Sansone Group’s Press Release – Deal Closes on “The Hill”

Sansone Group’s Long Awaited Development on The Hill
Clears Approval – Deal Closes on 11 Acre Site

$40M Residential Complex Scheduled to Break Ground This May

FOR IMMEDIATE RELEASE

St. Louis, MO [ March 6, 2017 ]

Sansone Group and Draper & Kramer have received approval from the city for their planned development on The Hill and has closed on the former warehouse/industrial complex. The site spans almost 11 Acres on the east side of the neighborhood, on which the developers will build a high-end, residential development. Ground breaking is scheduled to begin as early as this May.

“This project would not have been possible without the collaborative effort of Alderman Joe Vollmer, Msgr. Vince Bommarito, The Hill 2000 Board, and the entire Hill community. We are delighted to be part of this landmark location and the proud Hill neighborhood.” said Doug Sansone, Principal of Sansone Group.

The new multi-family property, located at 4932 Daggett Avenue, will be comprised of a 225 unit apartment complex as well as 49 townhomes, approximately 45 condos and 20 single-family homes that will be listed for sale. The apartment building will consist of 1 bedroom/1 bath and 2 bedroom / 2 bath apartments ranging from 572 SF to 1,230 SF. Amenities will include a salt water pool with cabanas, spa, outdoor kitchen, community space, catering kitchen, business center & breakout rooms, yoga studio, sky deck, and garage parking.

The vacant warehouse, set for demolition, currently consists of 540,000 square feet and is located across from St. Ambrose Catholic School. It was formerly known as the Owens-Illinois Glass Co. industrial complex but has sat vacant for over a decade.

Mark Kornfeld and Grant Mechlin of Sansone Group were the only brokers present in the transaction with the seller, Berry Grant Company

According to Kornfeld, construction on the new development could be underway by the end of the year. The apartment building is projected to be complete in two years and the homes should be delivered around the second quarter of 2018. The project will create approximately 800 construction jobs.

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