CLAYTON — Aldermen on Tuesday gave the green light to a two-tower structure with nearly 500,000 square feet of office space.
Demolition is already about 80% complete to clear the site for Clayton-based US Capital Development’s Forsyth Point project. Despite the economic uncertainty caused by the COVID-19 pandemic, US Capital Development’s Scott Haley said construction should begin soon and the firm hopes to have the building completed by the end of 2021.
Clayton aldermen gave final zoning approval during a board meeting held by conference call Tuesday night. The west tower, at Brentwood and Forsyth boulevards, would rise 14 floors and 193 feet with about 226,000 square feet of office space. The east tower, at the corner of Forsyth and Meramec Avenue, is proposed at 16 floors and 201 feet with about 267,000 square feet of office space.
Ground floor retail space would total about 17,000 square feet across the two towers and include some sort of arts and entertainment venue on the ground floor, according to the developer and documents submitted to Clayton.
A 1,250-space parking garage would be built for the structure, topped by a roughly 1-acre garden terrace available for public events. The developer is not seeking any public incentives for the project.
The proposal began as a “boutique” nine-story office proposal about three years ago, when the development firm founded by Jim Koman was still known as KP Development. Some of the site has long been owned by Koman, and his ElmTree Funds, a real estate private equity firm, and US Capital Development had offices in the one-story buildings on the site.
US Capital Development has since acquired an adjacent parking lot owned by Clayton and also a building owned by Commerce Bank for the project, and the Kemper family of Commerce Bank is now part of the development group.
Clayton-based Barry-Wehmiller Cos. — a global supplier of engineering, consulting and manufacturing technology — committed to 50,000 square feet of space in the new building.
Also Tuesday, Clayton aldermen approved a special sales tax district on the site of the Sheraton Plaza Clayton Hotel, which is being renovated by owner Silverwest Hotels of Denver into a Le Méridien, an upscale Marriott brand. The extra 1% sales tax on purchases on the site will pay for $2.9 million in renovation costs.
The 259-room hotel closed in October for the project. A representative for the hotel told aldermen that the project is proceeding as planned.
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