Another New Downtown Residential Tower Rises Toward The Sky
22-story condo planned for Washington Ave.
St. Louis Business Journal - February 23, 2007
by Lisa R. Brown
Metropolitan Development Enterprises is planning to build a $67 million, 22-story condo tower in the heart of the Washington Avenue loft district. The tower is the largest new-construction residential building proposed for downtown.
Chicago-based Metropolitan was expected to present plans to build the mixed-use building at 1400 Washington, on the site of Erlich's Dry Cleaners, at a Tax Increment Finance Commission meeting Feb. 22. Metropolitan has requested $12 million of TIF for the project.
Ivie Clay, St. Louis Development Corp.'s director of communications and marketing, said a public hearing on the project will be held April 11.
Metropolitan purchased the building from Max Erlich in August 2006 for $1 million. It will demolish the building and construct a new one on the site and on an adjacent vacant lot it purchased from Dragon Development Co., led by Brad Waldrop of St. Charles, for $524,000.
The development, to be named the Skyhouse, will have 166 condos, with prices starting in the mid-$200,000s. One-, two- and three-bedroom units will be available, ranging in size from 850 to 2,230 square feet. The top three floors will feature 12 penthouse units.
Metropolitan's Director of Marketing Nellie Donovan said the developer wants to reach an untapped market downtown with traditional-style condos in a newly built structure. "We looked at what was missing, and we want to go after that niche," Donovan said. "That space is underutilized, and with this project we can enhance the neighborhood. We want to be part of the Washington Avenue corridor."
A lender and general contractor have not yet been selected. Metropolitan's in-house architectural firm, Metro.Arch, is the project's architect. The building's design will meet LEED standards, according to Metropolitan.
The building will have 13,000 square feet of retail space, and several hundred parking spots will be built into the structure. A rooftop recreational area will include a pool, fitness center and dog run. Each of the condo units will feature floor-to-ceiling windows and balconies.
Metropolitan is teaming with local development group RileyWaldrop LLC in a joint venture on the Skyhouse project. Riley Waldrop consists of developer Ben Riley; his father, Philip Riley; and Brad Waldrop.
Riley Waldrop has been active in the loft-conversion market downtown in recent years, developing the 14-unit Barton Street Lofts at 2401 S. 12th St., and six of the Knickerbocker units at Washington Avenue and 13th Street, which it later resold. The investment group bought the Dragon Trading building at 1709 Locust St. for $1.25 million in 2005 and sold it four months later to New York real estate developers Cyrus and Darius Sakhai for $1.8 million.
Skyhouse is Metropolitan's first project in St. Louis; the company has several residential projects completed or under way in the Chicago area. Its founder and president is Paul Hardej. In addition to an in-house architectural team, Metropolitan has an in-house construction firm, Enterprise Construction, and property management team, Newland Realty.
