Chicago Developer Plans Third Development Project

Clara Properties, LLC has acquired Clara Apartments with plans to convert the 36-unit apartment property to condominiums. The development team is headed by Chicago, Illinois developer Steve Anrod and St. Louis real estate developer Joni West who is currently developing 110 unit condominium project, Stone Bridge Villas, in O'Fallon, Illinois. The developers purchased the Clara Apartments for an undisclosed sum in October 2008.

The acquisition marks the third development in St. Louis for Anrod who previously spearheaded the Park East Tower development located in the Central West End from 2001 to 2005 and most recently oversaw the transformation of the downtown St. Louis property Blu CitySpaces located at 17th Street and Olive from 2006 to 2009.

"Central West End and DeBalivere areas remind me a lot of the Lincoln Park area in Chicago. 20 years ago growth had started in Lincoln Park but had not been fully developed. I see the same opportunities here in St. Louis," stated Anrod.

Located at Clara and Pershing, Clara Apartments is comprised of two, 3-story apartment buildings built in 1929. The property is approximately 28,000 square feet. It is currently being operated as a rental property.

Floor plans feature one-bedroom/one-bath and two-bedroom/one-bath condominiums ranging in size from 650 square feet to 835 square feet. In addition to six standard floor plans, there is also one secured storage space for each home and ample gated parking.

Prices will range from $116,000 to $155,000. Total project sell out is estimated to be $5 million.

"There's demand for high-quality, competitively-priced condominiums in the DeBalivere area. As this neighborhood has emerged in recent years, many of the homes have become too expensive for first-time buyers. So, this is an opportunity for those buyers, as well as graduate and medical students or young professionals to get in on the ground floor of one of the city's most desirable areas for a great value," said Anrod.

Clara Park Condominiums are close to the city's top attractions such as the Forest Park, neighborhood restaurants, Central West End and Delmar Loop business districts and area universities including Washington University. It is also within walking distance of the Forest Park Metrolink station and one stop away from the Barnes Jewish Medical Center and Washington University main campus.

Clara Properties, LLC will carry out a complete renovation of the homes and common areas. Each residence will be have modern layouts outfitted with new ceramic tile flooring in kitchens and baths; new flooring in living areas and bedrooms; new kitchen cabinets, Energy Star appliances and granite countertops; new plumbing fixtures, water heaters and bathroom vanities; new interior doors; low water usage and energy efficient washers and dryers; new insulated windows; new high efficiency heating and air conditioning units and generous closet space.

Common-area improvements will include newly renovated corridors, landscaping, tuckpointing, new roof and repaved parking area.
A sales program for Clara Park Condominiums will begin in April 2010. Sales incentives will include covered parking for early buyers, gym memberships and all homes come standard with free WiFi.

Columns