Rothschild Development Bid on St. Aloysius
I spoke with Rothschild Development’s Chief Financial Officer, Michael Allen, by phone today regarding St. Aloysius. He confirmed they had submitted a bid to purchase the property. He didn’t have the contract in front of him but he said it was roughly for $1,000,000. You’ll note from prior posts that Wohlert purchased the property for $600,000.
Allen also confirmed their proposal indicated they would retain at least the church, rectory and convent buildings but they were uncertain about the parish hall and 1960s school. Their intended use on the site was residential.
Allen indicated they would have sought some sort of assistance such as Tax Abatement and/or TIF (Tax Increment Financing) for the project. Also, they would have wanted the property be listed on the National Register of Historic Places so the project would be eligible for historic tax credits.
Rothschild Development LTD is one of the more experienced developers in our region and they have recently taken on the former Lindenwood School and former St. Boniface church, both of which will be converted to residential uses.
A legitimate alternative to razing these buildings most certainly did exist. I firmly believe a great project can come of this site. I just hope Mr. Wohlert and Alderman Vollmer are open to alternatives such as the one previously submitted by Rothschild Development.
– Steve
Do we know why Rothchild’s offer wasn’t accepted in lieu of Wohlert’s?
[REPLY – That is a question for the Archdiocese to answer. They had three bids and I don’t even know who the 3rd bid was from. – SLP]
Rothschild has only said he would turn the rectory of St. Boniface into rentals, he has not announced a usage for the church building. However he seems contented to leave the windows boarded up with plywood until a use can be found.
Here’s a compromise for Wohlert. They can sell the property to Rothschild for about a million, the church can stay and Wohlert still makes money, albeit illigitematelly. I’m pretty pissed off at the church for turning down a better offer, for more money, when all the church does is cry about lack of money.
This is a legitimate offer that would retain the historic character of the site as well as the surrounding neighborhood. Rothschild made their offer knowing full well the possible structural problems the main church may face, and did not lowball the price. That shows me that they are serious about doing a good job and restoring the buildings. Rothschild isn’t trying to get something from nothing; rehab of St. Al’s will be expensive but Rothschild is willing to make the necessary investment to do the job right.
(The Michael Allen at Rothschild is not me, by the way, for anyone who thinks that Steve is making this up with a handy name.)
My understanding is that Rothschild is looking for a theatre/performing company to take on some of the St. Boniface property.
I think the mentality within the church is that if we arent going to use the buildings, neither is anyone else!
Rothschild just bought the old St. Agnes church across the street from mi casa in the 1900 block of Sidney Street. Not sure what he paid for it, but I think somewhere around $600,000. No activity yet.