After mostly languishing for nearly three years, it's good to see that this project will be wrapping up.......finally.
Roberts Tower, completed in late 2010, started construction just before the recession hit. Then bankrupt developers and transference of the property to new developers had stalled its interior build-out.
After the interior build-out is complete, this project's cost will total $72-million.
Photo credit, eridony/flickr
Oct 2, 2013, 1:55pm CDT UPDATED: Oct 2, 2013, 3:20pm CDT
Roberts Tower set for spring 2014 completion
Brian Feldt
Reporter-
St. Louis Business Journal
The Roberts Tower, the $22 million development that will ultimately house 132 upscale apartments, will be completed sometime in spring 2014, the project’s developer said Tuesday.
The tower is being developed by UrbanStreet Group, a Chicago-based developer that bought the building in October 2012 as part of a $16.5 million deal that also included Michael and Steven Roberts’ Mayfair Hotel and their Locust Street properties, located adjacent to the unfinished tower.
Lisa Knight Cioffi, senior vice president and marketing coordinator at UrbanStreet Group, said the firm is working to determine if the company will pre-lease the apartments or if leasing will begin when the 25-story tower opens in the spring.
The developer declined to give a more specific time frame for completion.
The Roberts Tower was originally planned as a $70 million, 55-unit luxury condominium project. But the building sat mostly unfinished between 2007 — when the project broke ground — and January 2013, when UrbanStreet Group began its rehabilitation of the building.
Cioffi said the group is working on leasing the first floor, but did not share details on what prospective tenants might be interested or best suited for the building.
The Roberts brothers put all of their St. Louis properties up for sale in June 2012, including the downtown buildings.
The brothers invested $50 million in the tower. They also invested millions of dollars more in the Mayfair Hotel, the Locust Street properties and others.