Pyramid Ceasing Development Operations

the central scrutinizer · PostMay 09, 2008#762008-05-09T17:55+00:00

bprop wrote:
The Central Scrutinizer wrote:According to my source, who is very, very close to the downtown real estate market: None of this came as any surprise to people in the downtown development community. It was well known for the past 18 months to 2 years that Pyramid was in way over their heads.

But is your source close to the downtown real estate market?

VERY

gelatinousendive · PostMay 09, 2008#772008-05-09T22:26+00:00

The Central Scrutinizer wrote:According to my source, who is very, very close to the downtown real estate market: None of this came as any surprise to people in the downtown development community. It was well known for the past 18 months to 2 years that Pyramid was in way over their heads.

Yep, I always thought that someone at Pyramid was on drugs when they paid an outrageous price for a property in Lafayette Square. And the development plan was weak for it. Not surprisingly, the market rejected it.

A block long parcel sold for $450,00 in 2004 and a little more than a year later, Pyramid paid $900,000 for it. Drugs or insanity at work here.

http://stlcin.missouri.org/citydata/new ... =125600060

the central scrutinizer · PostMay 10, 2008#782008-05-10T04:19+00:00

GelatinousEndive wrote:
The Central Scrutinizer wrote:According to my source, who is very, very close to the downtown real estate market: None of this came as any surprise to people in the downtown development community. It was well known for the past 18 months to 2 years that Pyramid was in way over their heads.

Yep, I always thought that someone at Pyramid was on drugs when they paid an outrageous price for a property in Lafayette Square. And the development plan was weak for it. Not surprisingly, the market rejected it.

A block long parcel sold for $450,00 in 2004 and a little more than a year later, Pyramid paid $900,000 for it. Drugs or insanity at work here.

http://stlcin.missouri.org/citydata/new ... =125600060

I'm not sure it was the prices for any individual parcel as it was the volume of them.

debaliviere · PostAug 13, 2010#792010-08-13T19:02+00:00

Steffen indicted for fraud: Link

the central scrutinizer · PostAug 13, 2010#802010-08-13T19:06+00:00

http://urbanstl.com/forum/viewtopic.php?f=11&t=8141

I guess we can kill the other thread? I searched on "pyramid" and got a million results and gave up looking.

Anyhow, here's the only thing I had added:

A friend (and local real estate attorney) had predicted this.

moorlander · PostAug 13, 2010#812010-08-13T19:17+00:00

^ya the search function on this site is a nightmare

the central scrutinizer · PostAug 13, 2010#822010-08-13T19:38+00:00

Moorlander wrote:^ya the search function on this sight is a nightmare

It is on most forums. I don't know why that is.

innov8ion · PostAug 13, 2010#832010-08-13T20:24+00:00

The Central Scrutinizer wrote:
Moorlander wrote:^ya the search function on this sight is a nightmare
It is on most forums. I don't know why that is.

Advanced search works well if utilizing appropriate parameters. In other words, the search is only as good as the searcher.

Here's the advanced search link: http://urbanstl.com/forum/search.php

threeonefour · PostAug 14, 2010#842010-08-14T18:24+00:00

And, as I said in the previous thread about Pyramid way back when, the company name seems quite appropriate.

It's a shame so many prominent buildings (The Arcade, Metropolitan Building, the Jefferson Arms, etc.) were left in limbo because of this. While redevelopment of The Laurel is on track, we also have to settle for a mediocre revamping of St. Louis Centre compared to what Steffen had planned for the space (condos on the upper levels of the mall).

the central scrutinizer · PostMay 09, 2011#852011-05-09T20:28+00:00

debaliviere wrote:Steffen indicted for fraud: Link

Steffan indicted again. http://www.stltoday.com/business/column ... 0f31a.html

Pyramid Ceasing Development Operations

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