Pryamid out as developer of big downtown project
One of downtown St. Louis’ most prominent developers and property owners is no longer part of one of downtown’s most ambitious redevelopment initiatives.
The $400 million Mercantile Exchange, which included a renovation of St. Louis Centre, will move forward without Pyramid Construction Inc. and the company’s owner, John Steffen.
"We have taken over management of the partnership," said Amos Harris, president of Brady Capital, local partners of Connecticut-based Spinnaker Real Estate Partners LLC.
Spinnaker was Steffen’s equity partner on St. Louis Centre and the former Dillard’s building, both key components of the larger six-block Mercantile Exchange project. Steffen was in charge of the daily decision-making.
Spinnaker recently increased its investment by 50 percent to roughly $16 million. As costs continued to increase, Harris said, "we took over."
The company plans to move ahead with the redevelopment of the former Dillard’s building into the Laurel project, Harris said.
The redevelopment will convert it to condominiums, apartments and a hotel.
Steffen had said that construction on the Laurel was expected to begin this fall. It is unclear if that will happen.
"We are just getting into the management of things, so we are still playing catch-up," Harris said.
Spinnaker should have a plan for construction of the Laurel and the removal of the sky bridge over Washington Avenue within two months, he said faxless payday advances.
The Mercantile Exchange includes the vacant Mercantile Library at Sixth and Locust streets and the former Railway Exchange building across the street, in addition to St. Louis Centre and the Dillard’s building.
The redevelopment plan calls for 160,000 square feet of retail space, a 216-room hotel, 525,000 square feet of office space, 175 condos and 120 luxury apartments.
Chicago-based General Growth Properties is handling the retail leasing for the project. Spinnaker continues to work with General Growth to keep the project on track, Harris said.
The fate of St. Louis-based Pyramid remained in question Friday. Steffen couldn’t be reached for comment.
Pyramid has played a major role in the redevelopment of downtown in recent years. It owns several prominent buildings, including the Arcade Building on Olive Street, Dorsa Lofts on Washington Avenue and Jefferson Arms on Tucker Boulevard.
Mayor Francis Slay has been one of Pyramid’s most vocal supporters. On his blog about a month ago, Slay held out high hopes for Pyramid’s efforts on the Mercantile Exchange.
On Friday, a spokesperson for the mayor said Slay would not comment.
rtstclair@post-dispatch.com
314-340-8206
Filed under: legal by Forest