Blaming the economic effects of the Covid-19 pandemic, a developer has walked away from a $334 million office, restaurant, apartment and hotel project in the heart of St. Louis University's campus.
The St. Louis Post Dispatch reports that the developer, Cullinan Properties, has decided that plans for the "Iron Hill" project were no longer feasible. Prospective tenants for the development have opted not to expand in the wake of the pandemic.
"The project we initially envisioned and the timeline for completing the project were greatly altered by Covid-19," a Cullinan spokeswoman said. "We could not commit to meet the initial timeline and pricing we agreed to before Covid-19 with such an unexpected interruption in new store openings and business expansions."
St. Louis University (SLU) has for years owned the vacant 14-acre site.In 2019, the university announced it had tapped Cullinan as the prospective developer.
“SLU has long served as a catalyst for progress in the city we proudly call home,” university President Fred Pestello said at the time.“This investment by Cullinan Properties will transform an empty lot into a unique and lasting development that will serve the SLU community and our neighbors for many years to come.”
Last week, the university said it was disappointed in the project's collapse.
“SLU will continue to seek other redevelopment opportunities that will benefit the university community and neighboring residents,” the university said.
The plan envisioned 140,000 square feet of office space, 400 to 500 apartments, a 250-room hotel, plus restaurants and retail.
