Four years after opposition from neighbors derailed plans for a Clayton project, another development on the same site is finally under construction. The project, at the southeast corner of Clayton Road and DeMun Avenue across from SSM St. Louis, is the first attempt at mixed-use development for Dan Wagner, managing member of OPD Development LLC, based in south St. Louis County.
The $13.9 million DeMun Pointe will have one floor of retail and 27 condominiums. Wagner expects the first tenants and condo owners will move in by spring. Wagner's previous development experience has involved condominiums, apartments and a self-storage facility.
He hopes to capitalize on the heavy traffic along Clayton Road, the dearth of new development in the area and the growing trend toward building green. The site, which once had four-family apartments, is targeted for mixed-use development under an urban design district plan approved by the City Council in October 2005. Two years earlier, opposition from residents of the Hi-Pointe and DeMun neighborhoods, who did not want a high-density development, led Clayton-based Cornerstone Properties Inc. to withdraw a proposal. Wagner bought the property last year.
Given the location of the development, it will find plenty of tenants and customers, said Tim Cherre, vice president leasing for Clayton-based Sansone Group, a property development and management company not connected to DeMun Pointe.
Gail Welsch, broker director of commercial real estate for Clayton-based Edward Bakewell Inc., which is handling the leasing, said she has tenants for a majority of the 8,000 square feet of retail space. They include a Japanese grill, a coffee and gourmet ice cream shop, an office and computer services provider and a fitness equipment store.
The condos will range from 1,470 square feet to 2,558 square feet and cost from $349,500 to just under a $1 million, said Kim O'Donnell, marketing director for Edward Bakewell. Several of the condos are under contract, she said.
Developers were looking for retail tenants who could serve the condo owners, Welsch said. But it's likely those services will be tapped by other area residents and employees and visitors of SSM, Cherre said. "There hasn't been any new construction along that stretch of Clayton in a while, and the kind of service retail they are talking about makes sense for that area and location," he said.
Wagner also is capitalizing on the growing trend toward green construction. DeMun Pointe will be a certified green building with heavy emphasis on using recycled and environment-friendly materials, and high-efficiency energy systems and appliances. The building will also have a green roof, meaning it will be covered, at least in part, by vegetation. "(Green) is where everything is going. We just want to be ahead of the curve," Wagner said.
Retail developers of all sizes are considering green development, said Jim Sansone, a principal in Sansone Group. "All of our developments are green-sensitive, and we have been very focused on it for several years," Sansone said.
Source: STLtoday.com