$PRESS - Wells Fargo Advisors Campus Redevelopment - Midas Construction

https://www.bizjournals.com/stlouis/news/2022/11/28/hotels-market-jefferson-st-louis-wells-fargo.html A $120 million plan to redevelop part of a corporate office campus into a pair of hotels is moving ahead. The proposal from St. Louis-based developers Midas Enterprises and Green Street Real Estate Ventures to revamp the corner of Market Street and Jefferson Avenue, at 2601 Market St., into two hotels is scheduled for consideration by the St. Louis Preservation Board, which meets next week. The board has to approve projects that are built in historic districts. The corner site was part of the downtown campus of Wells Fargo Advisors until the company sold it to Green Street in 2020 for $5.75 million. The buildings have been vacant for at least four years, since the St. Louis-based brokerage unit of Wells Fargo & Co. moved its staff into retrofitted space elsewhere on the campus at 1 N. Jefferson Ave. The plan to demolish two existing Wells Fargo office buildings and build two hotels in its place, a Kimpton Hotel and a Staybridge Suites, capitalizes on the property’s location just blocks from CityPark, the new stadium that opened this month and will begin hosting matches next spring for the new Major League Soccer team, St. Louis City SC. Green Street has no comment on the project at this time, a spokeswoman said. Midas did not immediately respond to a request for comment. The proposed Kimpton would mark the debut of that luxury boutique brand in St. Louis. A rooftop bar would have views of the Arch. The architect for the project is GSB Inc., and the design phase is still underway through the first quarter of 2023, Midas Capital Vice President of Development Steve Metherd told the Business Journal in May. Green Street and Midas are also partnering on a $100 million mixed-use development at the former World News site in downtown Clayton. _________________________________________________________ Two hotels will anchor a key downtown corner as part of a long-awaited $120 million redevelopment of part of the Wells Fargo Advisors campus downtown. St. Louis-based developers Midas Enterprises and Green Street Real Estate Ventures are partnering to build a Kimpton Hotel and Staybridge Suites hotel at the corner of Market Street and Jefferson Avenue in Downtown West, blocks from the new Centene Stadium, said Midas Capital Vice President of Development Steve Metherd. The hotels will be built at 2601 Market St., the site of two former office buildings that the St. Louis-based brokerage unit of Wells Fargo & Co. sold for $5.75 million in 2020 to Green Street, which moved to a new office in Forest Park Southeast this year. Green Street and Midas are also partnering on a $100 million mixed-use development at the former World News site in downtown Clayton. Both hotel brands are owned by Intercontinental Hotels Group, or IHG, and will share some back-of-the-house operations and management, Metherd said. The proposed Kimpton would mark the debut of that luxury boutique brand in St. Louis. The Kimpton will have a rooftop bar with views of the Arch, Market Street and the stadium, the developer said. An upscale restaurant will have an outdoor terrace with a view of the Arch down Market Street and up-close views of Great Rivers Greenway's Brickline Greenway trail that will be constructed in front of the buildings, Metherd said. A parking garage will be constructed under the new hotels. The project is still in the design phase, which should finish by the first quarter of 2023, Metherd said. Under the tentative timeline, the buildings at the corner could come down in the fourth quarter this year. Construction on the new buildings could start in the second quarter of 2023. The project was planned by Green Street ahead of the announcement that a new Major League Soccer team, St. Louis City SC, would start playing matches in the nearby stadium in spring 2023. But the location, near the soccer stadium and close to the future north St. Louis campus of the National Geospatial Intelligence Agency, will make the hotels even more successful, the Midas official said. "This one has a lot of excitement," Metherd said. "It was in concert with a lot of people and a lot of growth in that area." The forecast of more than $120 million for development costs could change, but is based on projected costs to build the two hotels and demolish the existing buildings, Metherd said. The developers are in talks with the city about possible tax incentives, including property tax abatement, he added. The two office buildings at the site represent more than 100,000 square feet of space and had been vacant for a few years ahead of the sale, as Wells Fargo moved staff to renovated space elsewhere on the campus. A glass atrium that connects the buildings to other Wells Fargo buildings will be removed. Several of the affiliated companies of Maryland Heights-based Midas Enterprises, founded in 2006 and now one of St. Louis' largest privately held companies, will participate in the development. Construction firm Midas Construction will serve as contractor, development and finance division Midas Capital is overseeing development and financing along with Green Street. Midas Hospitality, the hotel management firm, will manage the dual hotel brands. Green Street Real Estate Ventures, which specializes in urban renewal projects, has five affiliated companies typically involved in its developments: construction firm Green Street Building Group, Green Street Property Management, financing arm Emerald Capital Strategic Advisors, design firm HDA Architects, and planning and interior design firm O'Toole Design Associates.

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