ST. LOUIS, MO. (KTVI) – The Roberts bothers high rise tower under construction in downtown St. Louis is for sale. The St. Louis Business Journal is reporting that the $70 million 25-story build is unfinished and was intended to be a 55-unit luxury condominium development; but the building is now one of several sites for sale.
Roberts Companies has been having a tough time as of late, having nearly its entire hotel properties located in Dallas, Tampa, Atlanta, Houston, Shreveport, LA. and Spartanburg, SC. all filing for Chapter 11 bankruptcy protection in St. Louis.
In a suit filed by Bank of America against the Roberts Cos., owned and based in St. Louis by Michael and Steven Roberts; Bank of America alleges the Roberts Cos. defaulted on a loan to renovate six hotels, owning more than $34 million on the loans.
To read more background on the Roberts brothers companies, click on the links below:
Roberts Cos. Puts Dallas Courtyard By Marriott Into Bankruptcy
The Roberts Cos. Company Profile