[Chris Stritzel]

This is now dead it appears. From the Business Journal...

The partners behind a plan to transform the St. Louis Community College headquarters building into a $100 million apartment tower have walked away from the deal, prompting the community college to put the downtown St. Louis building back on the market for $7.5 million.

The buyers' representative, James Fredericks of Armstrong Teasdale, notified St. Louis Community College in a July 7 email that the team — Chesterfield-based HDA Architects and Chicago-based White Oak Realty Partners and CA Ventures — had elected to terminate the agreement to acquire the 300 S. Broadway property, Chancellor Jeff Pittman told the Business Journal.

HDA Architects Vice President Patrick Holleran said the deal is not dead but declined to comment further.

STLCC has now tapped Cushman & Wakefield broker John Warren to market the 93,000-square-foot building, which he said is ideal for creative office, hotel or residential.

HDA Architects and the Chicago firms had planned to turn the downtown building into a 33-story apartment high rise that was estimated to cost $100 million and was to compete with Ballpark Village's $120 million luxury apartment complex that sits adjacent. The project faced opposition with the St. Louis city Preservation Board, which initially refused to allow a full demolition. The property isn't listed on the National Register of Historic Places but is located in a preservation review district.

"We're disappointed, of course, that the original sale didn’t work out. But we’re moving forward and believe there will be a lot of interest in the building," said Pittman, adding that the community college had been working with the buyers for 14 months before the deal fell through.

STLCC has already moved out of 300 S. Broadway, which Pittman said saves the college $700,000 a year. That money will be used to improve facilities at several campuses, including Meramec and Florissant Valley, he said. Most of STLCC's leadership team is now based at its Corporate College campus in Bridgeton, while others are at the Meramec and Florissant Valley campuses. The move began in March and wrapped up before summer.

"Us moving out is a big win for taxpayers and the college because we're saving money," Pittman said. "We hope the building becomes valuable for downtown and generates tax revenue for the city."

I'm confused fully. Maybe they will look for another place to build in the end.