18 Floors in St. Louis' Park Plaza Tower to be Private Residences
$20 mil Renovation of 250 Existing Hotel Rooms Completed
ST. LOUIS, MO, October 3, 2006. Owners of The Chase Park Plaza announced plans today for an unprecedented development project that will transform 18 floors in the famed 30-story Park Plaza Tower into The Private Residences at The Chase Park Plaza. The 87 modern residences will offer stunning views, unsurpassed amenities and full access to all of The Chase Park Plaza's world- class services.
"The Chase Park Plaza has been St. Louis' cultural epicenter for more than 80 years," said Jim Smith, managing general partner with Kingsdell LP, owner of The Chase Park Plaza. "For the past several months, we've been exploring options to ensure this landmark lasts another lifetime. Development of The Private Residences allows us to accomplish that, and to do so in a manner that maintains the elegance and integrity The Chase embodies."
The development represents the largest and most significant investment since Kingsdell acquired the property in 1997, totaling $140 million for The Private Residences and a simultaneous overhaul of floors three through eight. The massive transformation of the Park Plaza Tower into The Private Residences will encompass floors nine through 27 (there is no 13th floor, and floor 16 is designated for storage) and a complete overhaul of the building's interior to create elegant condominiums with distinct floor plans. Construction is expected to begin in March, with the first residences opening in summer 2008 and the entire project completed by fall 2009. The 84-year-old building is currently leased as apartments.
"The Private Residences will include expansive outdoor terraces, private storage, in-demand modern furnishings, soundproof walls, health club access, dog-walking and dry cleaning services, and all of the value-added features a discerning resident would expect," said Marcia Smith Niedringhaus, vice president of Kingsdell. "We're aiming to create a modern living experience that brings the cosmopolitan feel of New York and Chicago to our fine city, while capitalizing on the rich history of St. Louis and The Chase Park Plaza."
The Private Residences at The Chase Park Plaza will range from 1,020 square feet to 4,217 square feet and list for $395,000 to $2.5 million. There are more than 30 floor plans, including main floor living and multilevel retreats. Residents will have house accounts, giving them special access to 24-hour room service, concierge assistance, catering and event support, hotel facilities and more.
"Groceries could be delivered right to your door, our executive chefs could prepare meals in your home for dinner parties or you could unwind with a dip in the pool," Niedringhaus said. "We're pleased to offer the same level of exceptional service received by our hotel guests to those who will make the building their home."
To reflect the vision of The Private Residences at The Chase Park Plaza, a 7,500-square-foot sales center is under construction on the second floor of the high-rise. The center will not only showcase the experience of living at The Chase Park Plaza with models of the two-bedroom floor plan and vignettes of other floor plans, it will serve as a one-stop selection site for flooring, lighting, finishes and fixtures. The center is expected to open in early November.
"With a comfortable atmosphere, attentive staff and a first glimpse of what the homes will become, the sales center will be an experience in itself," Smith said. "The space will convey elegance and sophistication -- a fitting introduction and welcome to The Private Residences at The Chase Park Plaza."
In addition to The Private Residences, Kingsdell will completely renovate floors three through five, creating 89 new hotel rooms. It also will reconstruct floors six through eight, which will encompass 48 furnished corporate apartments.
On The Chase hotel side, Kingsdell is concluding a nearly $20 million renovation of all 250 existing hotel rooms and common areas. The first of the refurbished rooms are already complete and the new lobby is slated to open in January 2007.
The Chase Park Plaza is located at 212 N. Kingshighway Blvd. in St. Louis' Central West End. For more information on ownership, floor plans and features of The Private Residences at The Chase Park Plaza, call (314) 633-1100 or visit http://www.chaseresidences.com
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