Developer Curran Tosses Egg on Preservation Board’s Face
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Developer Michael Curran just reduced the number of units at the Mississippi Bluffs project from 56 to a measly 34. I say measly because the site is a massive 8.2 acres. Part of the site, as you may recall, had the wonderful but tired Doering Mansion (shown at right). This formerly graceful mansion sat on the far north 1.79 acres. Myself and others argued before the Preservation Board the Doering Mansion should be saved which would still leave 6.4 acres for new construction. The Doering Mansion was razed earlier this year.
From the Suburban Journal last week:
Curran had argued before the St. Louis Preservation Board late last year that he had to have the larger amount to make the project feasible.
At the time, Curran was seeking the Preservation Board’s permission to tear down the Doering Mansion on the north side of the property to make room for more townhouses.
He said at the time with a smaller amount of townhouses – 42 – he couldn’t recover the cost of preparing the property for development, including demolishing the old Good Samaritan Home. To recoup the investment on a smaller area, he would have to build a larger condominium development with about 120 units.
That would overwhelm a prime piece of property, Curran said at the time. Rather than do that, Curran said at the time he would sell the property to another developer.
The Preservation Board wound up voting to approve the project and demolish the mansion.
OK, just so we understand. Before the mansion was razed it was argued by the developer that if he could not tear down the historic structure that would reduce his planned 56 units to 42 units and at that rate he could not make any money and would be forced to abandon the project and sell the property. The only way he could recoup his costs if the mansion stayed was to build a bigger structure on the balance of the site containing 120 units. The classic doom and gloom argument.
Now, he says, due to site costs he cannot build 56 units because it would be too expensive!!! Thus, he is placing only 34 units on the 8.2 acre site. He couldn’t make money with 42 units on 6.4 acres plus a mansion but he can somehow make money with 34 and no mansion? Was the Preservation Board taken for a ride when they approved the demolition of the Doering Mansion? I think so.
This is yet another example of a poorly executed project in this city. The Mansion was razed in February and yet no construction has begun. Had they started razing the old Good Samaritan Home first they might have realized the folly of their plan and been able to go back to the drawing board before the loss of the mansion. This developer has an excellent track record with historic rehab projects but is not doing so well with new construction. He probably would have been better off with the old mansion. This fine example of planning shares the same ward as Loughborough Commons, Matt Villa’s 11th Ward.