$89 million rehab of old St Luke’s Hospital is underway

$89 million rehab of old St Luke’s Hospital is underway

ST. LOUIS, MO/May 16, 2017 (STL.News) old St Luke’s Hospital – The old St Luke’s Hospital at 5535 Delmar Blvd. is finally getting its long overdue facelift after sitting vacant for years.  Maxine Clark, a local St. Louis charter school developer, and Clayco Corporation are working together to do something about the eyesore building.

When surveying the area for opening KIPP’s first charter school, Clark stated, ““It was an a-ha moment. I had a vision: St. Louis has a huge number of nonprofits working for children and families, so I thought that building was a great opportunity to bring them together, in a create-live space, a social innovation hub similar to Cortex but right there on Delmar between Washington University and Saint Louis University.”  Clark is also the founder of locally based retail giant Build-A-Bear Workshop Inc.

Now, Maxine Clark and Bob Clark (no relation), the acting CEO of contractor and development firm Clayco, have the property under contract with the city of St. Louis’ Land Clearance for Redevelopment Authority through their Delmar DivINe LLC. The city elected to use DivINe’s plan, with Clayco subsidiary CRG Real Estate Solutions working as the project developer.  Once completed, the sale price could be between $3 million and $4 million, reported the St. Louis Business Journal this week.

Otis Williams, executive director of the city’s development agency, stated that the rehabilitation and revitalization of this massive building could be a very creative concept that would be a tremendous addition to the flourishing area today.  But, that’s not all that’s happening in that specific area.  Clayco’s 14-story, $66 million apartment development at 6105 Delmar Blvd. is already underway.

Subsidies have not yet been discussed between Williams and Clayco, but Bob Clark did stated that they are necessary for the project’s ultimate success.  “We don’t see it as a profit-making real estate venture,” said Bob Clark.