Wednesday, February 04, 2009

Laurel Update

Tim Logan of the Post-Dispatch has an update on The Laurel - the redevelopment of the former Dillard's Building as residential units and an Embassy Suites hotel - on the Building Blocks blog.

Spinnaker took over the project from John Steffen's Pyramid Development, but it's now looking like the project may be headed to foreclosure. Amos Harris of Spinnaker and Barb Geisman, Deputy Mayor for Development, however, both sound optimistic about its chances. Hopefully the picture will become clearer soon; this project is too important to downtown's future.

1 comment:

Matt Kastner said...

It's weird that they're talking foreclosure on the $1.8 million Great South Bank loan, but not on the $8.1 million Bank of America loan. Considering those numbers, I would guess with any foreclosure Bank of America would be in the first position to receive their money, not Great Southern. Hard to tell what to make of it.