Historical March 1987 report or notice. Original dates, prices and contacts describe the source period; current availability has not been established.
There has been much concern about the future of seven buildings in our neighborhood owned until recently by Rosedale Living Corporation, Mike Bearden, president.
In the November issue of The Times, Alderman Dan McGuire reported the vacant buildings “will be taken over by a major banking firm and rehabbed in the near future.” On Wednesday, December 10, Landmark Bank foreclosed on Rosedale Living’s seven properties located at 520 Rosedale; 6111, 6133, 6156-58, 6164 Pershing; 6146 and 6031 Waterman.
The corporation had defaulted on over $1 million in loans. Landevco, a separate corporation controlled by Landmark, purchased the buildings at the foreclosure sale. Landmark and Landevco began negotiations with a developer to complete renovation of the buildings immediately.
The outcome of the negotiations is the West Side Partnership, formed the end of December. Mead-McClellan, developer, is the general, controlling partner; Landevco is a limited partner. Landmark Bank is financing the project. Rosedale Living has made little progress in renovating the buildings during their three years ownership.
This prompted McGuire and the Board of Aldermen to blight the buildings in late 1985. Development rights were controlled by the City’s Operation Impact, but the properties were still owned by Rosedale Living. Had the foreclosure not taken place, the City was prepared to exercise its right of eminent domain and force their sale to another developer.
This process would have involved lengthy procedures and would have delayed action on the properties for months.
Mary Campbell, of Operation Impact, credits Landmark Bank for their cooperation following the foreclosure.
She stated that because of their willingness to work with the City, the transition was smooth and quick.
The alternative would have been a condemnation suit by the City which, again, would have involved lengthy legal procedures and delayed any work on the buildings. Guy McClellan, president of Mead-McClellan, talked enthusiastically about the project.
He explained that his company will proceed with renovating the buildings much as Rosedale Living had planned.
The original unit designs will be retained, except for adding additional bathrooms in some of the 34 units.
Although the work is not classified as “gut rehab,” the buildings will have all new systems: plumbing, electric, furnaces, air conditioning, etc. Exteriors will be painted, tuckpointed, etc.; back stairs and porches will be repaired or replaced. Work is proceeding rapidly. Substantial renovation had been completed at 6111 Pershing and 520 Rosedale by Rosedale Living prior to the foreclosure. McClellan says those units will be ready for occupancy the first of March.
He expects 6146 Waterman to be completed by the first of May, 6031 Waterman and 6133 Pershing by mid-May, and 6156-58 and 6164 Pershing by June.
The units will rent for an average of $550 per month or the current market rates. Mead-McClellan will manage the properties for the Partnership when they are completed. Mead-McClellan has been in operation for over ten years.
They have completed several scattered-site projects in the Soulard neighborhood including the Pioneer Project, Soulard ’84 and Soulard ’85.
In more recent years they have developed properties in the West End including the Chesterfield at Union and Waterman and Hampshire Square at Clara and Waterman.
Original photograph caption
The “Roanoke,” located in the 6000 block of Waterman, is one of seven buildings now being redeveloped by Mead-McClellan, developers. Photo by King Schoenfeld. The Times of Skinker-DeBaliviere, March 1987, page 1.
Originally published in The Times of Skinker-DeBaliviere, March 1987.
Read this article in the original newspaper issue.
Original source: SD_Times1987_03.pdf, printed page(s) 1; PDF page(s) 1.
