(Update 09-06-2023) KMOV: ‘Impressive development’ at former Bayer site plans on bringing in residential units, more . If this is approved it will be the 1st after the developers failed attempts to build a Hilton brand hotel (next to Mosley and Olive, the HBE building), the apartment at the CPK restaurant (or you can do a google search), and a QT gas station (Greaser and Olive). Note the developer and City of Creve Coeur didn’t always got it right: they approved the Fresh Market at City Place, and it opened probably for a year before shutdown.
Some differences I can see for now: 1) the former Bayer campus is much bigger and developer may have more financial resources. 2) : the neighbors at Mosley and Greaser were pretty fired up and united in terms of opposing the project – I don’t see such as grassroot movement against the former Bayer campus redevelopment so far. I recall seeing people protesting the hotel project by sitting on the sidewalk of Olive Street (and Mosley).
(Update 09-01-2023) Some more movement on the development, as you can read from this STLToday piece – Creve Coeur to review redevelopment of former Bayer campus. Quote “Fireside Financial and its development partner, Jack Matthews Development, are proposing a mixed-use redevelopment with apartments, townhomes, retail, hotels, office buildings and other commercial space at the property, at 10300 Olive Boulevard…… Edwardsville based Fireside bought the 95-acre site from Bayer last year for $55 million, according to St. Louis County records.” From my gut feeling it seems $55 m is a deal.
And at Creve Coeur city gov website – REZONING APPLICATION FOR FORMER BAYER WEST CAMPUS PROPERTY.
Earlier I had some confusion on the developer, and it seems L3 Corp is the realtor (broker), not the investor, per this STLToday article Hotels, housing and retail planned for Bayer’s former Creve Coeur campus – “Northmarq Capital provided the financing for the deal. Hearth Construction, a company Bailey co-founded, is overseeing construction. Rick Spector of L3 Corp. is the real estate broker for the project.”
The division of the labors or the specialization of commercial real estate fascinated me. We have developers Fireside and Jack Matthews, financier Northmarq Capital, construction co (associated with Fireside) Hearth Construction and realtor L3 Corp.
(Update 05-22-2023) Today when I was buying a used Herman Miller Aeron Classic chair from them (first noticed it from Facebook), I noticed the developer hired a company called Refurbiture to dispose the furnitures. Here is my post regarding my research on chair etc.
(Original) I noticed it from news first, then heard from a friend who lives next to them. Here is the twitter thread I wrote.
There seems will be a lot more apartments in the area, as I know Olivette also built/is building quite some new apartments recently. It seems the affordability of single family houses, rising rents and millennials preference for “worry free” or “no maintenance work” prompted the build up of more apartments. In theory a condo or a townhouse is probably a good compromise, but it’s probably out of reach for many millennials and first time home buyers (the 20% downpayment requirement after 2008 financial crisis is one factor).