CBRE Valuation & Advisory Services Group announced this week the completion of its appraisal assignment for a luxury mixed-use apartment and retail building located at 25 N. Central Avenue in Clayton, Missouri.
The assignment was undertaken on behalf of the construction lender, Missouri-based Central Bank of St. Louis, whose client, Opus Development, has started construction of the project. Opus has estimated the cost of the project at $41 million.
“We were happy to play a role in the financing of this luxury apartment building—one of several currently under construction in Clayton,” said Doug Zink, MAI, CCIM and a Director in CBRE’s Valuation & Advisory Services Group who headed the team appraising the project. “Quick and accurate information was provided to the lender and we look forward to seeing this important project for the city of Clayton move forward.”
Located on Clayton’s commercial strip, the six-story building will include 120 units, 13,000 square feet of ground floor retail, and two levels of below grade parking. Balke Brown Transwestern is the leasing agent for the retail space.
Electrical supply distributor Graybar bought the site in 2011 to block development of any high-rise structure that would overshadow the company’s adjacent 10-story headquarters building.