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Richmond Heights

Allegro Expands Senior Living Business with New Community in Richmond Heights, MO

in Companies/News

Allegro Senior Living, a leader in managing senior communities and St. Louis based company with headquarters in Clayton, began construction on its 12th community. In conjunction with IronRock Investments, Allegro jointly funded the project located on Bellevue Avenue near the SSM Health St. Mary’s Hospital campus. This will be the 1st community in St. Louis for Allegro who operates 11 other properties throughout Florida and Kentucky. The Richmond Heights community will contain 87 units within 91,000 square feet offering premier Assisted Living and Memory Care services to the area’s seniors. First occupancy is expected in the fall of 2018. When complete, Allegro anticipates creating 80 permanent jobs in addition to 75 construction jobs to build the project.

Allegro is a well-respected leader and expert in the senior living industry with a long-standing reputation of efficiently managing senior communities. Allegro’s most recent development is opening this fall in Winter Park, Florida near Orlando. The company is proud to have a development opportunity in the St. Louis area, home to its headquarters.

“We are grateful to Lawrence Group, IronRock Investments and Commerce Bank, who helped make this project possible,” says Larry Schiffer, Chairman & CEO of Allegro Senior Living. “Allegro has a strong brand in senior living and we are proud to finally introduce our brand to the home of our corporate headquarters.”

Lawrence Group, also headquartered in St. Louis, is providing architectural design and construction management services.

The new 4-story Allegro will primarily cater to Assisted Living residents with the 4th floor dedicated to Memory Care services. Luxury accommodations will include a bistro and bar with outdoor balcony dining, stadium theater, fitness center, full service salon & spa and therapy services. The community will represent the latest best practices in programming and design, following up on the successful resort-style approach of other Allegro communities.

Financing for the project was provided by Commerce Bank.

Pace Properties Sells The Boulevard-St. Louis in Richmond Heights, Mo.

in Companies/Homepage Primary/News

Edwards Realty Company and Condor Partners have formed a joint venture partnership to complete the purchase of The Boulevard St. Louis, a 200,000 square foot five-acre retail, luxury apartment and office enclave in Richmond Heights across from the St. Louis Galleria. The sale included the 4.8 acres south of the commercial development. Terms of the sale were not disclosed.

Edwards Realty Company is a privately held real estate investment and development firm based in Orland Park, Illinois and led by Edward Hassan, founding partner, and Ramzi Hassan, partner. Edwards Realty Company has over 25 years experience in retail, residential and mixed-use management and development and controls a $65 million commercial property portfolio. Sol Barket, formerly of St. Louis, heads Condor Partners. Barket as founding partner of Condor and with his prior company, Centrum Properties, has developed many retail and mixed-use projects from coast to coast including Creve Coeur Pavilion in St. Louis.

Since 2004 The Boulevard has been known as the premier lifestyle development in the St. Louis metropolitan area and is home to Missouri’s first Crate and Barrel store and Soft Surroundings’ first Missouri location, restaurants Maggiano’s Little Italy and P.F. Chang’s China Bistro, along with Allegro at The Boulevard, 74 luxury residential apartments and a professional office complex. Page 2 of 2 The Boulevard St. Louis

“The purchase of The Boulevard is part of our strategy to enhance and add value to a mixed-use destination that is highly regarded as the epicenter of the market.,” said Edwards Realty Partner Ramzi Hassan. “The Boulevard is a great brand with tremendous growth and development potential, and we intend to implement strategies to unlock that potential immediately.”

Edwards and Condor are planning to advance the second phase to include an exciting mix of retail, restaurants, entertainment, office and residential uses that will give the residents and visitors of greater St. Louis a one-of-a kind experience where they can live, shop, dine and play. Edwards Realty Co. will oversee management and operations of the property. The marketing and leasing responsibilities for phase two will be shared between Mid-America Asset Management Company, a Chicago based retail real estate organization, and Pace Properties. Further announcements regarding The Boulevard will be forthcoming in the very near future.

The Boulevard St. Louis is located at Brentwood Boulevard & Galleria Parkway in Richmond Heights, MO 63117.

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