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Old Posted Aug 23, 2005, 1:52 PM
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By Martin Van Der Werf
Of the Post-Dispatch
08/23/2005

Spurred by the sales success of the high-rise Park East Tower, now coming out of the ground on Euclid Avenue in the Central West End, developer Opus Corp. is going ahead with plans for a second high-rise condo complex about three blocks to the north.

The building would be at the northeast corner of Euclid and Lindell Boulevard, where the now-vacant former local headquarters of the American Heart Association stands. Opus, a Minneapolis-based company, is asking the city for $9.5 million in tax-increment financing toward the $92.6 million project.

"We have a concept, we think it will come together financially," said John Pitcher, the director of real estate development for Opus Development Northwest LLC. "It's a go so far, until we hit a roadblock."

The company is still drawing up plans, but the building likely will be 26 stories, the same height as Park East. But it would have 200 units, more than twice as many as Park East's 89. Translated, that means smaller units at lower prices. The target range for most units: $275,000 to $450,000. Retail space would face Euclid. Opus is going ahead with plans for second high-rise

If the project gets the city's nod, Pitcher says a marketing office would likely open in February. For construction to begin, about half of the units would have to be sold.

And Opus may not be done. It would like to add one or two new projects in the Central West End, Pitcher says. At Park East, fewer than 20 units remain.
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