lofts for artist housing. Can anyone confirm anything?
- 10K
Framer wrote:Yep, that's the latest plan. Still early in the process, though.
Sounds like something that GC really needs. Hope it happens.
Any updates on this project? Artists lofts would be great for GC.
LinkWhile more restaurants may be on the menu, Grand Center officials are also working on other business projects that include renovating the Metropolitan Building into 74 units of artist housing. Vincent Schoemehl Jr., president and CEO of Grand Center Inc., said the financing stage for the apartments is near completion and could open as early as Summer 2012.
Are they referring to new construction on top of the rehab?A 136-room Hyatt Place Hotel could soon be towering over the once struggling neighborhood as well. Schoemehl hopes to finish financing the hotel project by the end of the year, which would renovate the old Missouri Theatre building just south of Powell Hall.
- 10K
I'm assuming just rehab.Dredger wrote:Are they referring to new construction on top of the rehab?A 136-room Hyatt Place Hotel could soon be towering over the once struggling neighborhood as well. Schoemehl hopes to finish financing the hotel project by the end of the year, which would renovate the old Missouri Theatre building just south of Powell Hall.
Walking by the Metropolitan about an hour ago, I'm certain I heard some kind of construction noise coming from inside. Could work have begun?!?? Finally?!!??
Incidentally, a piece of plywood from a boarded-up third story window had also fallen on the hood of a car parked below on Grand.
Incidentally, a piece of plywood from a boarded-up third story window had also fallen on the hood of a car parked below on Grand.
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According to this Post-Dispatch story, "the Metropolitan ... is under contract to Dominium, a Minneapolis-based apartment developer", which isn't set to close on the building until the end of the year. Based on reports of the building's deteriorating condition, I would guess that any construction noise coming from inside is likely to be from attempts to stabilize the structure rather than from actual renovation work.
http://www.stltoday.com/business/column ... mode=story
http://www.stltoday.com/business/column ... mode=story
Has the deal for the building's conversion into artist lofts been finalized. Anyone heard anything?
Does anyone know if the financing has come through on this project yet?
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I haven't heard anything more since this report from late January:
http://www.stltoday.com/business/column ... 78c22.html
If they don't do something soon, there won't be a building left to rehab; its progressive deterioration in recent months has been visible from the outside, and the interior is probably even more degraded.
http://www.stltoday.com/business/column ... 78c22.html
If they don't do something soon, there won't be a building left to rehab; its progressive deterioration in recent months has been visible from the outside, and the interior is probably even more degraded.
- 11K
All I know is that the sculpture park on the corner could sure use some space to grow!