Old Shriners Hospital in Frontenac to be developed by the Desco Group
ST. LOUIS, MO/May 19, 2017 (STLRealEstate.News) The old Shriners Hospital for Children site, presently abandoned and looking rundown, has a new future just around the corner. The Desco Group, commercial development company based out of downtown St. Louis, this week officially submitted its plans with the city of Fontenac to redevelop the site into a multi-building, mixed-used project. The project, which would be a three-story undertaking, 36,000-square-foot office and retail building, will also include two 6,500-square-foot restaurants, as well as a Lifetime Fitness gym. There will even be parking included onsite at eh 2001 S. Lindbergh Blvd. site address.
Overall, this is no cheap project. The total investment on the project is expected to exceed $80 million, according to Scott Sachtleben, the present senior vice president of development and general counsel with the Desco Group. This isn’t the first time the city of St. Louis is hearing about the project from Desco, however. The group has had the land, which is currently owned by Shriners, under contract since May 2015. According to the St. Louis County records, observed by the St. Louis Business Journal, the property has an appraised value of $11.7 million.
The site was left vacant two years ago when the Shriners Hospital for Children moved into a new $50 million, 90,000-square-foot specialty hospital located at the corner of Clayton and Newstead avenues in St. Louis. Shriners today is one of the St. Louis’ largest hospitals with 2015 revenue of more than $37 million.
The Desco project has hired Stock and Associates to handle the design work, DG2 Design to manage the landscaping architecture, and Remiger Design to provide additional architectural work on the roll-out.
The Desco Group has been responsible for other development projects around downtown St. Louis, including the development of University Commons in St. Charles, and the Old Post Office in downtown St. Louis.