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Online auction for loan on Famous Barr building; what it means for the future

Published

2 years ago

June 17, 2023

Natural Bridge

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ST. LOUIS – There’s a big, new development regarding the former Famous Barr department store in downtown St. Louis.

According to the notice for an upcoming online auction, it may lead to new ownership and maybe even a rooftop swimming pool.

The auction is not for the sale of the actual 110-year-old Famous Barr/Railway Exchange building. Instead, it’s for the sale of a nonperforming loan on the building. The purchase of the loan and the debt owed on that loan sets the state for the successful buyer to gain control of the building and the shut-down parking garage across the street.

The auction site calling it a “rare opportunity” to “obtain title” to the historic, 21-story, 1.2 million-square-foot architectural gem. It occupies an entire square block in the heart of downtown bordered by Olive, Locust, 6th, and 7th streets. The minimum bid is set at $3.5 million.

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The auction site touts existing plans for 700 market-rate condos/apartments with room for event space plus a roof deck pool, restaurant, and bar.

“The loan amount is $15.5 million of unpaid principal balance with total owed indebtedness of approximately $41.1 million, according to the auction site. “A loan purchaser can capitalize on the current asset status and obtain a title to the collateral through the appropriate legal actions.”

It would be a complicated deal for a building besieged by issues in the near-decade that it’s been vacant: a sinkhole in 2017 caused millions of dollars in flood damage to the building’s basement.

There’s been widespread looting of the former department store’s metal and wiring, with trespassers hiding in walls and ceilings. St. Louis Fire Department K-9, Balko fell to his death during a search for a homicide victim who was never found.

The City of St. Louis condemned the building and has yet to be repaid by the owner, Hudson Holdings of Florida, for the city’s repeated board-ups, police, and fire sweeps.

Aldermen are looking at requiring building owners to maintain local points of contact.

“Too often when there are challenges with properties, we are sending letters out to people in California or Florida to some P.O. box that doesn’t have a name associated with it,” said Board of Aldermen President Megan Green.

There is also a many-layered legal mess. Gamma Real Estate Capital LLC is at the top of the heap.

Gamma loaned Hudson Holdings of Florida $19.7 million to acquire the building in 2017. Gamma’s lawsuit to recover tens of millions in debt and penalties from Hudson has been stuck in St. Louis Circuit Court for three years.

So, Gamma is now putting its stake in what for generations was a centerpiece of life in St. Louis on the auction block.

“I think it is a positive step. We’ve been hearing a lot of negativity about things that have been going on downtown,” said Alderman Rasheen Aldridge, whose ward includes part of downtown St. Louis. “I think that is a positive step; trends that are moving in the downtown area.”

Real estate brokerage CRBE is hosting an auction July 24-26.

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Man attacks Jeff Co. deputy with screwdriver during attempted arrest

Published

2 years ago

July 11, 2023

Natural Bridge

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JEFFERSON COUNTY, Mo. – Two people are behind bars after a man reportedly attacked a Jefferson County deputy with a screwdriver during an attempted arrest over the weekend.

Prosecutors have charged Nicholas Davis, 47, and Amanda Davis, 45, of Dittmer, Missouri, with felonies in the investigation.

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The alleged attack followed a traffic stop of a driver in the 9500 block of Jones Creek Road on July 7, though the driver was not Nicholas or Amanda.

According to court documents obtained by FOX 2, Nicholas reportedly came out of his nearby home, yelled at a deputy and started approaching him while holding a screwdriver. The deputy initially ordered Nicholas to back away, then used pepper spray.

Per court documents, the deputy attempted to arrest Nicholas, who then struck him in the chest with the screwdriver. Amanda reportedly approached the deputy and pulled him away from Nicholas before both ran inside their home.

The Jefferson County Sheriff’s Office says the situation prompted an hours-long standoff involving negotiators, a SWAT team and a K-9 deputy. The situation led to Nicholas refusing warnings and being bitten by a K-9.

Nicholas and Amanda are both jailed in the Jefferson County Jail without bond. Nicholas is charged with first-degree assault on a special victim and armed criminal action. Amanda is charged with resisting/interfering with arrest.

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St. Louis Public Schools superintendent to be sworn in

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2 years ago

July 11, 2023

Natural Bridge

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ST. LOUIS — The new St. Louis schools superintendent will be officially sworn into office today. Dr. Keisha Scarlett took over the job in July after the retirement of Dr. Kelvin Adams. She was assistant superintendent in the Seattle Public School District. The installation ceremony is at 6:15 p.m. before the regular school board meeting.

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Gas tanker crashes into St. Louis Metro transit center

Published

2 years ago

July 11, 2023

Natural Bridge

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ST. LOUIS — A gasoline tanker truck crashed into a Metro transit center near Riverview and Hall Streets early Tuesday morning and knocked over a power pole. The pole is leaning on other power lines. Police have the area blocked off here because there is a downed power line. Ameren and Metro crews are also on the scene.

The incident happened around 12:30 a.m. It’s still unclear exactly what caused the crash, but we do that there was a second vehicle somehow involved. The airbags on that second vehicle did deploy.

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Police at the scene have not been able to give us a lot of details. Metro officials tell FOX 2 that the transit center here is operating this morning for passengers and buses. Access to certain areas will be limited here as clean up unfolds.

A Metro spokesperson says half of the station isn’t being used right now because of safety issues. It isn’t impacting overall bus operations, everything is just happening on the other side of transit center.

The extent of the damage to the actual transit center is still unclear, but I’m told it does not appear to be extreme. A Metro spokesperson tells me there were no injuries to any metro workers or passengers. The tanker driver also was not injured.

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